#financial-responsibility

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#family-support

"Am I able to take life insurance out on family?" - how to protect yourself financially from a family death

Many Baby Boomers lack savings, creating financial burdens on their children for care and funerals.
Children can take out life insurance on parents with permission, but research is crucial due to varying policy costs.
Financial planning is essential to prevent leaving children with unexpected debt from funeral and care costs.

My boomer parents ran out of money 5 years ago and didn't tell me until the last minute that they have nothing for retirement

Young individuals may need to financially support unprepared Boomers in retirement.
It's crucial for older generations to communicate their financial situation openly.
Setting boundaries is important for financial stability when supporting family members.

Sydney Sweeney's Homes: Here's Where the Rising Star Owns Property

Sydney Sweeney's journey illustrates her resilience and commitment to family, balancing career growth and financial responsibility.

"Am I able to take life insurance out on family?" - how to protect yourself financially from a family death

Many Baby Boomers lack savings, creating financial burdens on their children for care and funerals.
Children can take out life insurance on parents with permission, but research is crucial due to varying policy costs.
Financial planning is essential to prevent leaving children with unexpected debt from funeral and care costs.

My boomer parents ran out of money 5 years ago and didn't tell me until the last minute that they have nothing for retirement

Young individuals may need to financially support unprepared Boomers in retirement.
It's crucial for older generations to communicate their financial situation openly.
Setting boundaries is important for financial stability when supporting family members.

Sydney Sweeney's Homes: Here's Where the Rising Star Owns Property

Sydney Sweeney's journey illustrates her resilience and commitment to family, balancing career growth and financial responsibility.
morefamily-support
#parenting

I've got a $4.5 million net worth and I'm considering leaving my kids nothing - is this a stupid idea?

Excessive inheritance can harm children's motivation and career growth.
Balancing financial gifts with lessons on responsibility is crucial.

My daughter turned 18 and I won't give her the trust fund because I'm afraid she will blow it

The legality of family trusts allows for guardians to restrict beneficiary access to protect their interests.

I'm not paying for my kids' college tuition unless they want to be doctors or lawyers. Money isn't the issue - the ROI has to be worth it.

Bobby Kittleberger only pays for his children's college if it's necessary for their chosen career, emphasizing alternative education paths and financial responsibility.

Harriette Cole: The other moms say my plan for my teen is too harsh

Encouraging teens to work part-time fosters responsibility and financial literacy.

I want to teach my kids the value of wealth but they don't know the value of $1k versus $100k

Teaching children the value of money can be challenging for wealthy parents.
Involving kids in charitable giving is crucial for teaching responsibility with wealth.

Can I Teach My "Big Kids" How Expensive Birthdays Are, Or Am I Being A Buzzkill?

It's important to have honest conversations with children about the cost of gifts and involve them in the decision-making process to teach financial responsibility.

I've got a $4.5 million net worth and I'm considering leaving my kids nothing - is this a stupid idea?

Excessive inheritance can harm children's motivation and career growth.
Balancing financial gifts with lessons on responsibility is crucial.

My daughter turned 18 and I won't give her the trust fund because I'm afraid she will blow it

The legality of family trusts allows for guardians to restrict beneficiary access to protect their interests.

I'm not paying for my kids' college tuition unless they want to be doctors or lawyers. Money isn't the issue - the ROI has to be worth it.

Bobby Kittleberger only pays for his children's college if it's necessary for their chosen career, emphasizing alternative education paths and financial responsibility.

Harriette Cole: The other moms say my plan for my teen is too harsh

Encouraging teens to work part-time fosters responsibility and financial literacy.

I want to teach my kids the value of wealth but they don't know the value of $1k versus $100k

Teaching children the value of money can be challenging for wealthy parents.
Involving kids in charitable giving is crucial for teaching responsibility with wealth.

Can I Teach My "Big Kids" How Expensive Birthdays Are, Or Am I Being A Buzzkill?

It's important to have honest conversations with children about the cost of gifts and involve them in the decision-making process to teach financial responsibility.
moreparenting
#family-dynamics

My Sister Says Her Absurd Wedding Gift Demand Is Only "Fair." I'm About to Skip the Whole Thing.

Setting boundaries in family financial expectations is crucial, as it can prevent resentment and maintain respectful relationships.

My brother just burned through $1.4 million of his trust fund - these were his big mistakes

Siblings can manage inherited wealth very differently, affecting family dynamics and financial legacies.

Dear Mary: I'm living as a single mum with my parents but they treat me really badly even though I pay for food and bills

Feeling treated as a child despite adult responsibilities causes frustration and highlights familial dynamics that undermine personal autonomy.

Harriette Cole: I'm past due to marry, and my family doesn't like my pick

Family's concerns about partner's employment status causing tension in relationship.
Balancing personal feelings with family expectations can be challenging.

My Sister Says Her Absurd Wedding Gift Demand Is Only "Fair." I'm About to Skip the Whole Thing.

Setting boundaries in family financial expectations is crucial, as it can prevent resentment and maintain respectful relationships.

My brother just burned through $1.4 million of his trust fund - these were his big mistakes

Siblings can manage inherited wealth very differently, affecting family dynamics and financial legacies.

Dear Mary: I'm living as a single mum with my parents but they treat me really badly even though I pay for food and bills

Feeling treated as a child despite adult responsibilities causes frustration and highlights familial dynamics that undermine personal autonomy.

