LIke it or not that money gets spent no matter what. The poorer you are the closer to 25% of your income. The richer you are, the closer to that magical financial advisor recommended 10% of your income. You might as well be their landlord because there's no way they're going to save up enough money to become their own landlord before 28. Sometimes you didn't do a good enough job raising your kids and you have to let their high liability self spread their wings and grind. It's such a great opportunity to teach them about tax structure, how selling your primary residence is one of the only times uncle sam DOESN'T put his hand down your trousers, filing for improvements and capital repairs, etc. It's a tragedy when you can't pass on these skills to your kids. People talk about how marriage, not having bastards and college education are they predictors for your income but I think knowing the ins and outs of home ownership are the predictors for whether you'll have anything left of your income to actually use or your savings account will consist of starbucks coupons. Can you sell your car tax-free? I think not. The govt let you file for depreciation for anything you own? Try again. Think your bank account is insured past 200k? Keep dreaming. Can you mow somebody's lawn and not pay taxes over 200$? Yeah right! Kids need to get wise on this before they collect that first paycheck.
When I have kids I already know what I'm gonna do. Charge them "rent" at a cheap rate a month and then leave that money in a separate account.
Whenbit comes time to make a big purchase for them like a car or a trip they wanna take, I pull from there and some from me.
The most responsible person I know paid his parent rent since he was 16. Now this guy is all paid off and living the life he wants
LIke it or not that money gets spent no matter what. The poorer you are the closer to 25% of your income. The richer you are, the closer to that magical financial advisor recommended 10% of your income. You might as well be their landlord because there's no way they're going to save up enough money to become their own landlord before 28. Sometimes you didn't do a good enough job raising your kids and you have to let their high liability self spread their wings and grind. It's such a great opportunity to teach them about tax structure, how selling your primary residence is one of the only times uncle sam DOESN'T put his hand down your trousers, filing for improvements and capital repairs, etc. It's a tragedy when you can't pass on these skills to your kids. People talk about how marriage, not having bastards and college education are they predictors for your income but I think knowing the ins and outs of home ownership are the predictors for whether you'll have anything left of your income to actually use or your savings account will consist of starbucks coupons. Can you sell your car tax-free? I think not. The govt let you file for depreciation for anything you own? Try again. Think your bank account is insured past 200k? Keep dreaming. Can you mow somebody's lawn and not pay taxes over 200$? Yeah right! Kids need to get wise on this before they collect that first paycheck.