‘Did We Create A Monster?’ 23-12 months-Outdated Daughter Has $250K Saved However Refuses To Pay For Dates Or Household Outings
Most dad and mom could be thrilled if their 23-year-old had already stacked 1 / 4 of one million {dollars} in investments. Not this mother.
Julie, a listener of “Suze Orman’s Ladies & Cash” podcast”, wrote in with a dilemma that had each Suze and her cohost KT elevating eyebrows—and laughing a little bit too.
“Have we created a monster?” Julie requested, in what Suze Orman known as among the best topic traces they’d seen.
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Julie and her husband, who’ve lived beneath their means for many years and now boast a internet price of over $6 million, made it their mission to show their youngsters the best way to save and make investments early. And it labored—nearly too nicely. Their 23-year-old daughter, a full-time grad pupil, already has over $250,000 saved in a Roth IRA and non-retirement funding accounts.
How? “She has amassed this by jobs she’s had for years, in addition to our annual present of a match to what she contributes to her Roth,” Julie defined.
However this is the issue: their daughter refuses to spend cash on, nicely… something.
“In my view, she has a poisonous perspective in direction of cash,” the mother wrote. “She consistently says she can’t afford issues and by no means provides to pay for something when she’s on a date together with her boyfriend or when she’s with buddies or household.”
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Julie added that whereas her daughter research exhausting and is all the time hustling to earn extra, she’s additionally grow to be what she calls “miserly.”
Cue co-host KT‘s response: “Mother thinks her daughter’s a miser,” she stated, laughing. However KT did not see something fallacious with a 23-year-old who’s obsessive about saving. “I would not do a factor, mother,” she added. “Any child that is 23 that wishes to work and earn cash and get monetary savings and accumulate cash is an efficient factor.”
Orman, nonetheless, wasn’t able to let the daughter utterly off the hook. “Mother’s saying she’s miserly as a result of she by no means pays for something as a result of she does not assume she will afford it,” she clarified.
Nonetheless, Orman made it crystal clear that this sort of saving behavior just isn’t a pink flag—it is a monetary flex.
