to wonder how family manage if kid gets rich

(48 Posts)
myname2016 Sun 21-Feb-16 18:33:12

has anyone experienced this?

SalemSaberhagen Sun 21-Feb-16 18:33:39

You may need to expand...

StrawberrytallCake Sun 21-Feb-16 18:35:42

Do you mean someone's child becomes rich? I think it depends on the family and separate identities and the individual - how they handle it and how it comes about.

In my experience it's pretty much split the family into two halves.

CooPie10 Sun 21-Feb-16 18:36:28

What do you mean?

myname2016 Sun 21-Feb-16 18:36:58

I pressed post too soon sorry!

If you have children and one makes money - how does the family unit manage this? For instance buying a home or clothes.

notapizzaeater Sun 21-Feb-16 18:38:14

I think a lot depends on the child and how "rich"

We have a good living and are comfortable but my sister is horribly jealous f everything we do, but that's just her personality.

CooPie10 Sun 21-Feb-16 18:38:58

Still unclear what your post is about ?
Does that child still live at home ? Is he/she an adult and you are asking about family obligation?

BarbarianMum Sun 21-Feb-16 18:40:11

If a child makes money it is generally held in Trust til 18 isn't it? I guess if the family was really on its uppers they might try an access the money to provide said child with a better standard of living but generally it just sits in the bank until they are grown up.

PurpleDaisies Sun 21-Feb-16 18:40:44

Why would it affect the family unit? If the "kid" got rich, surely they're old enough to be living away from home and buying their own clothes? I don't get it.confused

Floggingmolly Sun 21-Feb-16 18:42:19

It wouldn't be the "family unit's" issue to manage confused

Kitkatmonster Sun 21-Feb-16 18:43:43

Is it write posts that don't make sense day today?

SevenSeconds Sun 21-Feb-16 18:45:59

Do you mean as a child while still living at home (as a child model or something)? Or as an adult?

ghostyslovesheep Sun 21-Feb-16 18:46:17

I THINK the OP means child stars - so under 16 in film/tv etc

The money tends to be held until they are 18 with a small allowance etc I think - it's the childs money not the parents - although I think parents can take reasonable expenses etc

Smartiepants79 Sun 21-Feb-16 18:46:19

If you mean a child under the age of 18 and still living at home is making money, through modelling or something then the money should be put in the bank and invested until they reach a certain age.
If the family needs some of the money in an emergency situation then it should be used carefully and fairly.

WickedWax Sun 21-Feb-16 18:50:36

I would imagine the money is put into trust.

The family can request to use some or all of the money to support the child or improve their standard of living but this would need to be approved by the trustees.

Once the child reaches the appropriate age 28/21/25 the money is theirs to spend as they like.

WickedWax Sun 21-Feb-16 18:51:15

*18/21/25

OwlinaTree Sun 21-Feb-16 18:54:30

Do you mean like if one child inherited a lot of money from a godparent and the other didn't? So one child could have a bit of an easier ride re buying a house etc?

2rebecca Sun 21-Feb-16 18:57:58

I'd see it as the child's money. What you do depends on the age of the child and how much money but if they got a lot of money age 19 it would be their money and I don't see other family members have any rights to it if the child is 9. Trying to enrich yourself at your child's expense is rather nasty. If the child when older is still wealthy and chooses to give you some of their money that's different.

momb Sun 21-Feb-16 19:07:17

I think that the money to enable the child's activity (classes, photos, travelling etc) would come out of the child's money as expenses but the rest would go into trust until the child reaches 18. It is a difficult one though, especially if the family were struggling or one parent had to give up work to enable the child earning.

myname2016 Sun 21-Feb-16 19:07:45

Yes - a child star, for example. Especially if siblings in the family were not.

Goingtobeawesome Sun 21-Feb-16 19:08:26

I would manage by organising the money to go into the child's bank account. Obviously.

CooPie10 Sun 21-Feb-16 19:12:13

I think it would be entirely the child's money. The parents could manage it via a trust but ultimately up to the child when they are old enough to decide what to do with it.

myname2016 Sun 21-Feb-16 19:13:13

It sounds obvious, but the child may have other wishes. Being successful also has its own expenses so buying or renting a home in London/L.A may be needed, but then other members of the family also live in it and you'd have to buy it as the child couldn't. So it's not 'obvious' really.

LettingAgentNightmare Sun 21-Feb-16 19:14:24

Stealing from one child to 'even it out' with the siblings is never ok imo.

You can't do it when one wins the lottery at 18 so why do parents think it's ok before then. It's not.

NeedsAsockamnesty Sun 21-Feb-16 19:15:07

I had a decent income as a child.

I also ended up having to take my mother to court shortly after my 18th birthday due to her belief that she could use it for (her definition of) reasonable expenses.

Because she managed to pretty much plunder a vast sum of it.

The court found in my favour.

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