How Do I Tell My Teenager She Is Getting $1,000,000?
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- Опубліковано 15 гру 2019
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Caller: My Daughter is getting $1,000,000
Dave: Sell your car
😂😂😂
😂😂😂😂😂
OOPSiDiditAgain 😂😂😂💀
Hahaha
OOPSiDiditAgain she should buy some homes then rent them out you will be set for life
Honestly, I'd wait until she's 17 just to get her prep up for it, but I'd start to teach her money management right now.
Same!
Webster Kollie 17 is still too young to receive this much
@@Ramxie35 they don't have a choice, she'll get it anyway when she's 18
Absolutely no. Even at eighteen or even thirty, this is a shock! When I look at all those stories of lottery winners, I have to say that age is not a factor in to this.
He has to teach her how to manage an estate and etnreprenauership skills and give her the tools to properly manage money. Does she like computer games? Get her OpenTTD or any other business simulation to play with. Does she like playing doctor? Talk with her about economics of preventing illnesses. Bring her in to financial planing of the household, let her draft monthly budget, disscuss it with her, ammend the draft (leave some things for her to spend too! Just not too much) and let her influence over the budget grow with her affluence in finance. Does she like numbers? As soon as legally permissable, get her apprenticeship with an accountant or financial manager. This kid needs to learn how to handle money ASAP and learn it very well, or she's gonna burn through it like powerplant through coal!
Agree but there should ser her up with a accountant.
Having too much money is a good problem to have. Teaching her to be financially literate and responsible should be a priority.
A good problem if you know how to handle money. If you're bad with money, it could wreck your life
Read up about the history of lottery winners. Having too much money suddenly is almost universally a disaster. People who win the lottery are over 4 times as likely as the average person to end up bankrupt, they are over 5 times at risk of drug and alcohol abuse, they are at far higher risk of suicide. Their relationships are dramatically more likely to break down. Having too much money is a terrible problem to have unless you are already wealthy and have learnt good money and life skills.
It's not a good problem to have when it cost you your mom!!!
@@orangeboy97 having no money can wreck your life too. If your bad with money then you're just bad with money
Blue Collar Money & Investing Channel I would say work on the financial literacy now and then give her the reason behind it all when she turns 18 years old.
My friend found out that same thing when she was a teenager. Do Not Tell Her.
Yeap. I figured telling her was a bad idea.
If my son got it I would make sure he’s clear to save that. The interest would be crazy
Metonymy1979 If you want to make extra cash text: (574)607-4937 this guy helped me pay off all my debts.
I was thinking the same. Maybe have a talk with her about how to manage money the right way as if there wasn’t any money yet until she gets the idea of how to save and manage money. Not all teenagers are the same and I fear she may tell friends or wrong kind of people and they may take advantage of her.
Not at all @justin Seward. You should reach out to him.
I would wait. Whats gonna happen is she will tell everyone at school and it will be an issue
@PoopCoin Patrick mom is dead. Thats why the girl got the money to begin with.
PoopCoin Patrick did you watch the video idiot?
t206kid no. I kept quite and never told a soul. Somethings you never tell anyone
@PoopCoin Patrick u a slow person
that could be dangerous. there are some very disparate people out there in the world...never tell anyone you have $$$
“My goal is not to raise good kids. My goal is to raise good adults” -Papa Dave
Love this!!
Too bad Dr. Phil and many others have said this for years.
5 years later: Hey dave remember that call 5 years ago? Well she blew it all.
Give her a year to blow it at least. So let's say "6 years later".
99% chance
On God she is gonna blow it!
Stop being jealous and saying that
@@MarksTournaments chances are she blows the money.
I’m glad the father has the financial literacy & understanding to inquire about the best way to bring up this blessing to his daughter. He definitely seems like a great father!
Candice B i wouldn’t call it “blessing” since her mom died...
Claudia Navarro - and I wouldn’t put false words into someone else’s mouth if I were you🤷🏽♀️
@@CandiceB
I'd burn the money
Patrick - lol um okay😳😂
@@CandiceB She didn't, you literally called it a "blessing." It's a fortunate outcome of a horrific event, but it's not a blessing.
I have a friend who knows she’s inheriting money and she refuses to work or be independent. Don’t tell them the amount smh 🤦🏾♂️
Talk about sapping the motivation. I've seen it before.
