Reddit parents spent college fund. My wife and her parents are furious with me.

Reddit parents spent college fund She was resistant to the idea of community college and insisted she wants to go to a four year. stay positive boss babes💕💕 [Username Redacted] you're a fucking idiot Parents spending children’s college fund/ inheritance is more common than you think. (she was actually horrified). These Parents Spent Their Daughter's College Fund On Their Son's Wedding — Now She's Suing Them, And It's All Very Messy "My parents managed to access the accounts that were set up for my sister A college fund is for education, not to spend on a trip around the fucking world while you're in your twenties. "My (55M) wife of two years (31) is very unhappy with her life because she Online commenters have backed one dad's decision not to split his daughter's college fund with his stepdaughter. Fortunately my mum didn’t have to provide the funds because in the UK the government pays your tuition, but if anything that just highlights to me how harsh her parents are - the government gave me free money, TWICE, to complete my education whereas her parents spent her entire college fund the second she dropped out, and now they’re My parents saved/invested a lot of money for us to go to college. What my dad DID do, though, was When I was in college, a 19-year-old I knew spent the $50k his parents had saved for his college to become a professional poker player, won a few hundred grand at tournaments over the next few years, and then spent that money to fund college and law school. Your brother was never going to The only good thing my parents did was help me with school. when my great grandparents died some of their estate went into my fund. When I graduated college they actually gave it to me. Which was much more egalitarian. You should consider replacing the difference in terms of her college fund. They don’t need to know you put money in a separate account. Then a bunch of our friends saw him start to succeed and started playing poker for money My parents drained my college fund to put into their retirement, so I work 2 jobs and get scholarships to make things work. Betrayal, debt, and a family torn apart. He spent all of it by the time I was 11. She made it clear they TOLD her she had a college fund. Using all remaining income as disposable, i. I can put money into it that isn't taxed, and I can take it out Certain types of trusts are untouchable. I might be daft, but I really don't see any downside to the college fund idea other than people saying it's rude. My sister My parents drained my college fund to put into their retirement, so I work 2 jobs and get scholarships to make things work. My parents never helped me financially. My parents got divorced several Skip to main content. Reply reply More replies. You can get your big whopping loan paid off by working in a rural area for 4-5 years or by joining . The kind of parent who would think a college fund is important enough to have and then decide their "business" was more important than that is probably someone who sucks at priorities in My parents divorced around Junior High time, so Grandma or Grandma and Grandpa started an UGMA to pay for my college. Just take half of his college fund when the time comes to pay for the retirement home. Your parents have used your trust money to buy their house, the house you live in. IF you put any of your own money in maybe it would be alright to keep that, but honestly she deserves the money since you treated her so terribly. When we were kids my parents would tell me for your birthday here I got you a gamecube and I also put $200 towards your college fund. e. Premium Powerups Explore Gaming. I told her the truth about her college fund and that right now there's not enough money for even a year at a private college. Both claim this never happened until their divorce then both admitted it happened and blamed the other one. I remember when I was younger (like elementary school) and a teacher at school had told us prize money from the local VFW's coloring contest would be good to put in our college funds. When a college fund inheritance And when YOU blow through her college fund, you will still be bankrupt and end up having to move back to your old city, in a smaller home, having used up all 7 figures. Now, she's suing them They already had a college fund for the half brother, and we don't know how much money there was. However. I am not even sure I will be able to go to college any more, I always assumed my parents will pay for it. The federal government looked into ways to fund colleges for this generation. At 3 years old I was given a trust fund of ~$50000. This is a college fund. 0 coins. I recently found out that my mom (60f) dissolved my college fund and used it for herself. My grandparents left a huge trust fund for me and my older sisters. My wife and I spent years saving for our daughter’s college education, only for my parents to cla In America many parents kick out their kids after 18, 99 percent children leave after college and rent their own property. Not sorry. She waited years living with the knowledge that she used all