Family, Relationships
ADVERTIsem*nT
Managing money and kids is a difficult task, particularly when the children are old enough to think they know how to make decisions. After all, investing, college funds, all quite boring in the face of instant gratification.
A man turned to the internet for advice after a marital disagreement on how he used his son’s “lottery winnings.” After going through a round of lottery tickets as a family, the one his son took won a considerable amount of money. So OP invested it and it ended up paying off. However, some believe he should just give the entire sum to the kid.
It’s questionable to give a teen a huge sum of money without any supervision
Image credits: Iain Watson (not the actual photo)
So one father was second-guessing his choice to invest the money his son “won”
Image credits: Julia M Cameron (not the actual photo)
ADVERTIsem*nT
ADVERTIsem*nT
Image credits: Mikhail Nilov (not the actual photo)
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The Starsong Princess The Starsong Princess Community Member Follow
YTA. Sam’s money is being risked but he doesn’t get to share in the gains. If Op has lost it all investing, would he have made it up? If Op wanted a share of the money, that should have been the deal from the beginning.
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Krd Krd Community Member Follow
We are missing too much info here for that judgment. Average interest on savings is only a couple percent at most. If he truly almost doubled the money, that was some heavy investing. Actually kind of impressive.
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26points
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Hphizzle Hphizzle Community Member Follow
If you’re a money manager you take a small percentage of the base amount as payment, maybe a bit of the interest. This yahoo sounds like he thinks if he grows the money, he gets the money. This is the kind of money handling that child stars emancipate themselves from their parents for.
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VioletHunter VioletHunter Community Member Follow
The kid didn't earn the money though. It wasjust a lottery ticket dad bought.
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Nizumi Nizumi Community Member Follow
I know a family that had the same kind of windfall. The kids - who were actually fully adult - each got $25K. One was already heavily in debt, so that 25K went to pay that off so they wouldn't be stuck swimming in debt and interest for years to come. That's fine - a good way to spend the money, Not fun - but necessary. The other ones blew through their shares in less than a year - trips, stuff, taking friends out. Nothing left and noting to show for it. OP did great. He invested well and not only did his family get a dream vacation (for her) a car and a college education, they also got a healthy safety net. OP's wife? Total a$$h*le. The only thing OP did wrong was how he phrased that the interest was *his*, when he meant the interest was not his son's - it's a nuance that matters.
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25points
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Matthew Matthew Community Member Follow
I'd say they did well with handling the windfall financially. But they did poorly handling it socially.The up front decision should have been $25k for each son's education + $10k for family fun - then put that in three segregated investment accounts to avoid this type of sore feelings later.
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6points
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The Starsong Princess The Starsong Princess Community Member Follow
YTA. Sam’s money is being risked but he doesn’t get to share in the gains. If Op has lost it all investing, would he have made it up? If Op wanted a share of the money, that should have been the deal from the beginning.
Vote comment up
46points
Vote comment down
reply
Krd Krd Community Member Follow
We are missing too much info here for that judgment. Average interest on savings is only a couple percent at most. If he truly almost doubled the money, that was some heavy investing. Actually kind of impressive.
Vote comment up
26points
Vote comment down
reply
Load More Replies...
Hphizzle Hphizzle Community Member Follow
If you’re a money manager you take a small percentage of the base amount as payment, maybe a bit of the interest. This yahoo sounds like he thinks if he grows the money, he gets the money. This is the kind of money handling that child stars emancipate themselves from their parents for.
Vote comment up
33points
Vote comment down
reply
VioletHunter VioletHunter Community Member Follow
The kid didn't earn the money though. It wasjust a lottery ticket dad bought.
Vote comment up
15points
Vote comment down
reply
Load More Replies...
Nizumi Nizumi Community Member Follow
I know a family that had the same kind of windfall. The kids - who were actually fully adult - each got $25K. One was already heavily in debt, so that 25K went to pay that off so they wouldn't be stuck swimming in debt and interest for years to come. That's fine - a good way to spend the money, Not fun - but necessary. The other ones blew through their shares in less than a year - trips, stuff, taking friends out. Nothing left and noting to show for it. OP did great. He invested well and not only did his family get a dream vacation (for her) a car and a college education, they also got a healthy safety net. OP's wife? Total a$$h*le. The only thing OP did wrong was how he phrased that the interest was *his*, when he meant the interest was not his son's - it's a nuance that matters.
Vote comment up
25points
Vote comment down
reply
Matthew Matthew Community Member Follow
I'd say they did well with handling the windfall financially. But they did poorly handling it socially.The up front decision should have been $25k for each son's education + $10k for family fun - then put that in three segregated investment accounts to avoid this type of sore feelings later.
Vote comment up
6points
Vote comment down
reply
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