How should you give money to your kids? So, if you’ve made the decision to help them out, the question now is how to go about it so that it’s a positive experience for both parties.
As a side note, this is not a blog. We are not trying to tell you how to raise your kids. Like all of our topics, we’re simply discussing some financial strategies that we have found to be the most effective. We care about our clients, and definitely want to try and do everything we can to protect the B.O.M. / B.O.D. (Bank of Mum; Bank of Dad) – because we know they’re not bottomless.
How to loan or give money:
What to do once the decision has been agreed on:
As always, we recommend you sit down and consider your options rationally. If it helps both parties in the long run, then you can start to think about how you will go about giving your kids money.
Dallas Davison, Michael Hogue and Ali Hogue.