How Do I Tell My Teenager She Is Getting $1,000,000?

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[@mickydee6550]

I hope dad tells daughter that having money makes her a target and she should keep her mouth shut about it and not financially draw attention to herself.

[@theolamarshall-bernard]

He should not tell her a thing!

[@zbennett1720]

“My goal is not to raise good kids. My goal is to raise good adults” -Papa Dave Love this!!

[@staceystrukel1917]

Too bad Dr. Phil and many others have said this for years.

[@METVWETV]

​@@staceystrukel1917 So have I.... Doesn't make it any less true!

[@mygleetusb9651]

❤

[@bluecollarmoneyinvestingch396]

Having too much money is a good problem to have. Teaching her to be financially literate and responsible should be a priority.

[@orangeboy97]

A good problem if you know how to handle money. If you're bad with money, it could wreck your life

[@smithersrob]

Read up about the history of lottery winners. Having too much money suddenly is almost universally a disaster. People who win the lottery are over 4 times as likely as the average person to end up bankrupt, they are over 5 times at risk of drug and alcohol abuse, they are at far higher risk of suicide. Their relationships are dramatically more likely to break down. Having too much money is a terrible problem to have unless you are already wealthy and have learnt good money and life skills.

[@bettysmith7045]

It's not a good problem to have when it cost you your mom!!!

[@KennyakaTI]

@@orangeboy97 having no money can wreck your life too. If your bad with money then you're just bad with money

[@bres9977]

Blue Collar Money & Investing Channel I would say work on the financial literacy now and then give her the reason behind it all when she turns 18 years old.

[@gfysyoutube]

Caller: My Daughter is getting $1,000,000 Dave: Sell your car

[@dabnailz5805]

😂😂😂

[@mcstuiain9511]

😂😂😂😂😂

[@ericacooley7721]

OOPSiDiditAgain 😂😂😂💀

[@clublulu399]

Hahaha

[@muhammedmateen4728]

OOPSiDiditAgain she should buy some homes then rent them out you will be set for life

[@CandiceB]

I’m glad the father has the financial literacy & understanding to inquire about the best way to bring up this blessing to his daughter. He definitely seems like a great father!

[@clouddddd]

Candice B i wouldn’t call it “blessing” since her mom died...

[@CandiceB]

Claudia Navarro - and I wouldn’t put false words into someone else’s mouth if I were you🤷🏽‍♀️

[@MichaelP-ke1tm]

@@CandiceB I'd burn the money

[@CandiceB]

Patrick - lol um okay😳😂

[@HankTheTank23]

@@CandiceB She didn't, you literally called it a "blessing." It's a fortunate outcome of a horrific event, but it's not a blessing.

[@webbie1891]

Honestly, I'd wait until she's 17 just to get her prep up for it, but I'd start to teach her money management right now.

[@GoogleAccount00]

Same!

[@Ramxie35]

Webster Kollie 17 is still too young to receive this much

[@Simon-oy7kf]

@@Ramxie35 they don't have a choice, she'll get it anyway when she's 18

[@looseycanon]

Absolutely no. Even at eighteen or even thirty, this is a shock! When I look at all those stories of lottery winners, I have to say that age is not a factor in to this. He has to teach her how to manage an estate and etnreprenauership skills and give her the tools to properly manage money. Does she like computer games? Get her OpenTTD or any other business simulation to play with. Does she like playing doctor? Talk with her about economics of preventing illnesses. Bring her in to financial planing of the household, let her draft monthly budget, disscuss it with her, ammend the draft (leave some things for her to spend too! Just not too much) and let her influence over the budget grow with her affluence in finance. Does she like numbers? As soon as legally permissable, get her apprenticeship with an accountant or financial manager. This kid needs to learn how to handle money ASAP and learn it very well, or she's gonna burn through it like powerplant through coal!

[@diamondlady693]

Agree but there should ser her up with a accountant.

[@Metonymy1979]

My friend found out that same thing when she was a teenager. Do Not Tell Her.

[@spiritualisrael007]

Yeap. I figured telling her was a bad idea.

[@javadose317]

If my son got it I would make sure he’s clear to save that. The interest would be crazy

[@kayhershey6390]

Metonymy1979 If you want to make extra cash text: [phone] this guy helped me pay off all my debts.

[@mytubeeeee]

I was thinking the same. Maybe have a talk with her about how to manage money the right way as if there wasn’t any money yet until she gets the idea of how to save and manage money. Not all teenagers are the same and I fear she may tell friends or wrong kind of people and they may take advantage of her.

