Comments on: Do You Tell Your Parents the Details of Your Finances? http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/ Real Personal Finance for a Life Without Limits! Sat, 20 Mar 2010 15:01:41 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Have Your Parents Ever Talked To You About Money? — Broke Grad Student http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-2036 Have Your Parents Ever Talked To You About Money? — Broke Grad Student Thu, 07 Aug 2008 11:01:02 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-2036 [...] Do You Tell Your Parents the Details of Your Finances? [...]

[...] Do You Tell Your Parents the Details of Your Finances? [...]

]]> By: PT http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-409 PT Wed, 27 Feb 2008 21:12:28 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-409 Becky - Thanks for sharing. Sounds like a good relationship. I agree, there's a balance you need to achieve with what you disclose. Becky – Thanks for sharing. Sounds like a good relationship. I agree, there’s a balance you need to achieve with what you disclose.

]]> By: Becky@FamilyandFinances http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-408 Becky@FamilyandFinances Wed, 27 Feb 2008 20:42:40 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-408 I come from a very non-judgemental, non-controlling family and so does my husband. Neither of us would hesitate to share financial information with our parents if we felt it was beneficial to a conversation. We don't lay out our whole financial picture to them, but if we're having a discussion about savings accounts, we wouldn't hesitate to let them know where we bank and what kind of interest rates we're getting. It's funny, we've actually had both sets of parents asking *us* for financial advice! I think it really depends on the relationship you have with your family. :) I come from a very non-judgemental, non-controlling family and so does my husband. Neither of us would hesitate to share financial information with our parents if we felt it was beneficial to a conversation. We don’t lay out our whole financial picture to them, but if we’re having a discussion about savings accounts, we wouldn’t hesitate to let them know where we bank and what kind of interest rates we’re getting.

It’s funny, we’ve actually had both sets of parents asking *us* for financial advice!

I think it really depends on the relationship you have with your family. :)

]]> By: pete @ biblemoneymatters http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-377 pete @ biblemoneymatters Mon, 25 Feb 2008 15:57:58 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-377 I for one feel hesitant with ever taking money from parents/in-laws. I think sometimes parents lending money can actually be them having a way of controlling you, or having you feel indebted to them. They may not even be doing it consciously. If you can do it on your own, I would suggest doing it on your own. Family lending family money (or even giving) almost never is a good thing in my opinion. Of course there are situations where it can be good, but, I think as a rule it isn't a good thing. Do it on your own, or don't do it. :) I for one feel hesitant with ever taking money from parents/in-laws. I think sometimes parents lending money can actually be them having a way of controlling you, or having you feel indebted to them. They may not even be doing it consciously.

If you can do it on your own, I would suggest doing it on your own. Family lending family money (or even giving) almost never is a good thing in my opinion. Of course there are situations where it can be good, but, I think as a rule it isn’t a good thing. Do it on your own, or don’t do it. :)

]]> By: PT http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-370 PT Sun, 24 Feb 2008 21:51:39 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-370 Thanks, Krasni. I like the groceries/out to dinner analogy. Thanks, Krasni. I like the groceries/out to dinner analogy.

]]> By: krasni http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-369 krasni Sun, 24 Feb 2008 21:14:07 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-369 It's a HUGE deal in our family when we get out of the parental financial picture. I announced my financial independence on my 22nd birthday, and any discussion of finance since then has been general or educational. I bought my first and subsequent cars alone (no one else involved in financing or in even coming to the dealership.) I bought my house alone. I've had to deal with some obnoxious people who don't like selling to women in their 20s without daddy there, but they don't get my business. The first realtor I saw--oh, man! She all but patted me on the head and asked where my male keeper was. That did not fly. There are lots of families that do it differently, but if you have a hesitation in accepting your father's assistance, that gut feeling is worth listening to! My grandmother offers 20% "interest" on savings accounts she holds. She deposits the "interest" on Christmas day and will give us our money upon request. It's great for my 17 year old brother's college fund, but I don't use it because I don't want to be quizzed about my wisdom in using my savings for A, not B. IF YOU FEEL HESITANT, DON'T DO IT! Suggest that you would feel uncomfortable as a couple accepting such a gift. Perhaps your dad would like to host a family vacation somewhere, or have some other family outing that would use the money for time together. In my mind, it's the difference between being taken out to dinner and being brought bags of groceries--one is a perfectly normal interaction between equals, while the other is a patronage arrangement, and should be avoided if possible if you desire real independence. It’s a HUGE deal in our family when we get out of the parental financial picture. I announced my financial independence on my 22nd birthday, and any discussion of finance since then has been general or educational. I bought my first and subsequent cars alone (no one else involved in financing or in even coming to the dealership.) I bought my house alone.

I’ve had to deal with some obnoxious people who don’t like selling to women in their 20s without daddy there, but they don’t get my business. The first realtor I saw–oh, man! She all but patted me on the head and asked where my male keeper was. That did not fly.

There are lots of families that do it differently, but if you have a hesitation in accepting your father’s assistance, that gut feeling is worth listening to! My grandmother offers 20% “interest” on savings accounts she holds. She deposits the “interest” on Christmas day and will give us our money upon request. It’s great for my 17 year old brother’s college fund, but I don’t use it because I don’t want to be quizzed about my wisdom in using my savings for A, not B.

IF YOU FEEL HESITANT, DON’T DO IT! Suggest that you would feel uncomfortable as a couple accepting such a gift. Perhaps your dad would like to host a family vacation somewhere, or have some other family outing that would use the money for time together. In my mind, it’s the difference between being taken out to dinner and being brought bags of groceries–one is a perfectly normal interaction between equals, while the other is a patronage arrangement, and should be avoided if possible if you desire real independence.

]]> By: Saturday Roundup - Feb 23rd, 2008 - Tag! No Tagbacks! edition | Credit Withdrawal - Helping You Kick the Credit Habit http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-344 Saturday Roundup - Feb 23rd, 2008 - Tag! No Tagbacks! edition | Credit Withdrawal - Helping You Kick the Credit Habit Sat, 23 Feb 2008 17:16:42 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-344 [...] Prime Time Money Do You Tell Your Parents the Details of Your Finances? [...]

[...] Prime Time Money Do You Tell Your Parents the Details of Your Finances? [...]

]]> By: PT http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-338 PT Fri, 22 Feb 2008 17:24:51 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-338 Thanks for sharing, Randall. No problem. Great article. Had I known you'd posted on this, I'd of linked to you in the article. Ok, so that's one BIG vote for NO! Any other opinions? Thanks for sharing, Randall. No problem. Great article. Had I known you’d posted on this, I’d of linked to you in the article.

Ok, so that’s one BIG vote for NO! Any other opinions?

]]> By: Randall at CreditWithdrawal http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/comment-page-1/#comment-337 Randall at CreditWithdrawal Fri, 22 Feb 2008 16:54:19 +0000 http://ptmoney.com/2008/02/22/do-you-tell-your-parents-the-details-of-your-finances/#comment-337 Umm, No. http://www.creditwithdrawal.com/2008/02/06/should-you-share-financial-information-with-family/ (remove the link if you find it inapproriate). Randall. Umm, No.

http://www.creditwithdrawal.com/2008/02/06/should-you-share-financial-information-with-family/
(remove the link if you find it inapproriate).

Randall.

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