the money. Was never told about student loans, scholarships or grants so I just bootstrap it all. You made a series of insanely stupid, irrevocable decisions; your daughter, being 16, did not. The university I attend has a "common scholarship application" where you answer demographic questions, i. I've done the same for my kids OP has spend decades conditioning her daughter to think of that money as hers. We may have guided his decisions as any good parent should, but since he was still young we let him make My parents spent the entirety of my college fund and I found out about it my senior year in highschool. Other people have left similar comments. When my parents told me they couldn’t pay for college, I’d already earned enough (along with scholarships) to be able to put myself through college and have plenty left over. But 2008 took about half of it, and there wasn’t really time for the market to recover before we started college. My Parents Spent My College Fund on Renovating Their Home for My Sister’s Wedding Now They Expect Me to Take Out Loans for School. It’s still their money at the end of the day though and they can do as they please with I (17F) have a college fund started by my grandparents (maternal and paternal) with some of the money coming from my parents. My dad told me that it was a joint account with my mom. She never discussed with me whether she was paying for the classes herself or taking it from my college account. You can keep Cassie, but relationship with her mother isn’t going to last. Today the in-state tuition is around $11000. By Athena Valentine. Scrw that, lol! The insurance I'm getting now has a 650 OOS with a 350 deductible after which my meds are So by now i've spent all of my daughter's college fund money on my Monat Business (link in bio). TL,DR: My golden child sister convinced our parents to kick me out at 18. No debt for any of us. i’m pretty upset about this, because now I have a baby and i’m ready to have my own home. Probably the option I would go with. Old. This Woman Spent Her Daughter's College Fund On Herself, And Now The Daughter Thinks Her Mom Should Use Her Work Bonus To Repay Her "My mother remodeled her house I don’t understand why people tell their kids they have a college fund. Partly due to societal demand, but mostly to keep up in the Cold War. My mom (who is a saint) reinvested this money for me until I took control of the account at 21 with a balance of ~$200000. Sally is still attending her college, but she's become a nightmare for my parents from what my siblings tell me. The daughter is an adult who made her own choices. my parents kind of brush it off and say i’ll always have a part of this house because my moneys in it, but that’s not what was agreed. But she's been accused of putting money ahead of her family. We grew up poor and our parents Skip to main content. I repeatedly told them I will give my step sister half the fund until my sister was 18 and moved to college. So by now i've spent all of my daughter's college fund money on my Monat Business (link in bio). My parents wanted to help as well. Believe it or not, but parents also humans and usually also like to travel. During that time I found a program I was interested in and saved up money to cover costs of books and emergency funds. I’m about to begin my 3rd year of college, in 2 weeks, to be precise. As you can imagine, this couldn't happen. I most certainly don't tell her she owes me for all that I've bought her. If so, I think OP will find he can't win. All of it. If me and my wife are saving up a fortune so that my child can get formal education without going into debt then that is a I think that blended families & parents remarrying causes more concerns regarding inheritance. The funnny thing about other people’s money, is it belongs to them until they choose to give it to you, ie, it’s not yours to do with what you like, even if they tell you it’s for you before they spend it. But you can delay buying a house if the market tanks; it’s harder to delay going to And now that I’m ready to go to college, I realized that the college fund savings account was empty and closed. A good parent will bend over backwards to make sure that their kids have the best chance at life, the best opportunities they can reasonably give them. But I was dumb and went to an expensive school so it basically paid for one semester. With everything my parents have sacrificed for me and my siblings the least we can do in return is support them financially once we enter the workforce and they retire. My grandparents on both my dad & mom side, left me and my siblings each a In high school, am told my parents won't pay for college so I'm on my own to fund it and told not to bring shame to my family by getting a loan like the poors. Open comment sort options. It is supposed to go directly towards that particular kids' future (in terms of college or house, etc). The parent makes the sacrifices, not the children. When I was in 11th grade they told me, that they aren't going to give me any money for college. He promptly failed out after the two years and never returned. I ended up transferring to my dream college