[@kayhershey6390]

Not at all @justin Seward. You should reach out to him.

[@jordanneal576]

Teenage me with $1,000,000 would have been a complete disaster.

[@nadia4999]

And that is on Mary Had a little lamb!

[@Dwindlingnest]

I resemble that remark

[@t206kid]

I would wait. Whats gonna happen is she will tell everyone at school and it will be an issue

[@t206kid]

@PoopCoin Patrick mom is dead. Thats why the girl got the money to begin with.

[@maq637]

PoopCoin Patrick did you watch the video idiot?

[@AveryWinders]

t206kid no. I kept quite and never told a soul. Somethings you never tell anyone

[@alextogo8367]

@PoopCoin Patrick u a slow person

[@geometricart7851]

that could be dangerous. there are some very disparate people out there in the world...never tell anyone you have $$$

[@CaseyBurnsInvesting]

I have a friend who knows she’s inheriting money and she refuses to work or be independent. Don’t tell them the amount smh 🤦🏾‍♂️

[@tundrellaCat68]

Talk about sapping the motivation. I've seen it before.

[@NB-ky5ol]

Your friend will end up broke and having to work. I’d never want my kid to not know what real hard work is.

[@dks13827]

@@tundrellaCat68 Yep.

[@dks13827]

@@NB-ky5ol Right.

[@geometricart7851]

that tells me the friend is going to blow it as soon as she gets it....5 years tops...and don't forget "friends" and "family" will want handouts.

[@sophiesto6122]

We had our kid do FPU at @17. At 18 we showed him his account. He freaked out and asked us to keep it safe for now. He s in a college free tuition on rice and beans and he s happy not to tiuch his house down payment. His choice.

[@MickSixx-xt1ex]

With my parents did that for me lol

[@liamwelsh5565]

5 years later: Hey dave remember that call 5 years ago? Well she blew it all.

[@Dreamprism]

Give her a year to blow it at least. So let's say "6 years later".

[@PInk77W1]

99% chance

[@Metal7771]

On God she is gonna blow it!

[@MarksTournaments]

Stop being jealous and saying that

[@riverdaletales8457]

@@MarksTournaments chances are she blows the money.

[@superbros1690]

To lose your mom in life, it's like losing 50% of your life.

[@151Armondo]

Today'sTopic I rather be broke

[@ian-hm6cx]

that’s not what it’s like, that’s exactly what it id

[@justownyounetwork1943]

Agreed. It’s a super sad way to inherit any money. Can’t put dollar bills on precious life.

[@_Nathan-]

I’d rather take the mil

[@lionelhuts875]

@@_Nathan- I feel bad for you, then.

[@gastonave]

I inherited enough to retire comfortably at 45 years of age and I'm so glad I didn't come into that money at a young age because it would have been long gone before I turned 30.

[@lavonnealexander6936]

Oprahs FatAss same here.

[@mazenmccarthy159]

Oprahs FatAss ikr when I usher my sister she got a little hurt and I gave her a 4 dollor settlement and it was gone in Litterly the second day don’t give it to her till 25

[@dks13827]

You did retire from working ? Are you happy that you did ? Just curious.

[@gastonave]

@@dks13827 Yes I retired from working and yes I'm happy I did.

[@dancer1]

Why would it have been? Just invest it

[@jacobshaw2991]

Oh, and make sure she gets a job. Just because she’ll be a millionaire at 18 doesn’t mean she shouldn’t learn how to work hard.

[@lucius8686]

She doesn’t need to learn a peasants lifestyle when she has a million lol

[@bekind2047]

Why not teach her to be a great investor - what is so great in hard work? Does this believe feel so great? It is so American!

[@Carlos-tx9vt]

@@bekind2047 Hard work gives us a life lesson on how precious time is. One will not understand how useless so much money is until they realize how much time from their lives spent pursing it. There comes a point and when you exceed that point, you don’t become happier, you only lose more time and your problems are amplified as Dave teaches. Hard work is something that needs to be understood through experience.

[@narnia1233]

Definitely. Because honestly it probably will be kind of empty and boring if you don’t do anything all day. She’ll be lucky though that if she doesn’t waste her inheritance then she might be able to pursue a job she just loves to do even if it doesn’t make a lot of money. But having a good paying job is also not a bad idea because you never know. Having backup plans is a good idea in general I think.

[@ColinOnYoutube]

@@lucius8686 Learning a peasant's lifestyle will allow her to keep the million. A million dollars can be spent rather easily and it does not go as far as people think. Now she also doesn't have to live like a peasant with that money, but it is still a very good thing to know.

