Credit Cards Center Credit cards from our partners
Reply
Valued Contributor
Posts: 1,734
Registered: ‎01-23-2013
0

"Why I lie to my parents about how much money I make"

"Why I lie to my parents about how much money I make"

 

 Pretty good LearnVest article about breaking away from financially irresponsible family members and personal debt.

Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: "Why I lie to my parents about how much money I make"

Wow - that was my story!

 

I just dodged another call about paying a utlity bill.  I didn't pay it.  And I am not sure what happened since they missed their deadline to pay.

Regular Contributor
Posts: 399
Registered: ‎08-21-2013
0

Re: "Why I lie to my parents about how much money I make"

I read it, and another one by her,they were very interesting, and I hope they encouraged you too =)

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500


Frequent Contributor
Posts: 364
Registered: ‎10-25-2012
0

Re: "Why I lie to my parents about how much money I make"

Great article learning to family no was really hard for me . I hate seeing them struggle but I had to struggle to get out of the credit mess they helped get me in.

Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: "Why I lie to my parents about how much money I make"

I am getting ready to give my son a lump sum for college.  I have to tie some strings around the gift.  One string will be NOT to loan  to anyone, including grandparents.  Another string will be NOT to give it to anyone, including grandparents.

 

I know that they will be asking for "loans" with "promises" to pay it back. And if they can't live within their means, I sincerely doubt that they will be able to pay him back.

 

Not going to be easy.  But, what he does with the money is his choice and he will have to live with it.

 

Not sharing the details to family members about money is not something I had ever planned to teach my kids.  Not like the article.  *sigh*  I will also have to tell my son about how I have bailed out his grandparents over the years.  When they sold their house, they were suppose to pay me back. Never saw a penny.  (To preserve his relationship with them, I never said a word to my son.)  I want to make sure the strings on the college fund stay intact.

 

But in the end, it's really not my decision.

Valued Member
Posts: 36
Registered: ‎07-19-2012
0

Re: "Why I lie to my parents about how much money I make"

IOBA-

 

Can you give your son part of the money?  Say enough for the quarter/semester to gauge how things play out? I had an aunt the would ask me for money when I was in college.  She never paid me back until my grandparents started managing her finances. I know how difficult it can be to say no to relatives.  Especially those whom you looked up to.  

 




Starting Score: TU 500's EQ 560 Summer of 2012
Current Score: Lender pull EQ 625 EX 651 TU 654
Goal Score: 700 Club!


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: "Why I lie to my parents about how much money I make"

I could give it to him in peices.  We did that his first year in college.  It didn't work out so well.  He's very good at managing finances, when it's HIS own money.  He's not so diligent when it's my money.  Even if the monthly amount is limited.  He knows he can always ask for more and I would do my best to provide it.

 

The first year of college, money was spent without accounting for where it all went.  (Even when he received a set amount each month.)  I had to shut down the free flow of money for many financial reasons.

 

My son started working and making his own money.  He was very diligent about making a budget, tweaking it as necessary, and living within his means.  He was getting a small amount of money from another source and he was super good about making sure he didn't "waste" money.  (The other person stepped in to help when I had to stop sending monthly money.)

 

Now my son is to the point that he is almost 100% supporting himself and going to school.  That is a great thing.  

 

Next school year will be abroad.  Expenses will be close to, if not more than, double what they are now.  Although my son is saving for it, he's still not going to be able to support himself 100% while abroad.  The other person is likely, but no guarantees, going to continue to supplement my son's paycheck.  

 

I think giving him the lump sum for the rest of his college (2 years) would be a good thing.  I think if he knows that is all he going to receive, he   will make it last as long as possible.  He's amazing like that.  He has an IRA.  Doesn't put anything into it, but he has one.  He also have close to $800 in CD's.  He doesn't touch them.  Just lets them roll over year to year.  

 

My hope is that by giving him a lump sum, he will know that he can focus on his schooling and not be so focused on making a paycheck.  My hope is that the other source will not need to supplement my son's income.  (My son plans to pay the person back in full, with interest, although he doesn't have to.)  My hope is that my son will budget well and stretch the money out to finish his degree(s).

 

We will see!  And of course, I don't want him to give the money to his grandparents or another black hole.  But in the end, it's his choice.

 

 

 

Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: "Why I lie to my parents about how much money I make"

PS - I did tell my son some of the money stories regarding his grandparents. His grandparents had promised to give him $200 a year (total) to help with college.  They have not done that.  I think my son realizes that it's not likely that they would pay him back.  (His grandparents have a very generous heart, but just do not live within their means.  I am not sure that they ever have during the time I have known them.)

New Member
Posts: 3
Registered: ‎05-23-2012
0

Re: "Why I lie to my parents about how much money I make"

[ Edited ]

This is a top situatation.

 

 

Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: "Why I lie to my parents about how much money I make"

Update - I did give a lump sum to my son for college.  He handled it surprisingly well.  Lol.  At first, he thought the bank made a mistake and he wondered out loud how long it would be before the bank realized their mistake....  

 

My son fully funded a 3% CD, maxed out the balance in his checking account to earn the most interest, and bought himself a cheapy new laptop.  Then he promplty made the rest of hte funds available to me for my life.  All of this was before the property deal came back on the table.

 

As for the grandparents, I don't think they know about either thing or income.

 

I still believe it's best to keep the numbers to ourselves right now.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.