He Wants To Charge His Son $300 In Rent Each Month And Give The Funds Back As A Nest Egg Gift, But His Wife Thinks It’s A Bad Idea

wavebreak3 - - illustrative purposes only, not the actual person

This man and his wife have a teenage son who recently landed his first job. But he’s really worried that his son won’t actually save any money he earns while working.

That’s why he turned to an idea many parents have tried out in the past – charging his son rent in hopes of creating a “nest egg” that he can give back as a gift in the future.

More specifically, he wants to charge his son about $300 each month, which is admittedly pretty cheap, given the current state of the economy.

“That will include utilities and food and everything,” he said.

For some more context, the cost of his son’s education is also already covered. The only reason why his son got a job was because he wanted to earn some more “spending money.”

So, in his mind, $300 per month is a pretty perfect number to get his son’s savings started. He did the math, and over the course of the next four years, his son would end up putting away nearly $15,000 plus interest.

“I would probably put it into an index fund so I could give him an investment account,” he explained.

Ever since he told his wife about the idea, though, she’s been telling him it would be a jerky move. She believes that they should just talk to their son and encourage him to save his money “voluntarily” as opposed to charging him rent.

But quite frankly, he just doesn’t think that will work. He knows that, in the past, his son has never saved any money.

wavebreak3 – – illustrative purposes only, not the actual person

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