[@Fedgery007]

If she gets access to that money all at once it’s pretty much gone. She needs a financial education and that typically doesn’t happen by 18.

[@traceyregehr9350]

My grandson is in this same position, lost his Momma at age 6. He is now 9 and I speak with him about money management NOW,and he is learning about tithing, saving and spending. Building his character and sense of responsibility using Ramsay’s kids money management has helped us tremendously, to instill strong values. Praying to God that this approach pays off toward establishing a solid financial future for him.❤️

[@monsterous289]

You don't want to feel like you've won the lottery. You want the feel the weight of the responsibility.... I am in a very similar situation right now....and this is exactly how I feel.

[@kawkawmccarvs7802]

As an agnostic, I like how Dave let's his Christianity be know but doesn't impose it on others.

[@sean3533]

You have to admit, Christian world view does so much good in behavior.

[@sarahann530]

@@sean3533 What about the harm christian views cause ?

[@ManifestOptimism]

@@sarahann530 like every other religion

[@sarahann530]

@@ManifestOptimism exactly , all religions are harmful

[@robedmund9948]

The vast majority of Christians are like this. But the MSM vilifies all Christians together.

[@jayrider2726]

I know a girl who was left a million dollars and she immediately moved to a apartment in Manhattan and traveled most of Western Europe. She pisses it away on nonsense. LoL

[@wolfsden6479]

I mean if it's like this and she did it because of her mom and set a 50k-100k budget for that experience that she will remember her mother for; then keep the rest in investments. But by the sounds of it that wasn't what she did; mostly with that Manhattan apartment.

[@beacreates4370]

I wouldn't call that nonsence. That sounds like a good way to spend a million dollars. Life is meant to be lived.

[@armadylptwrsps]

Bea Creates can’t do that forever though

[@beacreates4370]

@@armadylptwrsps yeah that's why you get a job afterwards. Just cause someone left you a lot of money doesn't mean you have to try and live off of it forever.

[@maisonnotxce]

Bea Creates and that’s how you remain broke. Please don’t listen to this fool folks.

[@serioushamster]

While nothing can replace the loss of her mother, the $1 million(if managed correctly) will mean the girl can basically be financially free for the rest of her life.

[@averyrogers458]

serioushamster with a job yes, or very good investing. 1 million over a lifetime is not that much money when you break it down by year.

[@fng9651]

if its invested properly you can take out 3-4% a year without disturbing the principal so 30k-40k a year

[@sarahann530]

@@fng9651 That is very little if you consider inflation over the life of a teenager

[@FalaqX]

@@fng9651 Dave teaches that you can make 10%. That means you can pull out 100K a year FOREVER

[@RandomUserName92840]

@@fennecbesixdouze1794 the value is only lost if you sell when its down. Hold on to it - the market will rebound.

[@n9wox]

Take her when you shop. Help her learn to make good choices spending money. Show her how bills are paid. Have her open her own checking account which you can help manage until she's 18.

[@katspov9945]

I'd tell her when she's in high school and starts talking about what she wants to do with her life. She'll need to know she won't qualify for financial aid but will be able to afford to go where she wants and do what she wants. I had a college friend who received much more than this and it motivated him to be very successful because he felt a weight on his shoulders to use it responsibly.

[@dancer1]

How much?

[@Bedhop]

"What's it invested in?" *guy realizing its sitting in a savings account* "uh uh a conservative mutual fund"

[@geometricart7851]

must be nice to have such problems...

[@qdllc]

Most funds held for a minor are in the hands of a court receivership. Letting the parent have the money is asking for it to be converted illegally.

[@gabriellejones6451]

@ geometric art Her mom died...money doesn’t heal that

[@therationalist4340]

@@geometricart7851 People who don't know how to manage money don't have those problems for very long I can assure you.

[@HearMeLearn]

@@geometricart7851 idk about you chief but I'd rather my mom still be alive than have a million dollars handed to me

[@Uncommonsensetoo]

You definitely do not want to tell a teenager that she has $1M coming her way. That may destroy her motivation for being a good student, in fact, wanting to study at all. She needs to be an adult, already educated and in a career before knowing that. This would be in her best interest. Giving that much money to someone who is not properly educated and does know how to handle it is a recipe for disaster. When poor uneducated people win the lottery they usually blow it and become poor again in a short amount of time.

[@mvanwamb]

He's teaching her how to manage money, which is the greater skill. What she does with it at 18 isn't something he can directly control, but the hope is she uses it responsibly.

[@Scorpiomaj27889]

I'd never trade a parent for $1,000,000, but this girl is set for life if she can be disciplined. She could work her whole life at McDonald's and be living in a mansion.

