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Mom Confessions Mom Confessions

RATIONAL mamas only, need rational advice!

Posted by Anonymous   + Show Post

 

Poll

Question: What would you do?

Options:

Lock up money into a CD for another 4 years until minor is 16?

Use money and reimburse when minor is of legal age?

Use it and never think twice because the money is going towards a house?


Only group members can vote in this poll.

Total Votes: 119

View Results

In 2006 my son and I were in a car accident, he was 6. He had no lingering side effects, had a few adjustments and was fine. I still have problems and will probably always need to go to a chiropractor because this was my third accident. My son and I both received a small settlement. I got $7k he got $4k that was locked into a CD. He is 12 now.

My question is this, it's about to expire and I have the choice to withdraw the funds or lock it up for 4 more years until he is 16. We are looking to buy a house and it could be used, with other savings for a down payment. I am/will be financially able to buy him a car when he's 16, and I have money set aside for his college as well. I am in a temp. Financial bind as other obligations came up recently. Is it wrong to use it and reimburse later? Please no bashing! 

Posted by Anonymous on Mar. 25, 2013 at 12:15 AM
Replies (51-57):
Anonymous
by Anonymous on Mar. 25, 2013 at 2:01 AM
You said "I'm in temp. financial bind". You also said it would be beneficial To use that money to get out of the rental you're in. That would be way people think you can't afford it on your own.
Why would you even think about using it if you don't need to? If you don't. Need it then why even consider spending his money just to spend it?

Quoting Anonymous:


I can though, I really don't want anyone to think that I can't buy my own home! I can afford it, and I have quite a bit of money for a down payment as well. I'm not in a true bind, that was the best way to explain it without getting into detail.



Quoting Anonymous:

No! It's his settlement and should go to him! If you don't have the finances to purchase a home without using his money than you need to wait!

That would be a great start for when he goes to college and/or moves out!

If you need his money due to your finances being in a "financial bind" then the possibility of buying him a car at 16 is not a guarantee.

It wouldn't be right, add that to his college fund and wait until you can afford to buy a house on your own.



Quoting Anonymous:

In 2006 my son and I were in a car accident, he was 6. He had no lingering side effects, had a few adjustments and was fine. I still have problems and will probably always need to go to a chiropractor because this was my third accident. My son and I both received a small settlement. I got $7k he got $4k that was locked into a CD. He is 12 now.

My question is this, it's about to expire and I have the choice to withdraw the funds or lock it up for 4 more years until he is 16. We are looking to buy a house and it could be used, with other savings for a down payment. I am/will be financially able to buy him a car when he's 16, and I have money set aside for his college as well. I am in a temp. Financial bind as other obligations came up recently. Is it wrong to use it and reimburse later? Please no bashing! 




Tashina12
by on Mar. 25, 2013 at 8:02 AM
Oh my, I am soo sorry... :(

Unfortunately these are very hard times.. I actually just had to watch one of my best friends lose her home. It's absolutely horrible having to sit back and watch as a close friends' world crumbles before her eyes.. I wish there was something we could have done, but aside from being there for her as a shoulder to cry on and opening our home to her and her children, there is nothing else we can do. :(

As far as long term investments, they're all pretty unpredictable. We try to do a little of each if that makes sense--right now we're more into CDs, bonds, our regular credit union savings account, and obviously 401K. Once I get back to work, we're going to look more into stocks. Whether it will work or not, we plan on keeping our savings spread across the board, that way if the high yield stocks fall through we won't lose everything, Kwim? I'm also very interested in property values (land though not homes), so we may eventually look into that as well. I've been out of work for almost a year, so our savings at this point is not where we'd like, but we're hoping to get back on track very soon.

It's been a very few hard years for most people we know. We've seen way too many homes foreclosed on and people having to take out 2nd and 3rd mortgages to stay afloat, whereas many people who own land *seem* to be doing a little better--at least around here.

Good luck momma!!

***Oh and I should put a disclaimer here lol. I am NOT an investment banker, I'm just a normal face down the road, so don't take what I say or do to heart--it's just what we are doing/hoping will work out for the best for our future.***

Quoting 2BRBgirlz:That is a good point.   I was thinking that she could get an equity loan when he turns 18 and pay him back, but who knows if that will be an option.  You think I would know better since my own home is $200,000 underwater.  My gut reaction was that investing in the family home was the best option, but it might be worth nothing in a decade. But really the same could be said for a CD.  Who know if it will hold it's value.  Thoughts?Quoting Tashina12:It's not her money to use. And what happens if, God forbid, she loses the house to the bank? Then she would have lost her home and his savings. Obviously I hope that never happens, but I live in the real world with the crappy economy and not so wonderful job security, so I tend to stick to the safe side of things.
Don't touch it.


Quoting 2BRBgirlz:Use it towards the house.  That is an investment and will be his inheritance one day.

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Anonymous
by Anonymous - Original Poster on Mar. 25, 2013 at 8:25 AM
1 mom liked this


I really appreciate your response!

