Posted on 07/13/2022 3:52:13 AM PDT by where's_the_Outrage?
His money, his rules. It is earmarked for a college fund. The mistake the father made is to tell him about the fund in the first place.
I had a fund for my son, never told him about it, not even his mother. He went to school on a scholarship, didn’t cost much for me but it did cost him commitment to serve in the military. When he graduated cum laude with an engineering degree, pre-med qualifications and a minor in German and had been out a year I wrote him a check, the money was meant for him. He used the money wisely but I expected he would.
Had he decided something else like starting a business, I’d have done similarly to what this father did. After 40 years I do not have a spoiled, mindless, brat.
Amen
The ‘business’ he wanted to start was a new car, apartment, b!tches, drugs, booze and blow. The rest he would have just pissed away. That money would have been gone in a year.
Good on dad....
Like I said, that family was VERY well to do so breaking a plate now and then wouldn’t hurt them. They had been, and still are, a local power even after the other family powers have lost their influence. They have constantly had a family member on the county board of commissioners and have always worked for the community instead of themselves. In fact one is now the main roadblock to a garbage recycling center being opened in a residential/farming area.
Afaik none of the family has ever been in legal trouble and none have ever been nonproductive. Afaik it is simply a family tradition that was started many generations ago and the family has seen fit to continue.
In other words, it wasn’t broke so they didn’t fix it.
“If they attend college it will be STEM only.”
Bingo. We paid for an Architect and an Engineer. They married a computer developer and an Engineer, and are all doing very nicely... Not to mention our six grandchildren!...
AFAIK
residual
1. as far as I know
Example: “none of his stories have been filmed, AFAIK”
Not a fan of tradition for tradition’s sake. To each his own. Not an indictment of the family I’m just not supporting this aspect. YMMV
Hmmm. Did the other 5 kids figure out what was coming after kid number 1 experienced the property destruction?
Parents will fold.
“The mistake the father made is to tell him about the fund in the first place.”
Good on you as it was what I was thinking. When the kid knows the money is there they may have little incentive to get a scholarship and/or take a job commitment for schooling/trade.
However, I also think the kid was not taught the proper respect after calling his dad an Ahole. Should boot the kid out the door.
CBD products, maybe? I’m currently watching a nephew go tits up with his CBD business. We say prayers for this very adult child, but that won’t include “investing” in his business as he’s asked other family members to do.
Its not the kids money, the PARENTS earned and saved that money, they are under no obligation to give him a dime of it for any reason if they choose.
I think any child who can get 400k and finds taking a few classes that their parents are willing to pay for in order to get it too burdensome has shown they are not remotely mature enough to be trusted with 400k
“He said that he planned to use his college fund to start a business of his own. I said that I will allow it only if he takes some business management, accounting and law classes in the nearby community college,” wrote the father. “I said that I would pay them out of pocket and not from the fund, and then I would expect a well made business plan before I would give him the money. My wife agrees 100 percent.”
Makes perfect sense to me. Anyone starting a business should have a basic understanding of business management, accounting and business law, perhaps accounting most of all.
I once had a boss, the husband of the owner of the business who was made CFO after they got married and who’s prior experience was as a food salesman, ask me why the financial statements, the P&L statement I prepared showed a business loss for the prior three months when bank balance showed a higher balance than it did three months ago.
It was kind of like the blonde complaining to the bank that her account couldn’t be overdrawn because she still had more checks.
If the kid were going to take out a business loan for the same amount, he’d have to show his cards and have a plan. The parents should have an idea of what he’d do with it since they raised him from a pup, so sounds like that’s where the conditions are coming from.
Good point about the tax rules. That sort of thing would be worth speaking with someone about if they haven’t already.
Like I said it’s been going on for generations now. The kids seem to regard it as a rite of passage and a point of pride. They were/are no longer children to be supported, but young adults expected to contribute to the family and community.
I can remember being young and hearing the older folks talk about it. I thought it was just one of those silly things the old folks yapped about. I found out differently from one of the kids that was a year older than me. He was actually looking forward to it.
“Not a fan of tradition for tradition’s sake. To each his own. Not an indictment of the family I’m just not supporting this aspect. YMMV”
It isn’t just a tradition.
The kids of each generation look forward to it. For them it’s a rite of passage and point of pride. It means they are no longer children who have to be supported but are young adults expected to work for the betterment of the family and community. It works because this family is one of the few that maintains a position of power in a community and refuses to abuse it.
if that is indeed the kids college fund, and if its in his name, and the parents benefitted from lesser taxes, then its the kids money.....
they will loose a son and their grandchildren as well....
perhaps the kid is a brat and perhaps the daddy is just a control freak and oppressive....
What better way to send a strong message to the younger kids that they had better have their act together when it comes their time?
Interesting, thanks.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.