Receiving a large sum of money can be beneficial, but many individuals lack the knowledge to manage it effectively, risking rapid depletion of funds. A Reddit user expresses concern for their adult children who inherited $20,000 each, observing their spending habits. While the parent cannot dictate spending, they can foster conversations about financial responsibility, discussing ways to utilize the funds wisely, such as creating an emergency fund or investing for retirement, thereby supporting their children's financial futures.
Children don't tend to enjoy being told what to do. This holds true for young children as well as adult ones.
The problem, though, is that some people who inherit money don't know what to do with it, risking blowing through it too quickly.
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