which was much more expensive than the money in my fund. The I have had this college fund since the day I was born, instead of toys my parents told my family to put some money into my fund every Christmas and birthday. Parents Promised to Pay for My College but Spent the College Fund on a Vacation Home Instead, So I Ran Away From Home & Went No Contact Until I Heard This Ne Usually a college fund is just money the parents save and put in a low risk mutual fund or something hoping to make a little bit on top of their contributions. If he ignores the problem then his daughter won't learn that lesson. The near thing about college funds is that it doesn't belong to the kids nor their parents. Edit: to all the people saying it’s a ridiculous amount- this was not party money. The whole purpose was to help with their education. I rushed to my bank and my account had been closed. They sent me to community college and then 2 year at university. Then my dad died when I was in high school and when I got to college, my mother told me she gave the money to my older brother so he could buy a baby. My parents refused to help with college because they thought studying chemistry at UC Berkeley was liberal indoctrination. I suspect OP's ex manipulated their daughter into turning against his mother because it deflected attention from the fact she spent their daughter's entire college fund. I wonder if my mother knew about it. My parents had their stuff together by the time I started college, and she was working at the University anyway, so not only did we never touch the UGMA, but I never knew about it. So, the parents shouldn't take it and neither should the I’m the oldest and did the best in (public) high school; I was on my own for college. It would have been I was the first in my family to do any sort of post-secondary schooling/graduate college. Handling of student and parent-owned 529s remains unchanged, though the new AGI-based Pell determination will render many more people exempt from all asset reporting. It’s not money the living brother is going to spend away on luxuries, cars and houses. Photoshop made it all too easy at the time. Apparently Candace called my parents about this, and asked Ben to put pressure on them to provide money for Kaylee, but they wouldn I am a 20F college student in the US. My parents struggled to pay for college. Log In / Sign Up; Advertise on Reddit; Shop Collectible Wow, your parents are obviously not good with money and they enable your sister. Reply reply Veteris71 • Then OP should stop referring to that money as if it belongs to the kids. As a result any money I I went through some weird, intense anxiety this spring while home with my parents during quarantine. Now, for better or worse, my parents don't see it that way. I don't have any student debt thank god but they put themselves in the situation of paying out of pocket because my mom blew through my college fund far before I was old enough to use it. Although I claim Cassie as my daughter, she is I want to preface this by saying that I’ve been 100% financially independent from my parents since the day I graduated college. Regardless of whether she knew what fund the money came from or not, she knew the rest Over half the money in the account came from Cassie’s grandparents, aka Andrea’s parents, Cassie’s bio dad’s parents, and my parents whom she also calls grandparents. So on my birthday parents I'm 27. I got a full ride to university and my MA/PhD and was made to take out loans for room and board. not planning, saving, separating or boxing off funds just spending it. 09:00 A. He told me that my mom has miscarried. Its a great read but a long read. That money is hers. College bills were paid out of the 529 and the kid working. This money came in the beginning, which is why I knew how much was supposed to be in there. When I asked about the moneys purpose being for me, she said “it’s my money to use as I see fit”. Now I work three jobs, go to college and pay my share of bills. She learned they had spent it on their son's wedding. Therefore, she graduated with debt. Both are retired, and while they have good savings for retirement due to living within their means while working, neither has enough to be sending large chunks of money my way without putting their future retirement income at risk. I came home and asked my parents if I had a college fund, and they laughed. I held the trust fund above my mom's head to treat my sister fairly. According to FAFSA I was making a six figure My parents always took all the money and told me it was going to my college fund. M. I'm doing very well for myself and I hope my siblings are well too. . My parents sacrificed a bit of their retirement savings to make sure we all had our colleges paid for and didn't have any debt. single parent household, adult returning to school, etc, as well as questions about major, career goals, community service & a whole bunch of other stuff, then the system matches you w scholarships that apply to you, cross references the essays for you & pre-enter general Son worked hard, found scholarships and found a lucrative field to work in- the result of these actions is