Disclosing Income to Child ...

sryrstress
Fri, 15 Jan 2010 20:34:12 +0000

Here’s an addt’l reason I didn’t disclose as much detailed info as I would have liked to my S’s while they were growing up–divorce. It’s one thing for one’s child to have the amounts; it’s quite another for the ex-spouse to have them. I would have shared more info if that hadn’t been a part of the picture. I also agree with the posters who said a child doesn’t have a realistic idea what XXX gross income represents–e.g. $40,000/yr. sounds like a fortune to them.

I have spent ~25 years in a financial area career. My clients often represent multiple generations of the same family. Whether money values/skills/etc. are taught explicitly or role-modeled, the apple doesn’t usually fall very far from the tree-either way, whether the family are spendthrifts or very fiscally conservative.

Personally, I would never expect an 18-21 year old to have the financial background and experience to understand and properly complete the Profile. I also have a difficult time with “it should all be the student’s responsibility”, when a huge majority of the time, it’s the PARENTS’ money. When its going to directly affect my pocketbook in a major way, I want to know the information being submitted is correct.