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Old 05-21-2016, 09:13 AM   #21
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Update on net worth discussion- so I have had a few more discussions with our son- fairly astonishing actually. He asked excellent questions, and I answered them. I explained that our money was for producing income so we don't have to work anymore and not for buying "stuff" I talked about how much we saved and spent and even our incomes. I talked about how getting in the habit of spending an additional $200 per week would require us having an extra $250,000 for retirement to support that spending. At one point I mentioned that I hadn't included our house in the net worth and before I could explain why, he told ME why- that houses don't produce income... I think he's got it...

We had a quick weekend at the beach last weekend and when the inevitable whining about all the stuff they wanted us to buy them came up- I sort of expected him to bring it up- but he didn't.
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Old 05-21-2016, 11:53 AM   #22
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Great update! You have one smart young man there, and you're training him up right.
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Old 05-22-2016, 09:54 AM   #23
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Having "the talk" about family finances may depend upon the "child." Our son spent his money as fast as he got it and NEVER understood why we wouldn't buy him every "toy" his friends at school had. Of course, he never understood what it cost us to move school districts to get him into the best school in the county and one of the better schools in the state. When the latest software for a Gameboy cost $50 and our house was worth $150K, our son's pea-sized financial brain could not see why HE had to earn the money to buy his own games.

Having a discussion with him about net-worth at that time would have probably caused more problems than it would solve. So we never had it.

Once our kids got out on their own, our son made too much for us to help him with a Roth IRA as we did with the girls. Go figure. Oh, and he still spends every cent he earns - and he still does not have a Roth IRA. YMMV
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Old 05-22-2016, 12:37 PM   #24
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Quote:
Originally Posted by Koolau View Post
Having "the talk" about family finances may depend upon the "child." Our son spent his money as fast as he got it and NEVER understood why we wouldn't buy him every "toy" his friends at school had. Of course, he never understood what it cost us to move school districts to get him into the best school in the county and one of the better schools in the state. When the latest software for a Gameboy cost $50 and our house was worth $150K, our son's pea-sized financial brain could not see why HE had to earn the money to buy his own games.
That's why I think genetics plays a large role in how well some people can or cannot handle money. I see this all the time in family members. One of my nephews is a financial train wreck, his sister is doing quite well. Both raised in the same house, same parents, etc. Go figure.

Of course the kids have to be exposed to doing it the right way, only some are going to learn it on their own. But clearly some will never learn it no matter how hard the parents try.
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