$80,000 Trust Fund....What would you do?

reply to post by LightSpeedDriver


He's going straight to college after graduation, no vacations, hehe. He doesn't even have a Passport yet. But yeah, Imagine how popular he could be if he throws a few parties......

(Hey, congrats on the new job, BTW!)

I'm just trying to do what any dad would do.

reply to post by jude11

Well, you did ask for our thoughts...right? Well...Ya got 'em!

You have me there.

It's not that I'm right, or you're wrong, it's what's best for any 18 year male. Or, is this where you just turn em loose?

reply to post by Druid42


Most of us probably don't have kids, I think that's why we are saying let him hap at it.

Also, doomsday is around the corner anyway.

Not like you can take it with you.

"Tell him to build an underground bunker with all the supplies ready"

Originally posted by Druid42
reply to post by jude11

 

Well, you did ask for our thoughts...right? Well...Ya got 'em!

You have me there.

It's not that I'm right, or you're wrong, it's what's best for any 18 year male. Or, is this where you just turn em loose?

A good parent can never just turn them loose. Just let them think so...

So with that in mind, why not make a deal with him?

Give him half and wait to see what happens. You could make a game out of it and challenge him to turn the first half into a sustainable profit earning business of some sort. That way if something goes wrong he has that.

And if he loses it, there will be less chance he squanders the second half when he sees how fast it can be lost.

Appeal to his common sense. I don't know, just shooting it out there.

Time will tell.

reply to post by Manhater

I don't have kids either buy via reverse psychology I can think like I did have them as that was always part of "the dream". Unfortunately I kept on sleeping. I like sleep, a lot. 12 hour doses are the best, something to really get your teeth in to.

But anyway, reverse psychology, the pride of the father you didn't see/understand at the time. Ah yes, days passed but never forgotten.

Invest. All the way. If education and the basics of a good career are already paid for, then getting what he has to make more money for him is the best way to set him up for a good future. Properties, shares, all of the above are good investments, along with a good broker to go back to regarding what are the best investments with the best returns.

In addition I would allow a smallish amount of "play money" also, sometimes it's good to just waste a little on frivolous things to get the idea of having cash is a norm, and not an exception.

The beauty of shares is they work well over a long period, and worst case scenario can be sold off either for a profit or should things go south at some point in the future. Property is always needed also, I'm not sure about the US but in Australia there is always a rental house shortage at some point, and housing is always a basic need regardless of economic climate.

Okay, now you guys are being more realistic.

I want to thank EVERYONE for their comments. It's late, so I'm going to watch the eyelid theater.

Keep the RATIONAL thoughts coming!

Hey Druid

Good on ya for raising a smart kid!! But just because you turn 18 doesn't mean you have enough life experience to make the hard calls. That's where you gotta help.

You're smart enough to know he's gotta have money to live while at college. He's smart enough to know when the money's gone, it's gone. Together you outta be able to figure out a fair "allowance" and the intervals to receive it.

Talk to a Financial Adviser. With him along. Then trust he took to heart what you taught him through his life so far.

Just my opinion.

Time

Don't be control freaks, but teach him how to be smart with his money. If he's interested in computers there are plenty of good schools he can go to.

I wish I had that much money.