I' m a parent of a grown up adult that we always treated fairly. She always kept money she earned and gifts and on her 18th birthday, we encourage her to change her custodial account to hers alone and we never obtained credit in her name.
When I was 18, I was given $10K by my grandfather to assist with my education and my mother kept it. As a result of him finding out it wasn't used for the intended purpose, my siblings never got a similar donation.
I thought that was rare and unusual at the time.
I am sadly flabbergasted by the tales on Reddit of all the ways that parent figure out to rip off their own children. Stealing their money and identity theft as well as straight up blackmail, coercion and emotional manipulation to wring as much money out of young adults as possible. There are daily posting on Legal Advice and Personal Finance about these situations.
I am wondering if those of us on Personal Finance could write a comprehensive guide for teens and young adults to these situations and how to best protect themselves.
I'm not talking about how to balance a checkbook stuff, but more along the lines of "How to make sure your parents aren't ripping you off and ruining your financial future"
Is there any interest in this?
Submitted March 30, 2019 at 12:04PM by texdroid https://ift.tt/2CMDhSj