Your friend will end up broke and having to work. I’d never want my kid to not know what real hard work is.
@@tundrellaCat68 Yep.
@@NB-ky5ol Right.
that tells me the friend is going to blow it as soon as she gets it....5 years tops...and don't forget "friends" and "family" will want handouts.
To lose your mom in life, it's like losing 50% of your life.
Today'sTopic I rather be broke
that’s not what it’s like, that’s exactly what it id
Agreed. It’s a super sad way to inherit any money. Can’t put dollar bills on precious life.
I’d rather take the mil
@@_Nathan- I feel bad for you, then.
Tell her about it when she's 15. Not the amount, just "there's money there for you to start your life properly"
In the meantime, teach her about managing finances properly, and planning for long periods of time.
capnskiddies I agree with this approach
Start with her managing $10k and investing it over the teenage years. Get the skills built up.
@@777jones that's a good plan cos 10 grand seems like a vast fortune to a teenager.
I agree with the part about teaching her the skills, but the curiosity of wondering how much it was would torture me.
Her mother was killed and you don’t think she has the right to know how much she got as a settlement to compensate her? It’s her money.
I know a girl who was left a million dollars and she immediately moved to a apartment in Manhattan and traveled most of Western Europe. She pisses it away on nonsense. LoL
I mean if it's like this and she did it because of her mom and set a 50k-100k budget for that experience that she will remember her mother for; then keep the rest in investments. But by the sounds of it that wasn't what she did; mostly with that Manhattan apartment.
I wouldn't call that nonsence. That sounds like a good way to spend a million dollars. Life is meant to be lived.
Bea Creates can’t do that forever though
@@armadylptwrsps yeah that's why you get a job afterwards. Just cause someone left you a lot of money doesn't mean you have to try and live off of it forever.
Bea Creates and that’s how you remain broke. Please don’t listen to this fool folks.
"What's it invested in?"
*guy realizing its sitting in a savings account*
"uh uh a conservative mutual fund"
must be nice to have such problems...
Most funds held for a minor are in the hands of a court receivership. Letting the parent have the money is asking for it to be converted illegally.
@ geometric art Her mom died...money doesn’t heal that
@@geometricart7851 People who don't know how to manage money don't have those problems for very long I can assure you.
@@geometricart7851 idk about you chief but I'd rather my mom still be alive than have a million dollars handed to me
I inherited enough to retire comfortably at 45 years of age and I'm so glad I didn't come into that money at a young age because it would have been long gone before I turned 30.
Oprahs FatAss same here.
Oprahs FatAss ikr when I usher my sister she got a little hurt and I gave her a 4 dollor settlement and it was gone in Litterly the second day don’t give it to her till 25
You did retire from working ? Are you happy that you did ? Just curious.
@@dks13827 Yes I retired from working and yes I'm happy I did.
Why would it have been? Just invest it
While nothing can replace the loss of her mother, the $1 million(if managed correctly) will mean the girl can basically be financially free for the rest of her life.
serioushamster with a job yes, or very good investing. 1 million over a lifetime is not that much money when you break it down by year.
if its invested properly you can take out 3-4% a year without disturbing the principal so 30k-40k a year
@@fng9651 That is very little if you consider inflation over the life of a teenager
@@fng9651 Dave teaches that you can make 10%. That means you can pull out 100K a year FOREVER
@@fennecbesixdouze1794 the value is only lost if you sell when its down. Hold on to it - the market will rebound.
As an agnostic, I like how Dave let's his Christianity be know but doesn't impose it on others.
You have to admit, Christian world view does so much good in behavior.
@@sean3533 What about the harm christian views cause ?
@@sarahann530 like every other religion
@@ManifestOptimism exactly , all religions are harmful
The vast majority of Christians are like this. But the MSM vilifies all Christians together.
Oh, and make sure she gets a job. Just because she’ll be a millionaire at 18 doesn’t mean she shouldn’t learn how to work hard.
She doesn’t need to learn a peasants lifestyle when she has a million lol
Why not teach her to be a great investor - what is so great in hard work? Does this believe feel so great? It is so American!
@@bekind2047 Hard work gives us a life lesson on how precious time is. One will not understand how useless so much money is until they realize how much time from their lives spent pursing it.
