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My 23-year-old son pays the rent. He saved $ 10,000 to live with me. Is it wrong to ask him to leave when he hits 26?

Dear Moneyist,

I have a 23 year old son who lives at home and he has a full time job. He paid $ 300 a month and I put it in my savings account. Is it impossible to say that you need to move out when you are 26? It makes me uncomfortable that I have to tell him this.

I feel it’s wrong, but some of me know he needs to explore life and I don’t want to disturb him. He is a good young man, but he also needs to learn. I also talk to him about money management, savings and investment, but I can’t really teach him because I’m learning to invest myself.

He saved $ 10,000, which is in his money market account. What can he do to maximize the money he saves? And how do you invest the money he gave me? He doesn’t know I’m saving money.

Thanks for your help and attention in this regard.

I don’t know mom

Moneyist:My sister became my late father’s power of attorney, took a reverse mortgage at his house and ran out of his capital. what can I do?

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Dear I don’t know

This is an opportunity for him and you can present it that way.

Start by asking a question. “Where do you think you will be three years from now? Are you happy with your work? How do you want to go?” You may have decided to save for a down payment for a house to buy or a down payment for a house to rent.

And you can tell your son where you want to see him in three or five years. “You worked hard and saved enough to have your own place right away. Have you ever wondered where you want to live? Rents are falling, so take a look and what’s there You should see if there is one. ”

There is no perfect way to this conversation. Any dishonesty caused by our own awkwardness can be alleviated by goodwill, honesty, and directness. It’s a balance and a trade-off. You don’t have to get there in a single conversation, but start rolling the ball now.

Moneyist:My wife and I have three children. I also have three children from my previous marriage. How do you need to divide your house among these six children?

Broadway shows aren’t recommended to people, let alone what to do with money. You can look for “higher quality” dividend growth stocks, consider alternative assets and asset classes, diversify your portfolio and reduce all your exposure to stocks.

You can go the way now, play safely and hold money in cash (for now), but because interest rates are so low, savings accounts aren’t making money or gold, I’m looking into real estate and other products. If you’re considering value stocks, check out these industries.

These are optional, not recommended. MarketWatch columnist Mark Hulbert said: “The odds of making money at the turn of the year are close to three-quarters, so you have a one-quarter chance of making money. You lose. So don’t pay attention to the wind.” And amen ..

Please proceed carefully. Don’t expect quick profits.

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Quentin Fottrell is a Moneyist columnist at MarketWatch. You can email financial and ethical questions to The Moneyist at qfottrell@marketwatch.com... By emailing your question, you agree to publish it anonymously on MarketWatch.



My 23-year-old son pays the rent. He saved $ 10,000 to live with me. Is it wrong to ask him to leave when he hits 26?

Source link My 23-year-old son pays the rent. He saved $ 10,000 to live with me. Is it wrong to ask him to leave when he hits 26?

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