Phoenix84
Senior Associate
Joined: Feb 17, 2011 21:42:35 GMT -5
Posts: 10,056
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Post by Phoenix84 on Mar 10, 2011 8:45:15 GMT -5
My father is a government employee, so his income is public information. I don’t know EXACTLY what it is because he gets night and weekend differential, as well as holiday pay and overtime, but I could probably estimate it within 10k/year. Beyond that I just have a rough idea. I know my mother got some money from her parents as an inheritance and I know it’s invested in the stock market somewhere. I know they have some investments, but not where they are. And of course I know about their house and cars. I don’t know the exact amounts of those, but I could make a pretty good guess. They may have accounts and assets I don’t know about. As for my parents, they know my income as I’m also a government employee. They know about my retirement accounts, but not how much is in them. They know a great deal about my condo since I tell them about it. They don’t know how much is in my personal accounts. As for what’s “appropriate” I think it depends on several factors. The financial ability of the parties (good or bad), the relationship, age, marital status ect. Given that I’m single, I probably share more with my parents than I would if I was married. An 18 year old sharing financials with a parent is different than a 50 year old sharing financials.
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Deleted
Joined: May 7, 2024 15:50:59 GMT -5
Posts: 0
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Post by Deleted on Mar 10, 2011 16:17:46 GMT -5
My Dad once asked me to show him how to do an Internal Rate of Return calc in Excel on his asset spreadsheet so I know they have enough that they probably won't outlive it, but that anything left when they're gone, split among 5 siblings, won't be a windfall. I'm thrilled they're doing as well as they are. They know my net worth because I've told them. They don't know what I make but can probably guess with a little Internet research.
DS knows what we're worth because I've told him. He's 26, and jokes about having rich parents. Bless him, he's very independent financially or I wouldn't have let him know that amount. I want him to know that you need to save early and often for retirement, and that you can do that and still live a good pre-retirement life if you're careful.
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emma1420
Senior Member
Joined: Jan 28, 2011 15:35:45 GMT -5
Posts: 2,430
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Post by emma1420 on Mar 10, 2011 16:25:50 GMT -5
I am in my 30's and I only know the general things about my parents finances. My dad has been a saver his entire life, and I know that he doesn't believe in debt, and that he prepared very well for retirement (to the point where he retired at 55). I know my mother is horrible with money (my parents are divorced), and I know she's in a lot of debt. So I have general ideas about where they stand and ballpark ranges for how much they earn or have earned in the past. I don't know details, and I don't want to know details. My mother asks me to do her taxes every year, and I refuse because I don't want to know the details. In my mother's case ignorance is bliss, and I hope I stay ignorant for a very very long time.
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azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
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Post by azphx1972 on Mar 10, 2011 17:10:48 GMT -5
I know my parents' detailed financial picture due to them sharing the results of their estate planning process with me, and they're aware of my general financial status. If they wanted to know more, I'd gladly tell them, and vice versa. We're pretty open in that way, and I really like that.
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tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,942
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Post by tcu2003 on Mar 11, 2011 22:14:33 GMT -5
I have a general idea of my parents' finances. They don't have enough for retirement, but should be okay as long as both are alive on SS as their house is paid for, and they live in a small town in a LCOL area. That said, my sister and I know we'll both probably be helping at some point. Dad gets SS now (was on SSDI before he turned 62), and Mom still works, so for now, they've still got decent health insurance.
I have no idea what my IL's finances are like. DH may have a general idea, but I've never asked. My FIL is a retired postal worker, so has a pension and healthcare, and my MIL works part-time for their church. Not sure where they stand on retirement savings, or debt.
My parents have a general idea of what I make (or at least what I made a couple of years ago), though since getting married last summer, I doubt they know our household income. ILs have no idea, and I'm okay with that.
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,224
Mini-Profile Name Color: e619e6
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Post by TheOtherMe on Mar 11, 2011 22:51:34 GMT -5
I don't know a lot about my parents' finances and they close down whenever my DS and I try to bring up wills and finances, etc. My mom was very sick last fall and she did show me where the wills are and where the so-called burial plans are. I looked at them and they have basically filled nothing out.
I had to pay the bills while my mother was ill last fall and they have a substantial amount of money in checking.
I know their house is paid for, both have pensions and SS. I know my dad's pension has survivor benefits for my mom.
They haven't added either my DS or I as POD.
As for my accounts (I'm single), I have a will, DPOA, etc. My sister has signature authority over some of my accounts and POD on the others. She is no longer my executor because she doesn't want to do burial wise what I want done.
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