he was able to graduate debt free with an untouched college fund. Had that money not been touched and with stock splits (I had investments waiting for me in a trust with Microsoft, Apple, MCI, and most of the A post about a father declining to pay for his son's college tuition after has gone viral on Reddit, where it had over 10,000 upvotes at the time of writing. If I was smart I could have made it last a lot longer. Someone has linked to this thread from another place on reddit: College students whose parents had a very high income or net worth, but didn't assist in funding your education, how did it make you feel? : college. At that point she felt defeated. "They used it to pay for my brother's wedding. Once she moved out, we both cut any contact we had with our Last year, my grandparents (dad’s parents) let me know they had been saving a college fund for me, and over the years have saved a substantial amount. When he applied for college, he only applied to 1 private school on the other side of the country ($60k/yr). Now I agree with that but I’m You put money into a college fund for each kid. taxdude1966 • Yes, but only in accordance with the terms of Parents are wondering if they're in the wrong after admitting to spending their daughter's college tuition on a kitchen remodel. Her reason for not A woman has taken to Reddit to share how her parents spent her college fund on her brother's lavish wedding, despite her great-aunty setting thousands aside specifically for her If your kids take out loans to pay for college they will be in turn less financially stable and less able to save for their own retirement or a college fund for their kids. The money was put into accounts in the parents names since we were all kids then. I’m a parent too who desperately wants to fund both my kids college. They can't afford it themselves and I Great answer. In a sense, my parents see us as their retirement plan, which may seem like an overstep for some American families but it’s something I would be more than happy to participate in. im lucky enough to have one, so I would like to use it. As a part of the trust, my mother left me behind some money to pay for college which I will be getting access to soon. Just tell them you’ll pay for college up to whatever amount under whatever conditions. Reply reply Sirix_8472 • Or one parent is a spend now, worry later. It was a college fund for your parents child who wanted to go to college that's now you. They put $15k aside for me and told me I can have it whenever I want, or they can invest it for me, whatever I want. Since my boys were my dependents they were capped at taking federal student loans at around 30K These Parents Spent Their Daughter's College Fund On Their Son's Wedding — Now She's Suing Them, And It's All Very Messy According to the Reddit post, her parents went behind her back, gaining access to two accounts set up for the woman and her sister. I didn't expect anything I'm a step parent to an 18 yr old, she also has the trust fund. Also, if you'd like to link resources you think My parents got divorced, and subsequently a few months later my father died. It's a bad cycle IMO. I'm planning on using my inhertance money to pay for college tuition (I've always wanted to be doctor but haven't Over half the money in the account came from Cassie’s grandparents, aka Andrea’s parents, Cassie’s bio dad’s parents, and my parents whom she also calls grandparents. Your terms are softball, not steep. A woman went on Reddit to ask if she was wrong for suing her parents after discovering they spent her college inheritance on her brother's wedding. That extra $9500 is coming from the students (parents) now If college was $1500 a semester we wouldn't even be having discussions like this about how we're funding our kids education! The college fund is a symptom of that, and it's not fair for dad to brush it under the rug. Your parents are being cruel with the “will they or won’t they” pay for college education. At the point this story happened I had a happy 10k saves up, not enough for all of college but We'll fund the remainder out of regular income / investment funds. They don't owe you anything financially. And a sister,16. Edit: Say, "That's cool. They feel I was deceptive, that a "real" man would have sacrificed anything and everything so my wife could go stay at home with his kids and that's setting aside that they gave us the money If she can come up with the blue book value by the time she goes to college, and you get a judgement against the driver. Parents spend literally all their savings on college and sending their kids to best schools. Debt is a dirty word to me and I don’t want them to have any. I lied to my parents about my first two years of college, which they paid for, to the point I made falsified grade reports to sell said lies. It's better for the parents, the kid, and the planet. Daughter chose to attend college using the parents fund and to take out loans. My parents say they will eventually make it up to me in the will but I have known them to lie to me before and they are still possibly providing my sister with funds. In a post shared on Reddit's Am I The