Harriette Cole: I'm past due to marry, and my family doesn't like my pick

Family's concerns about partner's employment status causing tension in relationship.
Balancing personal feelings with family expectations can be challenging.
morefamily-dynamics

I make $30k a month with my business and am getting overwhelmed with how much I have to work - how can I find purpose?

Earning $30,000/month is sufficient for this Redditor, but working on the business instead of in the business can result in higher earnings.
#personal-finance

I'm a college student who pays nearly $1,000 in annual fees for 4 credit cards. It's worth it for good credit and travel perks.

Building a solid credit score early on can lead to significant travel rewards and financial opportunities.

The scrappy store that gave me everything when I had nothing - High Country News

Financial stability can introduce unexpected responsibilities during the holidays, leading to stress despite a higher income.

I have a UTMA account with $60k sitting in it for my son and I'm worried that 18 years old is too young to have access to that much cash

Educating children about personal finance is crucial for their future financial decisions.

I'm a college student who pays nearly $1,000 in annual fees for 4 credit cards. It's worth it for good credit and travel perks.

Building a solid credit score early on can lead to significant travel rewards and financial opportunities.

The scrappy store that gave me everything when I had nothing - High Country News

Financial stability can introduce unexpected responsibilities during the holidays, leading to stress despite a higher income.

I have a UTMA account with $60k sitting in it for my son and I'm worried that 18 years old is too young to have access to that much cash

Educating children about personal finance is crucial for their future financial decisions.
morepersonal-finance

Kyshawn Lane, Influencer and First-Time Home Buyer, Shares His Household Hacks

Regular home maintenance, like vacuuming coils and draining water heaters, is crucial for first-time homeowners.
Social media can create communities that educate and support homeownership responsibilities.

When it makes sense to use a cosigner to get a loan

Using a cosigner can help you qualify for personal loans and get better interest rates despite poor credit or unstable income.
#estate-planning

Jill On Money: Be like Buffett and give (charitable giving 2024)

Buffett's philanthropic focus aims to avoid creating a generational legacy, promoting self-reliance in his children.

Warren Buffett issues a warning for all parents ahead of the $84 trillion Great Wealth Transfer

Effective estate planning requires open discussions to prevent future family conflicts, warns Warren Buffett.

Jill On Money: Be like Buffett and give (charitable giving 2024)

Buffett's philanthropic focus aims to avoid creating a generational legacy, promoting self-reliance in his children.

Warren Buffett issues a warning for all parents ahead of the $84 trillion Great Wealth Transfer

Effective estate planning requires open discussions to prevent future family conflicts, warns Warren Buffett.
moreestate-planning
from BuzzFeed
2 months ago

Parents, Share Any Regrets You Have About Starting A Family

Becoming a parent is both exciting and challenging, often leading to regrets regarding career, independence, and financial responsibilities.

Beyond Million Dollar Lines of Code: Practical Strategies for Engineering Cost-Effective Cloud Systems

Engineering decisions in cloud computing directly impact financial outcomes, emphasizing the need for responsibility in resource allocation.

I make my son pay for his college tuition. If he gets good grades each semester, I pay him back.

Understanding the true cost of college fosters appreciation; a unique tuition payment plan ensures children learn financial responsibility and avoid student debt.

I'm 31 with a net worth of $4 million and my grandparents want to give me $5 million - should I have them direct the money to my kids instead?

Deciding how to manage a large inheritance requires careful consideration of moral responsibilities and future implications.

How to know if she comes for love or for a help.

Women often attribute financial struggles to their relationships, not personal responsibility.
Some women seek partners for financial support rather than love.

13 Things to Do If You Suddenly Become Filthy Rich

Instant wealth brings not only prosperity but also significant responsibility; without careful management, it can lead to financial ruin.

Assuming financial responsibility for your aging parents: A 3-step guide

Proactively addressing aging parents' financial responsibilities can prevent significant risks and protect them from scams and financial mismanagement.

Why this grandma refuses to buy her grandchildren birthday gifts

Tammie Kelton prioritizes investing in her grandchildren's future over buying traditional birthday gifts.

11 Jamie Dimon Quotes Every 20-Year-Old Needs to Hear

Jamie Dimon emphasizes the importance of optimism and intentionality in personal and professional growth, especially for young adults.

The 6 Worst Homes for First-Time Buyers

First homes are a significant purchase; avoid common mistakes like buying a home too small or too large for potential future needs.

New 5,000 deposit mortgage allows homeowners to borrow up to 99%

A new 5,000 deposit mortgage has been launched for first-time buyers, allowing potential borrowing up to 99% of property value.
Mortgage applicants must still demonstrate strong creditworthiness and pass affordability assessments despite the low deposit requirement.

'Wall of water.' Kendall community flooded after contractor strikes water line

Neighbors tried to clear clogged street drains after a water pipe was hit during construction work.
Private contractor hitting underground utility lines can lead to flooding and financial responsibilities for repairs.

Miami Beach's spring break plan lets city 'mistreat people,' county commissioner says

Miami Beach's spring break crackdown criticized by Miami-Dade County Commissioner Keon Hardemon
Hardemon challenges the treatment of Black spring break visitors and questions county's financial responsibility.
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