[@tbas003]

First thing I would tell her: Do not ever borrow money to anyone, not even family. Then I'd tell her that as long as she don't touch it, it could at least give her some comfort. I'd get her more involved with society in general, let her see how her grandparents, uncles and aunts work, how hard life is, how taxes my an impact... I'd show her that some people are even disposed to hurt their loved ones for money. I'd show her the many ways she can have passive income. But at the end the most she'll understand is if she get a job at 16.

[@xAyumiAnimex]

Tell her now so she doesn't have to worry about pursuing a tuba degree

[@quincg7546]

LOL

[@mentomeanyah]

🤭

[@clittle580]

Best reply. Game over.

[@Gregarious3]

Best reference to a Dave best of call.

[@lionelhuts875]

What if she's a Michigan D1 Tuba player?

[@Ghosttt3]

I think 13 is a little young for talking about the actual account. When I was 13 I was playing video games with my friends till 3 AM. Teach her money management skills on a lower level. See how she does with a 100$, then maybe 500$, etc.

[@iindium49]

It depends on the kid. I would tell mine today so that it would have years to sink in and we would discuss investment opportunities. And we would watch the lotto winners that went broke and how that's not what you want to do with life.

[@taylorwalton4260]

Having not listened to Dave's response yet, my first thought would be to wait until she's about 17 and a half to tell her. And have her take financial peace around that time.

[@bighands69]

I would say at about 15 or 16. Telling 6 months before she is about to come into legal contact with the money can be a complete shock. The first thing he needs to teach her is that 1 million is not as much as people think it is. That it could be gone very quickly. She needs to understand and value a career. Most kids are taught today about jobs as some sort of fulfilment rather than it being about financial security. You do not work for fun you work for money.

[@eyes4seeingu]

I will guess Dave’s response will disappoint you.

[@debrawilliams7983]

The Father has the foresight to have a plan for his Daughter's future.

[@Michael-kz5nc]

Responsible father

[@pitbull7885]

Dad needs to teach his daughter about keeping QUIET about the money she has. Extremely hush hush friends and Boyfriends! Of course Boys will want her she has so much money!!!! I wouldn't tell ANY boyfriend or Fiancé until engagement or after marriage. She wont find "The One" telling him she has 1 million. HUSH IT!!!

[@ericacooley7721]

PITT BULL THIS HERE!!!! No one need to know about her money except her and her dad. “Friends” are so friendly nowadays and the boys will love her til she dead broke. Once the money run out so will those friends and bf

[@dancer1]

True

[@BlowitAllUp]

Boys care more about looks than money. If she was a boy however....

[@bornkinggamer3347]

She can't even tell her Fiance? I think you should discuss financial stuff like that BEFORE you get married.

[@rebeckawoods6093]

I think this is something that should come up in dating. I have talked to pro pre while dating who specifically DO NOT want the responsibility of that kind of money.

[@alexsteven.m6414]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@PennyBernadette]

The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.

[@vanessahopkins-g5y]

The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.

[@MarcyLoccy]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.

[@vanessahopkins-g5y]

'Rebecca Nassar Dunne’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@dengdelun3109]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@rhynosouris710]

By the time she's ready for college, tuition will be a million dollars

[@time2heal]

Lol!

[@liberty4392]

It's because of the government backed college loans you cannot declare bankruptcy on. That is the reason college costs continue to go up at a pace that they should not be. Who would give a 18 or a 19 year old with no way to pay the loan back a $50,000 to $100,000 loan if you could declare bankruptcy on it?

[@geometricart7851]

depending what she is going for it could be well over that...

[@JugglingFinance]

:D

[@natashanolly9489]

Lol right!!!

[@Vera-dg3hf]

"APPROACH IT THROUGH FAITH. WE ARE A FAMILY OF FAITH." I LOVE THIS MAN. PRAISE GOD IN THE GOOD AND THE BAD

[@ChadKirk]

Ok calm down ma’am

[@ryanweston9677]

If you approach it through faith, the church will want 10% of that.

[@bk_deltor9155]

this girl will end up with a lot of fake friends if she's told how much she's getting if she's the type to tell others about this sort of thing. questionable what it will do for her work ethics through the rest of school and getting a job. this requires proper careful preparation.

[@TheXabl0]

That the thing. Most young people will be naive enough to at least mention it so things will quickly get out

[@HankTheTank23]

It all depends on the child and how you raise them. I know from experience.

[@bighands69]

She needs to be taught that money is a private thing and not to tell even your best friends about money. My friends are wealthy but I have no idea how much money they have.