Quoting Tashina12:

Oh my, I am soo sorry... :(

Unfortunately these are very hard times.. I actually just had to watch one of my best friends lose her home. It's absolutely horrible having to sit back and watch as a close friends' world crumbles before her eyes.. I wish there was something we could have done, but aside from being there for her as a shoulder to cry on and opening our home to her and her children, there is nothing else we can do. :(

As far as long term investments, they're all pretty unpredictable. We try to do a little of each if that makes sense--right now we're more into CDs, bonds, our regular credit union savings account, and obviously 401K. Once I get back to work, we're going to look more into stocks. Whether it will work or not, we plan on keeping our savings spread across the board, that way if the high yield stocks fall through we won't lose everything, Kwim? I'm also very interested in property values (land though not homes), so we may eventually look into that as well. I've been out of work for almost a year, so our savings at this point is not where we'd like, but we're hoping to get back on track very soon.

It's been a very few hard years for most people we know. We've seen way too many homes foreclosed on and people having to take out 2nd and 3rd mortgages to stay afloat, whereas many people who own land *seem* to be doing a little better--at least around here.

Good luck momma!!

***Oh and I should put a disclaimer here lol. I am NOT an investment banker, I'm just a normal face down the road, so don't take what I say or do to heart--it's just what we are doing/hoping will work out for the best for our future.***

Quoting 2BRBgirlz:That is a good point.   I was thinking that she could get an equity loan when he turns 18 and pay him back, but who knows if that will be an option.  You think I would know better since my own home is $200,000 underwater.  My gut reaction was that investing in the family home was the best option, but it might be worth nothing in a decade. But really the same could be said for a CD.  Who know if it will hold it's value.  Thoughts?Quoting Tashina12:It's not her money to use. And what happens if, God forbid, she loses the house to the bank? Then she would have lost her home and his savings. Obviously I hope that never happens, but I live in the real world with the crappy economy and not so wonderful job security, so I tend to stick to the safe side of things.
Don't touch it.


Quoting 2BRBgirlz:Use it towards the house.  That is an investment and will be his inheritance one day.



Tashina12
by on Mar. 25, 2013 at 9:09 AM
Good luck with everything momma!!


Quoting Anonymous:


I really appreciate your response!


Quoting Tashina12:

Oh my, I am soo sorry... :(



Unfortunately these are very hard times.. I actually just had to watch one of my best friends lose her home. It's absolutely horrible having to sit back and watch as a close friends' world crumbles before her eyes.. I wish there was something we could have done, but aside from being there for her as a shoulder to cry on and opening our home to her and her children, there is nothing else we can do. :(



As far as long term investments, they're all pretty unpredictable. We try to do a little of each if that makes sense--right now we're more into CDs, bonds, our regular credit union savings account, and obviously 401K. Once I get back to work, we're going to look more into stocks. Whether it will work or not, we plan on keeping our savings spread across the board, that way if the high yield stocks fall through we won't lose everything, Kwim? I'm also very interested in property values (land though not homes), so we may eventually look into that as well. I've been out of work for almost a year, so our savings at this point is not where we'd like, but we're hoping to get back on track very soon.



It's been a very few hard years for most people we know. We've seen way too many homes foreclosed on and people having to take out 2nd and 3rd mortgages to stay afloat, whereas many people who own land *seem* to be doing a little better--at least around here.



Good luck momma!!



***Oh and I should put a disclaimer here lol. I am NOT an investment banker, I'm just a normal face down the road, so don't take what I say or do to heart--it's just what we are doing/hoping will work out for the best for our future.***



Quoting 2BRBgirlz:That is a good point.   I was thinking that she could get an equity loan when he turns 18 and pay him back, but who knows if that will be an option.  You think I would know better since my own home is $200,000 underwater.  My gut reaction was that investing in the family home was the best option, but it might be worth nothing in a decade. But really the same could be said for a CD.  Who know if it will hold it's value.  Thoughts?Quoting Tashina12:It's not her money to use. And what happens if, God forbid, she loses the house to the bank? Then she would have lost her home and his savings. Obviously I hope that never happens, but I live in the real world with the crappy economy and not so wonderful job security, so I tend to stick to the safe side of things.

Don't touch it.





Quoting 2BRBgirlz:Use it towards the house.  That is an investment and will be his inheritance one day.







Posted on the NEW CafeMom Mobile
MommynMonster
by Silver Member on Mar. 25, 2013 at 9:22 AM

I would use it on a down payment for a house. Hes going to be living in that house and enjoying the comforts of having a roof over his head so its not like you're taking the money and going to vegas without him.

PinkyPan
by Ruby Member on Mar. 25, 2013 at 9:26 AM

I would not touch it. Although your intentions are well you never know what may happen and you may not be able to recover the $4000.

Nynnie
by Gold Member on Mar. 25, 2013 at 5:33 PM
Oh, well it's still his u know

Quoting Anonymous:


He doesn't even know it exists!


Quoting Nynnie:

Um, I don't think I'd take it. Maybe just a bit if u really need it and put it back. I feel like that's his settlement, he didn't get a say in urs, u know? Idk though, u could also talk to him about it, most likely ur 12yo will tell u u can have it




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