Inheritance and your Child – Now

With the way the economy is today, our children have a bleak future ahead of them. There may not be social security for them when they get ready to retire. I have three grown children. I use the word children still, because the young adults of today want everything now. The best solution is to put at least forty dollars every two weeks up in a high interest savings account. It is not much but it is a start. We must teach the young adults that money does not grow on trees. They are spending money as fast as they obtain it. Helping your child now is not a crime, but there must be limits.

As parents we have to be certified C.P.A.’s of our money and of our children’s money.They have to learn the word “sacrifice”. Which means they cannot run out and buy that top in the store and not pay their gas bill for the month. It is not like we as parents grew up. We learned the meaning of a dollar quickly. Many of our young adults are moving back home because of the economy. I for one, take my youngest daughter’s money and put half of it up. To teach her that there are more rainy days now then sunny. On top of saving money my children will have my inheritance. But there will be many catch 22’s behind the inheritance. If I do not put limits on it, I know that in less then five years they will be broke. And I will be gone, not able to help them.

For the children who are under eighteen, start now by putting money in a savings account. Make sure they cannot touch it until they turn eighteen. This will help them with a good start on their own. Savings bonds are another good resource. They do not have to be huge, fifty dollars is fine to start. There are many times you will have to say you don’t have money right now, unless you know that they need it for a bill that they cannot pay. But you will have to make a contract for your child to pay it back. This may sound harsh, but young adults forget what you do for them. They expect you to do it for them even though they are on their own.

Using common sense is the best medicine, you want to keep your young adult and child ahead in the game of life. It is harder to rise a child now then it was thirty years ago. Many parents now wish they had saved more. But in the times now, we the parents are struggling ourselves. Offer your young adult aid but make should they know that it has to be paid back. Lessons learned now, will save them in the future.