There comes a point and when you exceed that point, you don’t become happier, you only lose more time and your problems are amplified as Dave teaches.
Hard work is something that needs to be understood through experience.
Definitely. Because honestly it probably will be kind of empty and boring if you don’t do anything all day. She’ll be lucky though that if she doesn’t waste her inheritance then she might be able to pursue a job she just loves to do even if it doesn’t make a lot of money.
But having a good paying job is also not a bad idea because you never know. Having backup plans is a good idea in general I think.
@@lucius8686 Learning a peasant's lifestyle will allow her to keep the million. A million dollars can be spent rather easily and it does not go as far as people think. Now she also doesn't have to live like a peasant with that money, but it is still a very good thing to know.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@user-qk9ro8rp8t However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@lennoxmutterick6434 Oh please I’d love that. Thanks!
@@user-qk9ro8rp8t Judith Ann peace is her name
Lookup with her name on the webpage.
Tell her now so she doesn't have to worry about pursuing a tuba degree
LOL
🤭
Best reply. Game over.
Best reference to a Dave best of call.
What if she's a Michigan D1 Tuba player?
Dad needs to teach his daughter about keeping QUIET about the money she has. Extremely hush hush friends and Boyfriends! Of course Boys will want her she has so much money!!!! I wouldn't tell ANY boyfriend or Fiancé until engagement or after marriage. She wont find "The One" telling him she has 1 million. HUSH IT!!!
PITT BULL THIS HERE!!!! No one need to know about her money except her and her dad. “Friends” are so friendly nowadays and the boys will love her til she dead broke. Once the money run out so will those friends and bf
True
Boys care more about looks than money. If she was a boy however....
She can't even tell her Fiance? I think you should discuss financial stuff like that BEFORE you get married.
We had our kid do FPU at @17. At 18 we showed him his account. He freaked out and asked us to keep it safe for now. He s in a college free tuition on rice and beans and he s happy not to tiuch his house down payment. His choice.
I'd tell her when she's in high school and starts talking about what she wants to do with her life. She'll need to know she won't qualify for financial aid but will be able to afford to go where she wants and do what she wants. I had a college friend who received much more than this and it motivated him to be very successful because he felt a weight on his shoulders to use it responsibly.
How much?
If she gets access to that money all at once it’s pretty much gone. She needs a financial education and that typically doesn’t happen by 18.
The Father has the foresight to have a plan for his Daughter's future.
Responsible father
I'd never trade a parent for $1,000,000, but this girl is set for life if she can be disciplined. She could work her whole life at McDonald's and be living in a mansion.
Tell her it’s 1 million bucks to get her excited then say “it’s just a prank bro” that way she gets some excitement out.
this girl will end up with a lot of fake friends if she's told how much she's getting if she's the type to tell others about this sort of thing. questionable what it will do for her work ethics through the rest of school and getting a job. this requires proper careful preparation.
That the thing. Most young people will be naive enough to at least mention it so things will quickly get out
It all depends on the child and how you raise them. I know from experience.
She needs to be taught that money is a private thing and not to tell even your best friends about money.
My friends are wealthy but I have no idea how much money they have.
I think 13 is a little young for talking about the actual account. When I was 13 I was playing video games with my friends till 3 AM.
Teach her money management skills on a lower level. See how she does with a 100$, then maybe 500$, etc.
Take her when you shop. Help her learn to make good choices spending money. Show her how bills are paid. Have her open her own checking account which you can help manage until she's 18.
You don't want to feel like you've won the lottery. You want the feel the weight of the responsibility.... I am in a very similar situation right now....and this is exactly how I feel.
I would take her to an estate attorney and more important a good brokerage. I would explain that the avg American makes around 50k annually. If she invests in dividend earning stocks and a good mix of mutual funds she should be able to bring home $50k a year for the rest of her life without working. If she squanders the money. $1 mill is only 50k a year for 20 years and she’ll be broke at 38 like many Americans. $1mill isn’t really much. If she lets it double 2 more times by the time she’s 35 she could have $4 million and make $200k annually in dividends. While her friends are squandering money on Tuba and gender studies degrees, she can work a normal job and her money will grow.
