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Originally Posted by Bugsinrugs
Thanks Look. He is a smart guy but money is new to him. At his brothers graduation celebration he wanted to pay the dinner bills. We pulled him aside and told him to stop he too generous. That was our responsibility anyway.
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You know, I will have to disagree with you on this. Let him pay for his brother's graduation. It makes him feel good about doing so, especially if money is new to him. This happens only once and it creates a stronger bond between the two. He's making great money so managing it will be something he has to learn with your and other professional guidance.
Best of luck to your kid. Money management is a totally animal compare to his field which is black and white to an extend. Too many opinions from everyone (friends) who always seems to offer bad advice. As they say, a little knowledge is dangerous. With you around, he will be looking at you for guidance. When I made my big purchases, I always go home and get my dad out of the house to have a cup of coffee and talk it over. This was each and every single purchase. I am not looking for approval but just want to share with him and maybe he see a mistake that I may have missed even though I know I was going to buy the investment properties anyway.