Sure we love them, but sometimes our spouse, our kids, and our family members can really drive us crazy – especially when it comes to money! It turns out your kid’s money approach may shock you.
Our friend’s daughter inherited a pretty large chunk of change right before she was ready to leave for college. Steve assumed, because he was a good businessman he had imparted all of his financial wisdom to his daughter. He thought to himself those years of educating her would help her to make wise decisions with this sizeable sum.
But, one super-cool car, and a closet full of new clothes later, it was gone. In two short years! He was totally surprised and thoroughly furious. Unfortunately, their relationship went out the window with the money.
Having the Money Talk with Your Kids
What if they had sat down, just briefly, and shared their expectations about this money and talked about ways to spend it? Steve could have reminded her, “You need this money to get you through college. Your life as a young professional will be so much easier if you graduate without any student loans.” To which she might have responded, “I know I need to be smart with this money, but I want to have some fun with it too.”
Both of their expectations were completely realistic and had her interests at heart. Compromise could have saved a lot of money and their relationship. She could have paid for college AND had some fun with it.
Expectations and Compromise
It may not always be easy, but if we set expectations with the people we love when it comes to these and other money decisions, we can reduce the amount of fighting and stress in our relationships.
While you’re waiting for your huge inheritance to land in your lap, check out some money compromising tips on our website and learn about your money differences with our free Money Personality Assessment.
Now it’s your turn – have you heard of someone who blew his or her inheritance or where “expectation setting” would have helped?
Make it Happen!
Scott & Bethany Palmer