Retired Manager great tuba degree reference
stocks and/or real-estate rentals if you're educated.
for me id get a normal job like everyone else, half into dividend stocks while reinvesting the dividends till im much much older, and take the other half into real-estate
So she should be a normal Dilbert like you
Not really, there are ups and downs in the market. You are not factoring taxes that she will owe on the million in the first place along with inflation over 60 years she would statistically have in her life. 50k when she is 50, 60 years old will be the poor house.
I’m still waiting for my parents to tell me this whole full time work life is just a joke and they have millions upon millions of dollars for me to live off of for the rest of my life
You need to work and build a career. If you are young you can become a millionaire.
Parents should never give money to their children no matter what age unless its support until college but other than that no. Not to be greedy but my children need to learn how to be mentally tough and build something for themselves. I will raise them with the mindset that they wont get a dime even if I die. The thing is that is what I will say ;) justt so they don't think about the money they'll get. The subconscious mind is a tricker.
By the time she's ready for college, tuition will be a million dollars
Lol!
It's because of the government backed college loans you cannot declare bankruptcy on. That is the reason college costs continue to go up at a pace that they should not be. Who would give a 18 or a 19 year old with no way to pay the loan back a $50,000 to $100,000 loan if you could declare bankruptcy on it?
depending what she is going for it could be well over that...
:D
Lol right!!!
I inherited a decent amount of money when I was 11. I didn't have access to it until i was 16, but unfortunately for me, my paretns weren't the most money-wise and didn't teach me how to handle my finances properly. It wasn't nearly as much as this girl is going to get, but looking back now, I could have invested or used it so much more wisely than I did, because at 27 having that amount of money would change my life. I think if she has a good head on her shoulders she should be told, closer to the time. But it's going to take a lot of work from dad to teach her all the skills she needs to be able to handle this responsibly when she turns 18. Pretending it doesn't exist isn't going to make things easier in 5 years.
Wait until she’s had her first job and she can learn to recognize and appreciate the value of money
It depends on the kid. I would tell mine today so that it would have years to sink in and we would discuss investment opportunities. And we would watch the lotto winners that went broke and how that's not what you want to do with life.
Invest it in mutual fund that pays 4% dividend and she'll get 40k a year. It's Gona be a good life
Having not listened to Dave's response yet, my first thought would be to wait until she's about 17 and a half to tell her. And have her take financial peace around that time.
I would say at about 15 or 16. Telling 6 months before she is about to come into legal contact with the money can be a complete shock.
The first thing he needs to teach her is that 1 million is not as much as people think it is. That it could be gone very quickly.
She needs to understand and value a career. Most kids are taught today about jobs as some sort of fulfilment rather than it being about financial security.
You do not work for fun you work for money.
At 13 I would only tell her that there is money for college. That’s it. When she’s done with college I would tell her there is more. IMO
I wouldn’t tell her the exact amount. When she is 18 though there is nothing he can do about it. She will be of age. It’s her money.
Hopefully he wont take any of it from her. Parents sometimes think they DESERVE what is their children’s.
If he hasn't touched it for 9 years why all of a sudden would he try now? Oh, and get on a radio show asking how to tell her about the money?
I don't believe her dad thinks he "deserves" the money... One milli is a lot of money for an 18 year old to properly manage and he is simply concerned.
Sadly that happens quite a bit, when there is a trust or something like that being managed until the child is 18. It happens a lot with child stars, too - the parents make the kid sing or act "to support the family" instead of going to school, then they keep all the money the kid earns for themselves, and by the time the kid grows up there's nothing left. No wonder so many child stars end up so messed up.
Such awesome advice. Love it. Help her learn about the power of investing.
He's teaching her how to manage money, which is the greater skill. What she does with it at 18 isn't something he can directly control, but the hope is she uses it responsibly.
Well put, Dave! I'm teaching your Foundations class to my high school students, and I'll have to share this with them.
Great advice. Need to communicate, prep and give her a vision of what her life could be like in the future...
I would explain to her that if she just keeps that money in those mutual funds, she can already live off the interest for the rest of her life, provided that she manages it sensibly. She could also reinvest it in real estate, if she prefers. Spending a huge chunk on college seems like a big waste.
Best
NurturingTalents Why get a degree anyways if she’s gonna average 70k/yr not including dividends reinvested and compound interest. Without even having to work, her money will work for her.