[@MrNick-]

I’m still waiting for my parents to tell me this whole full time work life is just a joke and they have millions upon millions of dollars for me to live off of for the rest of my life

[@bighands69]

You need to work and build a career. If you are young you can become a millionaire.

[@Milo19970]

Parents should never give money to their children no matter what age unless its support until college but other than that no. Not to be greedy but my children need to learn how to be mentally tough and build something for themselves. I will raise them with the mindset that they wont get a dime even if I die. The thing is that is what I will say ;) justt so they don't think about the money they'll get. The subconscious mind is a tricker.

[@DLGNT]

Wait until she’s had her first job and she can learn to recognize and appreciate the value of money

[@maranpakeer]

Invest it in mutual fund that pays 4% dividend and she'll get 40k a year. It's Gona be a good life

[@BrianMeegan-k3e]

And a DJIA index fund has averaged a 10 percent return for the past 40 years.

[@mikejones3155]

I put my son in the first FPU class at age 11 again at 13 and Again it 15.. he is all set .!!

[@TheHarlequinade]

I inherited a decent amount of money when I was 11. I didn't have access to it until i was 16, but unfortunately for me, my paretns weren't the most money-wise and didn't teach me how to handle my finances properly. It wasn't nearly as much as this girl is going to get, but looking back now, I could have invested or used it so much more wisely than I did, because at 27 having that amount of money would change my life. I think if she has a good head on her shoulders she should be told, closer to the time. But it's going to take a lot of work from dad to teach her all the skills she needs to be able to handle this responsibly when she turns 18. Pretending it doesn't exist isn't going to make things easier in 5 years.

[@nanachnanach7643]

Don't tell her until you have to

[@turbolabamerica]

Tell her it’s 1 million bucks to get her excited then say “it’s just a prank bro” that way she gets some excitement out.

[@clublulu399]

I am very grateful for having a mom who always thought In money terms. It spilled onto me, and I as well will spill it onto my future child.

[@0leg0101]

If she keeps the money in mutual funds and only takes dividends for herself, she’ll have $80,000 a year.

[@joannebdon1693]

How sad that she did not receive a structured settlement. So that the funds would be spread our over time and the earnings would not be taxed.

[@thewongmindset451]

Great advice. Need to communicate, prep and give her a vision of what her life could be like in the future...

[@grantjohnson5785]

Well put, Dave! I'm teaching your Foundations class to my high school students, and I'll have to share this with them.

[@retiredmanager510]

I would take her to an estate attorney and more important a good brokerage. I would explain that the avg American makes around 50k annually. If she invests in dividend earning stocks and a good mix of mutual funds she should be able to bring home $50k a year for the rest of her life without working. If she squanders the money. $1 mill is only 50k a year for 20 years and she’ll be broke at 38 like many Americans. $1mill isn’t really much. If she lets it double 2 more times by the time she’s 35 she could have $4 million and make $200k annually in dividends. While her friends are squandering money on Tuba and gender studies degrees, she can work a normal job and her money will grow.

[@matthewjungling]

Retired Manager great tuba degree reference

[@overpoweredpizza6263]

stocks and/or real-estate rentals if you're educated.

[@overpoweredpizza6263]

for me id get a normal job like everyone else, half into dividend stocks while reinvesting the dividends till im much much older, and take the other half into real-estate

[@sarahann530]

So she should be a normal Dilbert like you

[@lizmyers469]

Not really, there are ups and downs in the market. You are not factoring taxes that she will owe on the million in the first place along with inflation over 60 years she would statistically have in her life. 50k when she is 50, 60 years old will be the poor house.

[@rebeccaoprea9917]

Don’t . My brother got in an accident and got money when he turned 18 and it blew it all and made poor decisions .

[@GG99860]

18 is too young for this kind of money. 21 would have been better. You need to help her understand money. Friend blew $200,000 in one year moving to Salt Lake City. $0 to his name now. Came back to his hometown worse off than he was.

[@djm9276]

I don't think a 13 year old needs to know.

[@jojo-eb1ib]

If he tells her now she will spend the next 5 years planning on how to spend it.

[@indiaxlovee]

jo jo or how to invest it and spend partial

[@bighands69]

It will be the same when she is 17. She needs to understand what life is and how to function. When I was 18 I was serving in the military and my rifle was my responsibility as were my decisions. If you cannot actually grasp life it is very difficult to function at all.

[@tonytony7789]

Dave, some very wise words. Very sad for this young girl living without a mother, but I am sure dad will do his best to help her become her best self.

