Interested Real Life Test for My Kids

[D1gger]

My wife and I have tried very hard to instill a healthy respect for money and conservative financial planning in our kids. Now we will see how much of it has stuck.

My wife's mother passed away six months ago and left each grandkid $25k. No stipulations, no trust agreements, just a simple cheque for $25k each. My kids are both now in their early 20's and it will be interesting to see how much if any they spend versus save.

We have suggested they put as much as possible in Tax Free Savings Accounts, and possibly an account to save towards a home downpayment.

I know neither one has any debt, but I wouldn't be surprised to see some new bling or toys appear in the near future. They should blow some on something fun, but it will be interesting to hear how much they have left after six months.

 

[amdhunter]

They can save their money so they can be too old to spend it on something fun.
Or they can buy a Porsche today and enjoy life.

 

[Atomic Playboy]

Where do they live? That's gonna be an epic kegger and I don't want to miss out.

 

[Jeff7]

Something exciting.

Good old compound interest. 🙂

 

[child of wonder]

Encourage them to use it in some way meaningful. It is a gift from their grandmother, after all.

My wife used money from her grandmother to pay for college, for example. Saving $20,000 of it for a future house payment would be nice.

 

[T_Yamamoto]

I'd put all of that in my bank account and let it grow

 

[Farang]

I would reserve one half for hookers.

 

[xanis]

I'd love to get $25K right now. I'd probably drop $20K into savings and blow the other $5K on stupid crap, but that's me. 😛