Yes, well said. Invest in monthly dividend paying REITs and mutual funds and proceed to "sit pretty"
I completely agree. Invest that money and have her follow her dreams. My daughter is 15 and I'm already investing 25% of her money for her.
@@sharonarruda2518 you should start a custodial Roth IRA for her and load it up with mutual funds 👌🏼😎
Plot twist: daughter watches Dave Ramsey
Thank you Dave for making these videos.
I am very grateful for having a mom who always thought In money terms. It spilled onto me, and I as well will spill it onto my future child.
Solid advice.
Money should really go into some sort of trust or restricted account - she gets x amount per year (enough to pay for college or whatever) until she's like 25 when she gets access to the remaining full amount.
That only works if the kid is taught proper money management earlier in life.
Plenty of lottery winners go broke, no matter what their age, because they don't plan on how to use the money.
SE: He cannot do that. It is her money, and she legally gains control at age 18. The father has no legal right to restrict her access to her money when she turns 18. He is only a temporary trustee for the next 5 years.
Not correct. Caller is guardian and conservator of the account. He has legal power to allocate the money as long as he abides by his fiduciary duty. It may have to be approved by a court, but he absolutely could put the money in a trust fund or use it to purchase an annuity that begins to pay out when kid turns 18. The law recognizes that handing an 18 year old a huge pile of cash is a bad idea, and trusts and annuities are common ways to deal with the problem. Honestly, this is something their lawyer should have dealt with nine years ago when the mother died in the car accident.
Steve E Depends on the framework around the situation
@@cathyrowe594 Lisa Marie Presley had her inheritance pushed back and she still blew all the money.
This was excellent advice, thanks Dave!
Wow I learn so much from your channel Dave. Thanks much love
I explain, your mother died for this money. Your mother passed away and this is what’s left. Do not squander it, you’ll regret it for the rest of your life.
That’s the stupidest explanation I’ve ever heard, “sorry your mom died hey at least you have 1 million dollars” u tell her how it is and how easy it is to lose it all don’t say something this dumb lol
That's not the right thing to say. Not at all.
MultiStack awful response
Can I book a trip to the guilt River?
As someone whose mother did die young and yes I inherited a lump sum of money - this is the worst thing anyone could have said to me. It would have made zero impact on how I spent it - because I was going to spend it the way I wanted to at anyway
Kids are smart these days before I took out student loans at 18 I understood ALL of the small details and ramifications and the interest rates and compounding interest and how to pay bills and write checks and open bank accounts, the first time I talked to a financial advisor I was 19 and did a lot of research on my own and asked a lot of questions. That’s how we learn and I asked my parents. I still made some money mistakes but I was fully aware of what I was doing, it’s wasn’t because I was uninformed.
Teach her financial responsibility now and how to manage and live off of it.
I totally look forward to teaching my children how to manage their finances and budgeting.
I'd give her a trial run of money and teach her how to properly spend/invest. That is a lot of money for an 18 year old to have.
He has no say about her coming into legal control over the money. It has been awarded to her.
If he tells her now she will spend the next 5 years planning on how to spend it.
jo jo or how to invest it and spend partial
It will be the same when she is 17.
She needs to understand what life is and how to function. When I was 18 I was serving in the military and my rifle was my responsibility as were my decisions. If you cannot actually grasp life it is very difficult to function at all.
I would put it in trust until she was 25. When we had our wills drawn up the lawyer recommended making the age of inheritance if something happened to us as 25, as by that age they will have worked and have a better idea of how to deal with an inheritance and make the most of it.
IT NOT HIS MONEY, he cant do anything with it.
dave different he leaving his money to his kids, he could say nope you not getting it, or you not getting it till 30,
this is different by law it goes to her at 18 period, there nothing he can do but teach her.
I'd be a humbled sir with this settlement! I work it well and be comfortable for a life time
I put my son in the first FPU class at age 11 again at 13 and Again it 15.. he is all set .!!
Never tell your friends or anyone in school that you have 1 million “paper” in your bank account once you reach 18. 😅
amazing advice and perspective
Tell her when she is 25
sadman sakib he can’t do that if the settlement says she gets it at 18. 18 is legal age.
Exactly. I would call up a lawyer and see if there was a way to protect the money until she graduates college..