[@GenExDividendInvestor]

Such awesome advice. Love it. Help her learn about the power of investing.

[@TomiaMacQueen]

He did the right thing. Only tell her that college is taken care of as long as she gets the grades to get in. In the meantime, focus on teaching good ethics, self discipline, self care, discernment of people, and wealth management and make her learn the value of hard and smart work while you can. And of course do ut all with great love so that she knows that when all the fake friends come her father has her back and best interest at heart.

[@austina4189]

Plot twist: daughter watches Dave Ramsey

[@X.00896]

I would explain to her that if she just keeps that money in those mutual funds, she can already live off the interest for the rest of her life, provided that she manages it sensibly. She could also reinvest it in real estate, if she prefers. Spending a huge chunk on college seems like a big waste.

[@auntyuber5127]

Best

[@bradley4251]

NurturingTalents Why get a degree anyways if she’s gonna average 70k/yr not including dividends reinvested and compound interest. Without even having to work, her money will work for her.

[@elgooges]

Yes, well said. Invest in monthly dividend paying REITs and mutual funds and proceed to "sit pretty"

[@sharonarruda2518]

I completely agree. Invest that money and have her follow her dreams. My daughter is 15 and I'm already investing 25% of her money for her.

[@elgooges]

@@sharonarruda2518 you should start a custodial Roth IRA for her and load it up with mutual funds 👌🏼😎

[@sadmansakib6753]

Tell her when she is 25

[@bostonterriermomakasandy9722]

sadman sakib he can’t do that if the settlement says she gets it at 18. 18 is legal age.

[@spiritualisrael007]

Exactly. I would call up a lawyer and see if there was a way to protect the money until she graduates college..

[@ebonylo.]

Yep that's the exact comment that i wrote down

[@peekinghills2450]

I think it would have probably been better if the settlement gave her the money when she turned 25-30. Not 18 years old.

[@kayhershey6390]

sadman sakib If you want to make extra cash text: [phone] this guy helped me pay off all my debts.

[@MildaGoesWild]

I'd get her a financial adviser and prep her from an early age by getting her yo give a go at budgeting for groceries, holidays etc on my behalf just so she realises the weight of money and how easy it is to overspend.

[@multistack1502]

I explain, your mother died for this money. Your mother passed away and this is what’s left. Do not squander it, you’ll regret it for the rest of your life.

[@Astarrrrr]

That’s the stupidest explanation I’ve ever heard, “sorry your mom died hey at least you have 1 million dollars” u tell her how it is and how easy it is to lose it all don’t say something this dumb lol

[@CashandCareerConfessions]

That's not the right thing to say. Not at all.

[@candy2325]

MultiStack awful response

[@wkdravenna]

Can I book a trip to the guilt River?

[@user-dq2ym1nn9k]

As someone whose mother did die young and yes I inherited a lump sum of money - this is the worst thing anyone could have said to me. It would have made zero impact on how I spent it - because I was going to spend it the way I wanted to at anyway

[@American.Patriot1220]

I would not tell her about the money until she’s 30 yrs old. $1M given to an 18 yr old will 90% of the time end up in disaster.

[@saversavvy2670]

He has no control over that. It was from a settlement and a lawyer will hand her a check at 18 I suppose.

[@iherdpenguin6990]

Imagine the girl is listening to this live, doesn't realize it's her dad and she comes home from school to her dad who sits her down and tells her she has some money for the future.🤣

[@yaykruser]

If she is listening to this her chances are good

[@atlas7409]

so many people in the comments are contradicting dave and saying that he shouldn’t tell her until she’s an adult, after college, etc. do you guys not understand that that’s not legally possible? the money belongs to her in its entirety the moment she turns 18.

[@WinterWind]

It's her money, prepare her for the day she gets access to it. He won't be the conservator forever

[@amb158]

I hope to god that girl decides to let dad hang onto it and keep it invested as long as possible and that she keeps it invested for as long as possible, that’s some serious cash that’s going to add up to a very sizable retirement, and give her the ability to seriously bless her future family.