My brother pissed away 40k of his college fund that my parents made for him within two years of community college. You have them because it would be fulfilling to you. I made around 20k a year in the late 90s working more than full time. ADMIN MOD [UPDATE] "We're having a sixth kid we can't afford, so we expect you to give us your college fund. Youngest sibling went to public high school and my parents funded a $200k Private college degree that she hasn’t used. To preface this, I am 23 and my brother is 20. Wanting your kid to be semi-supporting themselves before the end of college is a personal decision. Welcome to the official Reddit thread for Charlotte Dobre’s YouTube channel! Members Online • Next_Butterfly_3687. Title: My parents spent all of mine and my brother's trust fund. My parents split up, and, again I went to the bank and signed a load of paperwork, this time with my mom who had custody of us. My parents were lower Posted by u/rosecoloredswan - 4 votes and 14 comments Stories about spoiled children with their entitled parent(s) are also welcome. " M Here's the original post. My parents are letting me stay at their As a result, funds paid out of 529s owned by someone other than the student or parents no longer has any impact on the FAFSA starting with the 2023-2024 school year. Medical school can take care of itself. My parents could care less about retirement, their major accomplishment in life was to give all their 7 kids a college education and they did which is something they don't have (a college degree). Also College. I know they don’t owe me a dime and I’m grateful for everything they’ve given me in life. I’d want my husband controlling all the money if my addictions spent my kid’s college fund. If the parents need money, they could liquidate the account at any time and spend it on whatever they want. I never had a job, and I am not sure what job I can even get to support me Neither of my parents (they are divorced) even made a mention of helping with funds when I bought my townhouse 2 years ago. It also helps to hedge against the possibility that your kid doesn't go to college or gets a scholarship. Sports. The plan is he will get enough for the first 3 years and the rest of the money will go to Grace. ” Also maybe include something like “IF you choose to donate Please include a Short note along with the donation will be added to a scrapbook for xxxxxx that will be given to them Parents · Posted on May 5, 2022. I know she had my account after this. Share. Rent and tuition and other expenses were 21k per year. I felt guilty and it's been a rough start, but I know one day i'll climb to the top and my daughter will thank me later once Monat makes me a millionaire. I My nephew recently turned 1 year old, and me and my wife would like to start a small college fund for him. Since we make good money (in the mid 6 figures), his college fund currently has almost $400k in it. What I meant to get at with my My parents roll their eyes so hard on how often we eat at the restaurants on campus (non-school-owned), but as a college student, eating is all you do lmao. My mom has never worked once in her life and been living on my dad’s monthly $$ and my 5 figure college fund. Edit because people are misunderstanding: I am not saying a SAHM doesn't contribute! Knowing this information, I believe that half of whatever was saved during OP's mother's lifetime was her contribution and should not have been spent by his dad. Etc. Get app Get the Reddit app Log In Log in to Reddit. My parents gave me the last 20k in my brother’s so that I could get my degree without loans. Open menu Open navigation Go to Reddit Home. NFL NBA Megan We (my wife and I) started his college fund the minute we found out she was pregnant. My parents used finances to try to control me well into adulthood. Also could create a potential for conflict with I would Simply put “Could you Please instead of toys consider maybe donating that amount towards xxxxx’s College fund. A year after I moved out, I found My parents aren’t paying for my college either so what I did was take a year off after graduating high school to work. FAFSA looks at your parents income until you are 25. Photo illustration by Slate shes 23f im 18F. My parents really want my youngest sister to have a better quality of life and it sounds like this surgery could do that for her. Controversial. You don’t have to tell her that you will do that though. Then I went to college, and while I did get some scholarships, it wasn't enough, so I had student loans, work study, and I still had to get 2 part time jobs to cover my expenses. The amount in it would be enough to pay a large amount of a 2 year community college tuition ( given the scholarships/ grants she would likely get). I don't think this was as prevalent for previous generations. Paying for food, housing, health insurance (which colleges will require), and a whole host of other expenses will demand more of your attention and resources than you expect as well. Desperate people do desperate things and you can either forgive someone and move on or fill your heart with hate and waste some of the most important years of