Yep that's the exact comment that i wrote down
I think it would have probably been better if the settlement gave her the money when she turned 25-30. Not 18 years old.
sadman sakib If you want to make extra cash text: (269) 497-7332 this guy helped me pay off all my debts.
Wow....I have a good friend who was a personal injury lawyer. He always arranged a structured settlement for minors who got awards--an initial award at the time (enough to cover the legal expenses), then a reasonable amount that was intended to cover college expenses from ages 18-25, with the balance at age 25. The obvious goal was to get them educated and a little mature before allowing them to blow a huge amount of money. I started an educational trust for my daughter on the day her adoption was finalized. Those terms were that the trust could pay all educational expenses. She would get any balance left at the completion of her masters degree or age 35, whichever came first. Again, my logic was that after completion of a masters, she'd be ready to settle down, think about a house or whatever....and if she wasn't decently mature by 35, she was never going to get there.
This money, properly invested, could basically support her for the rest of her life. She needs to understand this, as well as how it can be used. Bottom line, she could take out enough for college each year and leave the rest invested....and that's where you want her to be in terms of financial literacy.
We used to joke about the million dollar babysitter--a young woman who was severely injured in a car accident...and after about a year of multiple surgeries, etc. she went right back to her life just as if this settlement didn't exist.
She's going to find out sooner if she listens to this show...
If a 13 year old is smart enough to listen to this show and take advice she's on a great road financially anyways 😊
Good point, a lot of 13 year olds listen to shows like this. He probably should have used a fake name.
I doubt a 13 year old would be watching this video. My kids wouldn't anyway...
@@elgooges I bet under 15 is 1% of viewership.
@@elgooges he easily could be. The girl could recognize his voice though, I would mine.
I thank my dad over and over again what a great role model he was and how he taught me about money management from childhood. He grew up poor and was smart enough to figure out how to work and invest his way out of poverty and was really smart enough to involve my brothers and me from the youngest of ages. We too had an envelope system and he would talk with us about what money meant for both securing our futures and for enjoying the allotment we were meant to spend, and to give to charity. I did not have a million dollars waiting for me at age 18, but those kinds of lessons would have taken me very far if I had - my dad imparted a sense of what has value and what was waste. I am 64, he is 91 and those lessons have served me throughout my life.
Yeah, I like the approach here. Not only a proper view of it, but also a plan for it. A lifelong plan with steps along the way.
"APPROACH IT THROUGH FAITH. WE ARE A FAMILY OF FAITH." I LOVE THIS MAN. PRAISE GOD IN THE GOOD AND THE BAD
Ok calm down ma’am
If you approach it through faith, the church will want 10% of that.
I’d start training her how to manage it when she’s 15 while you still have the authority to take control back from her.
I’d also make her get a summer job in high school.
I love this dads attitude♡
Solid advice
It's her money, prepare her for the day she gets access to it. He won't be the conservator forever
I agree with Dave, I think conditioning her to understand the value of money and forming habits will definitely be a hedge against her overspending at 18.
Same thing is gonna happen to me at 18, I’m 17 and have a job and pay bills.Thank god for my mother raising me right.
😂 when they tell me i got the privilage of handling the money for others... wait until i turn 18 and lets see whos money it is lol
Sad she lost her mom. But this is a fantastic financial opportunity for this young girl to learn to take money seriously at a young age. She should definitely keep to herself the amount of money she has from friends, or use it as a test to see who the real friends are(the ones that don't ask for money).
The mind is of a 13 year old is still developing. There’s point in life where they won’t be able to identify what’s right and wrong at that age. There isn’t emotion and mental development fully.
I hope to god that girl decides to let dad hang onto it and keep it invested as long as possible and that she keeps it invested for as long as possible, that’s some serious cash that’s going to add up to a very sizable retirement, and give her the ability to seriously bless her future family.
What a great dad!
Sad. Really pray that she’ll be wise and at least get some good from the tragedy. Could easily turn into tragedy part two.
Today I finally finished my debt which was a personal loan of 10k, next year I will finish the student loan debt of 5k, situation improving!
congrats
I love the perspective of this video, money management is a skill that should be taught to people before they become rich or on order to be rich? I think it's very interesting to see most comments talking about teaching her money management, i think the father itself will be really bad at management of funds like the general population.
