Greedy Kids: Are they entitled to their parents’ money?
Reader Shawn pointed out this Q&A titled “My rich parents won’t share” for me from CNN Money.
A reader asks the following:
I recently learned my parents have a lot more money than I thought. Had I known, I would have asked them for help in buying a home several years ago, back when houses around here were affordable.
Don’t parents have some kind of obligation to be honest with their grown children about their financial situation? My wife and I may never be able to afford a house now.
You’ll have to click through to find out their answer, but adults are fully entitled to their own money, and kids should learn how to earn their own. Granted, if the child actually asked, and the parents lied about their savings, then I understand if they feel hurt and angry. But don’t blame your parents for your misfortune or poor planning if you’re fully capable of earning a living.
Parents need to live a comfortable life, and they aren’t accountable for your well-being once you’re an adult.
Try one of these related posts too!:
- Christmas gifts for siblings?
- Parents, please think about what you name your kids
- Paying for your kid’s college education
- Teach your children finances early
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I wouldn’t ever borrow money from family. There are other ways to afford homes besides mooching off of Mom and Dad. You should save up for your own downpayment, the real estate market isn’t going to outperform a smart saver. Your parents need to think about retirement not whether their grown child will be able to afford a dream house.
Talk about lazy people, get a job!
I wonder if the son would have felt worse if his parents told him how much money they had, and then didn’t loan them money! That may very well be a reasonable course of action.
the housing market, thank god, is finally crashing and will keep on crashing, if someone can’t buy a house, then they need to lower their almighty standards.
With that kind of attitude, it’s no wonder they didn’t tell him!
Parents should not feel obligated to help their children out financially with every large purchase. He should think about all the money they have already spent over the past 18+? years to raise him.
>> Don’t parents have some kind of obligation
>> to be honest with their grown children about
>> their financial situation?
I think the only obligation these parents have in being honest about their financial situation is to honestly teach their children what they had to do to acquire their wealth. It’s doubtful that their parents helped them very much, and it sounds like that’s the same lesson that this child needs to learn. The child obviously has a “victim mentality” that will keep them down until they mature enough to get over it and take charge of their own life.
According to 2 Corinthians 12:14, parents should lay up riches for their children, but that doesn’t mean they have to buy them every toy they want–even if the “child” is now 30 and the “toy” is a new house.
The most I’d expect out of my parents when I buy a house is labor–moving and fixing things. I never expect any financial help from my parents.
I don’t know my parents’ financial situation. It’s not really my business unless they need something from me.
On the flip side, what about parents who think their kids owe them a living?!
I went through a similar situation (in reverse) with my parents:
http://fabulouslybrokeinthecity.blogspot.com/2007/06/should-i-bail-out-my-spendthrift.html
Part 2 is listed on the right-hand side of my blog…