[@gasstationsushi1999]

It really depends on the kid and their personality/maturity level. When my great grandpa passed all of us grandkids got $100k each but couldn’t access it until we were 18. Me and my cousin are the same age so got it a few months apart. I invested and ended up almost tripling it and bought my house outright at 23 when I got married and he bought a nice fancy boat but now is struggling to pay bills

[@lindalovejoy6360]

First teach her about money management and generosity. I assume you are giving her an allowance. I tied my children's weekly allowance to learning money management rather than doing chores. (WEEKLY so they got to practice 52x a year) -10% to savings/investment (open a savings account in her name & take her to the bank weekly) -10% to the church/charity weekly -Set aside some towards a desired purchase (bike, video game, dress for prom) to avoid the "instant gratification" habit... part of budgeting. -Make a budget. She pays for her own haircut, clothes, getting her nails done, etc. -She buys her own ice cream when the ice cream truck drives by, thus learning to always have something left in your pocket. If you're out of $$ then you don't get ice cream... (symbolically speaking ... there aren't many ice cream trucks anymore) ALSO - practice charity of time. Serve at a soup kitchen at Thanksgiving. Shop for Toys for Tots at Christmas. (Do people still "trick or treat for UNICEF"?) Volunteer to help in the nursery at church. Help the old lady next door with some chore. And ... always put some coin in the Salvation Army pot when they ring their little bells at Chistmas and never pass up a fireman's boot. Charity and wisdom can be taught. These attributes lead to a gracious and fulfilling life. Once she's practiced these good habits for a few years she will be better equipped to discuss handling a larger amount of money.

[@JoelJoel321]

She's going to find out sooner if she listens to this show...

[@06kiely]

If a 13 year old is smart enough to listen to this show and take advice she's on a great road financially anyways 😊

[@elgooges]

Good point, a lot of 13 year olds listen to shows like this. He probably should have used a fake name.

[@sharonarruda2518]

I doubt a 13 year old would be watching this video. My kids wouldn't anyway...

[@MrZeusyMoosey]

@@elgooges I bet under 15 is 1% of viewership.

[@WCGwkf]

@@elgooges he easily could be. The girl could recognize his voice though, I would mine.

[@elcompalewi5474]

Same thing is gonna happen to me at 18, I’m 17 and have a job and pay bills.Thank god for my mother raising me right.

[@Jason-uw3wn]

Teach her financial responsibility now and how to manage and live off of it.

[@StrawberryFieldsNIR]

Watching this clip five years later. So she will have come into the inheritance right around now! I wonder how it has turned out.

[@callynt]

Without watching the video yet, you don't tell her. Tell her when she is 18, but set it up for her to receive from it at 25.

[@insideoutsideupsidedown2218]

It's hers when she turns 18, plain and simple. He has no bearing on it after. If he has raised his daughter in the right way, it will not be a problem.

[@benwhitnell]

Yeah way too late to make that decision.

[@Uhhlaneuh]

InsideOutside UpsideDown sucks cause my worst fear is that she poops it away on loans knowing she’ll get the money anyway

[@insideoutsideupsidedown2218]

@@Uhhlaneuh he has 4 years to groom her about that money. Hope for the best. I agree I dont think she needs to give any of that money to a university. Invested correctly she can live from what the investments make, and get a job where she wants to be at. It is a better start than a lot of people get in life so I hope she makes the right call.

[@spiritualisrael007]

Exactly. Just because 18 years old is legal age doesn't mean it is a wise decision to let her have all of the money at once, especially if her friends know she has money too. 18 year olds are not mature enough when it comes to managing large amounts of money.

[@beautywithjo]

My grandmother left us some money for school, although less than what your daughter is going to receive. My grandmother was worried we would spend it on something foolish, so I told her to stipulate it to only education. (she also left some for my kids) One of my children will not be getting an education, other than special education, so we used the funds for therapy. Perhaps, you could make some kind of stipulation so your daughter doesn’t spend it all in one year. I’ve seen so many people do that.😮

[@scorlingonzalez9003]

😂 when they tell me i got the privilage of handling the money for others... wait until i turn 18 and lets see whos money it is lol

[@coachgoody421]

Just got this today, someone at the show should find this person and see how the daughter is doing.

[@mattmartin2205]

I'd be a humbled sir with this settlement! I work it well and be comfortable for a life time

[@andreamiller6200]

I thank my dad over and over again what a great role model he was and how he taught me about money management from childhood. He grew up poor and was smart enough to figure out how to work and invest his way out of poverty and was really smart enough to involve my brothers and me from the youngest of ages. We too had an envelope system and he would talk with us about what money meant for both securing our futures and for enjoying the allotment we were meant to spend, and to give to charity. I did not have a million dollars waiting for me at age 18, but those kinds of lessons would have taken me very far if I had - my dad imparted a sense of what has value and what was waste. I am 64, he is 91 and those lessons have served me throughout my life.

[@pjob123]

At 13 I would only tell her that there is money for college. That’s it. When she’s done with college I would tell her there is more. IMO

[@saversavvy2670]

She gets it at 18. My kid turns 18 in Feb and doesn't graduate until May. The lawyer will give it to her account only when she turns 18. The father can't control the when.

