Should you have to pay extra to bring your baby on a plane, or to a concert? Should an overweight person have to pay for two tickets? Or should an underweight person get an additional baggage allowance on their flight? Should students have to give up their seats to seniors when they’re both getting cut-price tickets? Continue reading “Should you pay for two tickets?”
A worrying new report names the so-called ‘Bank of Mum and Dad’ as Australia’s 5th largest lender. This ‘Bank’ – Aussie parents – have collectively lent their sons and daughters more than a whopping $65 billion dollars. Almost a third of parents now help their kids buy a home. The average amount ‘lent’ is $64,000. Why the scare quotes around ‘lent’? Because in two-thirds of cases, Mum and Dad don’t expect to be repaid. (In my book, that’s called a gift, not a loan).
But should you rely on the Bank of Mum and Dad? And, Mums and Dads – should you lend to your kids?
This post – a bumper issue that is the first to tackle two questions – is not only for those considering lending money within families, but also for those who have or will buy a home without family support.
Continue reading “Should I rely on the Bank of Mum and Dad? / Should I lend money to my kids?”
Recently, I caught up with someone I hadn’t seen for a long time. Two decades, in fact. And they asked me what I’ve been doing. I gave them the canned version of events, ending with my most recent news (that my husband and I had left our jobs a year and a half ago and are traveling the world). Their response? ‘It’s much easier when you don’t have kids.’
Like language, money is a symbolic system we use to communicate with each other. Kids’ exposure and sensitivity to language begins early, and the same may be true of money. The majority of opinions agree financial education ‘begins with children – the younger the better’. In the last post, we looked at what an important role financial education and family background has in influencing outcomes in life.
But where do – and where should – kids learn about money?