If she never touches the principle
And live off the interest
She would be smartttttttttt
Or just works and let interest compound along with some smart investments she would be set, but what 18yo is going to be smart like that?
@@lizmyers469 I like to think me at 18 would be that smart. But the only problem is knowing how to go about investing smartly with no experience.
Imagine the girl is listening to this live, doesn't realize it's her dad and she comes home from school to her dad who sits her down and tells her she has some money for the future.🤣
If she is listening to this her chances are good
It would probably be best to first ask her throughout her teenage years what she would do with a million dollars? You can get her mindset about money and start to groom her to be responsible until the day the money is released to her
Very good idea
He did the right thing. Only tell her that college is taken care of as long as she gets the grades to get in. In the meantime, focus on teaching good ethics, self discipline, self care, discernment of people, and wealth management and make her learn the value of hard and smart work while you can. And of course do ut all with great love so that she knows that when all the fake friends come her father has her back and best interest at heart.
Don’t . My brother got in an accident and got money when he turned 18 and it blew it all and made poor decisions .
Without watching the video yet, you don't tell her. Tell her when she is 18, but set it up for her to receive from it at 25.
It's hers when she turns 18, plain and simple. He has no bearing on it after. If he has raised his daughter in the right way, it will not be a problem.
Yeah way too late to make that decision.
InsideOutside UpsideDown sucks cause my worst fear is that she poops it away on loans knowing she’ll get the money anyway
@@Uhhlaneuh he has 4 years to groom her about that money. Hope for the best. I agree I dont think she needs to give any of that money to a university. Invested correctly she can live from what the investments make, and get a job where she wants to be at. It is a better start than a lot of people get in life so I hope she makes the right call.
Exactly. Just because 18 years old is legal age doesn't mean it is a wise decision to let her have all of the money at once, especially if her friends know she has money too. 18 year olds are not mature enough when it comes to managing large amounts of money.
Make her work for it. Give it like a paycheck, $500 a week, teach her financial literacy
I hope dad tells daughter that having money makes her a target and she should keep her mouth shut about it and not financially draw attention to herself.
I think when you tell her should depend on her maturity. Some 16 year old are more mature than others.
She shouldn’t touch it she should put it in a low risk high dividend stock
No low cost index funds are better
Penny stock gang
So sad about her mom :(. Her mom would be far more valuable than money, and people are speaking of how rich she is going to be etc. without considering what the cost of that money was!
Yes!!!
I kind of do agree with Dave, I’m not sure if I would tell her at that age until I had it completely implanted in her brain just how serious it is, and how if she told 16 year olds around her that it would make her a target for other people that age and how there will be people trying to take it. And I would have many many many talks with my child about how this could completely set them up for life or how it could quite literally put them in an early grave.
This was a fantastic question and a pretty good answer. In the end you can try to guide this ship through the rocks but people’s minds are unique. They are shaped by life experiences and usually predisposed to function and view money in a certain way. In my experience a female has a much better chance of saving and managing that than a male. But it’s not a given. Think you’d just have to realize whatever happens happens and try for the best. 18 is still too early to be in control of that much money with no experience. It’s very important she doesn’t let anyone else know about it. Not even her closest friend.
My wife and I plan on investing money every month into an account that is meant for our children. We are not going to tell them about it or give it to them until they are financially independent and understand money (we hope to make it a wedding gift).
Maturity and experience earning money are huge factors in a decision like this.
Put it in an investment account, and have it set to start paying her dividend the moment she gets her first real paycheck.
That way she can't spend it all, and learns to stand on her own feet. Have the account transfer to her name fully after she holds her first real job for five years.
Were you not paying attention? If he could control how much she got each year he wouldn’t be calling. This money is legally hers and she will have full access to it once she hits 18.
I will tell my children. My mom told me that me and my brother will split 10mil when she passes (which I hope isn't soon because I love my mom) but the fact that she told me that I am now able to research and see what I can do best with the money. I did not change my view in life and I still feel like I ain't financially secured. My mom also told me if I go nowhere in life she will not give it to me.
My daughter got a settlement when she was 12yrs old. She’s 19 now. Freshmen in college. Although she’s 19 now, I haven’t given her the money yet. I told her when she finishes college I will give her the money. I see she still doesn’t know how to manage her money so I’m still holding on to it. I’m hoping by 22 she will be a little more responsible.