Teenagers money

[Maths9]

Ds13 has just been paid 10000 pounds for a commercial and he wants to put it towards his uni fund. However as we were talking about expenses he suggested we could have a grand for expenses. I was a bit offended as technically the money is ours and although we would put it towards his uni fund, we would like a bit for ourselves. He also does not want to share it with his sister, which we thought we could do. Any suggestions

It's his money, not yours.

I think it's his too.

This has to be a joke? Technically the money is NOT yours. It's his money if he's worked for it. A child relative of mine does modelling and it all has to go into her named bank account or a savings account/trust fund in her name. Why should he share it with his sister? If he gets a job at 18 in an office will you try and make him share his salary? A grand is more than fair I think.

I think it's incredibly mature for a 13 y/o to even be thinking about a uni fund!

The money is definitely his and I'd definitely be putting it in an account (maybe an ISA?) for him to use as a future nest egg of some kind.

It's HIS let him do what he wants with it.

Can you explain why you think it’s yours?

Also if he’s putting it in his university fund you’ll benefit in the end as it will mean you can make a smaller contribution when that time comes.

It's not yours at all!

Can't stand people who think they are entitled to other people's money lol. It's his money, not yours so technically you're not entitled to a penny unless he says otherwise.

It's HIS money! Fair enough if you cover any expenses you had.

It's quite fair to discuss costs with him -a hotel, travel, haircuts etc and deduct that. Otherwise keep your hands off the cash HE earned.

Why would it be your money? I thought there were laws about where money like this had to be kept.

Are you Macauley Culkin's parents?

I can’t come up with any scenario where the money is ‘technically’ yours? It feels you are saying that to get your hands on it!

Thank you for your replies. My husband thinks that because he has effectively been an agent- emailing back and forth- and our belief that all money earns is money for all of us, we are not sure what to do.

I do think that if a child is earning in that way and there are expenses, those should come out of the fee. What remains, though, is his.

Is this a joke

Why would you not be in favour of putting it towards his uni fund, a lot if kids would blow it. He is being very responsible.

It's your sons money, not yours.

I think it's horrendous you would consider taking £1000 off him for expenses, let alone a penny more.

Shame on you.

snop
I think it’s the fact that we should decide how much money he gets Andy although we will probably put most of it towards DS’s uni fund, we feel he shouldn’t be involved in discussions about the money for now.
I will look at the thread again later after dinner. We are of course very proud that he is being really responsible and it is his dream of going to uni and getting a good job and that is why he is 5inking about it now.

Sorry typo meant to say and

It's not yours. And you think he should be involved in discussions about the money he earned? Wow! How mind-blowingly cheeky are you.

It's his money. I can't understand why you'd think otherwise.

I hope he refuses to do any more work so you don't get a penny! CF family no doubt.

He earned it, not you or his sister, it should all be put in a trust for him for later, minus any of your financial costs/loses only. Family money is between a couple who can make decisions on what to spend it on together, it does not included taking a child's money from them and giving them no control on what it is spent on.

If you "earn" from your child is it taxable?