Children and money

The following column was published in The News Star on Saturday, October 11, 2014.

Question: We are nearing retirement and it seems we’ll have more than enough. We want to begin passing some of our wealth to our adult children while we are young enough to see them use and enjoy it. But we do have some concerns about one of the marriages. And we don’t want to give them so much now that we end up being a burden to them later. How do we find the right balance?

Answer: The secret to finding balance is having a plan.

The following column was published in The News Star on Saturday, August 30, 2014.

Question: My daughter is headed to college in just a few weeks. I have paid for most everything during her high school years and we will do the same during college. She is naturally frugal, so I’m not worried about her overspending. Do you see a problem with me sending her to college with a debit card and just keeping up with her spending so it doesn’t get out of hand?

Answer: Yes, I see a huge problem.

The following column was published in The News Star on Saturday, July 12, 2014.

Question: I own a business and my son has been with me in it for about ten years. I would like to think that one day I could go to the house and he could run it and eventually inherit it from me. But it just doesn’t seem like he’s catching on to what it will take to run this business. It takes a lot! It would break his heart to not get the business one day, but I’m not sure he can handle it? What do I do?

Answer: Do you feel like you’ve got to choose between your son and your business? A broken heart or a broken business? Some choice!

The following column was published in The News Star on Thursday, July 3, 2014.

Question: We’ve gotten deeper into debt than I would have ever imagined possible. In addition to my house, we’ve got two car loans and four credit cards. We’re not behind on anything, but I’m paying nearly half my paycheck on loan payments! My parents offered to help, but with interest rates so low, they are struggling with lower income themselves. What do you suggest?

Answer: Cut out the middle man.

By Byron Moore, posted June 19th, 2014

Question: We have two children. Just to be blunt, one is a giver and the other is a taker. We own a business they both work in and I am worried that when we are gone, our taker will overwhelm our giver. How do we keep that from happening?

Answer:  Ever since Cain and Abel, siblings have been rivaling and causing their parents grief.

The following segment first aired on KEDM 90.3 on Wednesday, March 19, 2014.

Sometimes simple wills can create complex problems. Listen to my most recent KEDM Public Radio segment to hear how a little attention to detail now could alleviate a lot of tension in the family later.

     

By Byron Moore, posted March 21st, 2014

Question:  I grew up in a home where my parents did not talk about money at all. It wasn't until my father died that I knew anything about his financial situation, and it wasn't good. Now that I've got children of my own in high school and elementary school, I'm wondering when we should we tell them about our finances?

Answer: When it comes to money and sex, if you wait until they are "ready" to "have the talk," you'll be too late.

The following column was published in The News Star on Saturday, March 8, 2014.

Question: I have four siblings. Most of us turned out fine, but one brother is just stuck. He basically has no maturity in life and is constantly making poor choices, financial and otherwise, which hurt him and everyone around him. I don’t want any of my kids to turn out like him, but I’m not sure how to prevent it.

Answer: Based on what I’ve seen so far, the only perfect kids are grandkids. And I’m pretty sure no one has come up with a failsafe plan for how to raise those.

The following column was published in The News Star on Saturday, Februrary 1, 2014.

Question: When we were growing up my father constantly reminded us to be responsible with money. But I always got the feeling with him it was about much more than being responsible. He seemed to get a lot of validation out of how much money we had, which I think went too far. As a result, I find myself shy about teaching my own kids financial responsibility for fear they’ll get the same message from me. Suggestions?

Answer: Most of the time we communicate our messages very clearly, despite what we say. Your father’s words said one thing, but his life said quite another, didn’t it?

By Byron Moore, posted January 23rd, 2014

Question:  My husband and I want to start a family soon. We both work now, but we would really like for me to be able to stay home when we have a family. All of our friends say it's really hard to do, but we'd really like to. What can we do? 

Answer: Well one thing's for sure - you can't be like your friends.