[@denvercatwoman6561]

My neighbor inherited hundreds of thousands of dollars after her mother died and her father said that if he hadn't gone ahead and given the money to her at 17, she never would have spoken to him again. He admitted he went too easy on her the year after the mother died (she was 12) and after that never got any control over her. It was an unmitigated disaster. Drugs, rehab, drugs, rehab, drugs....She did finally get her act together, more or less, but by then all the money was long gone. I don't think even Dave's wise counsel would have helped much in that case. Such a wise father in this case asking for advice.

[@boiboi657]

Never tell your friends or anyone in school that you have 1 million “paper” in your bank account once you reach 18. 😅

[@aivah07]

My daughter got a settlement when she was 12yrs old. She’s 19 now. Freshmen in college. Although she’s 19 now, I haven’t given her the money yet. I told her when she finishes college I will give her the money. I see she still doesn’t know how to manage her money so I’m still holding on to it. I’m hoping by 22 she will be a little more responsible.

[@karenellis1031]

I would put it in trust until she was 25. When we had our wills drawn up the lawyer recommended making the age of inheritance if something happened to us as 25, as by that age they will have worked and have a better idea of how to deal with an inheritance and make the most of it.

[@stevemyopinion423]

IT NOT HIS MONEY, he cant do anything with it. dave different he leaving his money to his kids, he could say nope you not getting it, or you not getting it till 30, this is different by law it goes to her at 18 period, there nothing he can do but teach her.

[@fhuber7507]

Approach it from... "Live on the interest, don't touch the principal. Add to the principal and you'll get more interest. You'll never want for anything for the rest of your life."

[@RisingStarL96A1]

The mind is of a 13 year old is still developing. There’s point in life where they won’t be able to identify what’s right and wrong at that age. There isn’t emotion and mental development fully.

[@jameshuggins7320]

Give her $200k and see how she does with it

[@mynameismatt2010]

I’d start training her how to manage it when she’s 15 while you still have the authority to take control back from her. I’d also make her get a summer job in high school.

[@Picca65]

I love this dads attitude♡

[@wolfofdubai]

Teenager, you are getting $1,000,000. Congrats.

[@jeanlenor1858]

Would you hand a teenager 1 million dollars? You're a fool.

[@ZigZagPower]

jean lenor of course, it’s her money. Keeping it or doing anything else with it once she comes of legal age, would be immoral and selfish.

[@arieldiaz2690]

feeling jealous when I clicked the video, feeling sad for the daughter because she lost her mom after listening to it.

[@rzawistowski33]

Sad she lost her mom. But this is a fantastic financial opportunity for this young girl to learn to take money seriously at a young age. She should definitely keep to herself the amount of money she has from friends, or use it as a test to see who the real friends are(the ones that don't ask for money).

[@AlliNW0nderland.]

I totally look forward to teaching my children how to manage their finances and budgeting.

[@doebino1]

I'd give her a trial run of money and teach her how to properly spend/invest. That is a lot of money for an 18 year old to have.

[@bighands69]

He has no say about her coming into legal control over the money. It has been awarded to her.

[@greg_216]

Good advice. Blowing $40k on some stupid car at 16 and not even leaving yourself enough money for the gas to drive it would be a good lesson. Let her learn the hard way sooner on smaller amounts that still seem huge to her.

[@MrDaedae01]

College. Why is school the first thing people say. Start teaching her how to play the game monopoly. That way you are teaching her how money works.

[@lumpilulu]

Tell her how much wealthier she can be if she leaves it and lets it grow.

[@bighands69]

There will always be the temptation to spend a little bit here and there. He really needs to teach her about life fast. If she is really good looking for example her whole development will be set around her looks which has its own pitfalls. Hopefully she understands at this point that working at school and beyond is what gives a good life. Another problem is can she keep this issue private and not tell people.

[@Farmingtoon]

It's been 4 years. She'll get the money soon.

[@jacksonsilva6335]

Imagine coming home after a bad day at school. The guy you like is into someone else. Your best friend is slowly drifting away from you. Your teachers are being buttheads and then outta of no where your dad tells you you’re a millionaire. I would overdose on happiness.

[@smeak9246]

I know someone who came into 400k the same way as soon as she turned 18. Within a year half the money was gone. Teach her financial literacy starting like yesterday. Teach her the importance and value of saving investing and planning for your future. Let her know at 17 and from there work with her and a financial consultant on a 10 year plan for the money so that the million can keep making money for her for years to come