your life. I'm left wondering why, as if they're denying me the chance to shape my own future. The fund was originally for me and my sister but my mom and sister died four years ago and my grandparents, who hold the account, chose to leave it all for me and continued paying into it. Share Sort by: Best. However giving his daughter some home truths about her behaviour He was my only parent, mom was never in mine or my sister's life. Expand user menu Open settings menu. By Naomi Wanjala May 01, 2024. Colleges were requesting a certain amount of funds to educate the amount of students that their institutions had capacity for. 3. Just to put in perspective my sister also asked me for $3,000 one day before I found out this information and I sent it to her even though I was already in debt. I feel that is my and my Nous voudrions effectuer une description ici mais le site que vous consultez ne nous en laisse pas la possibilité. Dad left money (inheritance) for me and sister and she used her inhertance to get new cars and renovate her house I live with my aunt right now cause my brother inlaw didn't let me stay with my sister. So I come to you guys, what suggests do you have for starting a college fund. It was a savings account in my dads name with be as a beneficiary with $3000 in it. Spend a bit extra on food, housing, etc, buy the kid a gadget every now and again and you can suddenly guilt them into funding your retirement? Kids are like pets. She also knew she nor her parents could afford to pay for a surrogate. My parents (63F and 60M) are owners of a Grocery Store that was passed down through my father side of the family for generations. Or check it out in the app stores &nbsp; Honestly the whole uni college thing is sad, not that I look down on those smart people doing it, it’s just the costs and the way they nickel and dime students at every corner is ridiculous (paid parking, cafe prices higher then normal, having to pay for facilities, etc) My trade school I’m the short term put some aside and buy them a vacation for all the years they spent working and raising you. He treated my parents cruelly, spoke down to them, and didn’t seem to care about anything. THREE THOUSAND. Parents buy their kids things their whole childhood and no kid ever thinks they can skip dinner and be given cash If they don't choose good investments, the funds might not grow as quickly. It wasn't being given to her unconditionally. Reading this post and I 25 (M) am the youngest of 3 siblings. I’d also mow lawns, weed gardens, as well as tutor and baby sit kids when I got old enough. On Reddit, the dad explained that his 20-year-old daughter decided You're a terrible parent and it sounds like you did little to contribute to her college fund. Over half the money in the account came from Cassie’s grandparents, aka Andrea’s parents, Cassie’s bio dad’s parents, and my parents whom she also calls grandparents. Basically, the The spend down was the reason I got insurance via health markets. And they took the amount they spent on my sibling's I'm a dependent, so it's my parents doing the taxes, so idk how this works lol. stay positive boss babes💕💕 [Username Redacted] you're a fucking idiot By the time I was 16, I was working three jobs in the summer and two in addition to school. The important discussion to haveand you should do this by the beginning of eleventh gradeis how much The assets your parents have, and potentially the 529s, that exist for them but won't support you will hurt your financial aid options and hinder how colleges can help you in the future. She thinks my parents owe Kaylee a college fund because 'she is their granddaughter too'. r/family A chip A close button. I never even thought it was an option for my college fund to actually be mine / for parents to treat children fairly. It has taken years of sacrifice, watching other families go on huge yearly vacations while I was going to have an awesome career and 0 student debt. 5 and 3 years older) had college paid for. Since she's started university she's met a more diverse group of people outside of her fairly privileged bubble Even $5 in a college fund when the child is 1 will grow every year with interest. He spent my college fund. This has been life changing money in my college life/early career and one of the reason I found the FIRE community. " Entertainment Can parents spend the money of a childs trust fund without their permission if they are the trustee? (Trust fund not set up by the parent) Archived post. Which is crazy bc going to college was an expectation from my parents, and I always thought there was a college fund. I've done the same for my kids as my folks did for me. I was given stocks and bonds from when I was a baby. A woman was devastated and angry after learning her parents spent the majority of her inheritance, which was meant to pay for college, to fund her brother's lavish wedding. My dad remarried 18 months Ugh, I’ve heard of so many people screwed over this way, one parent says that they’ll pay less on child support and later pay for college, and then when it’s time for college the money isn’t there, and unless it’s in writing (and sometimes even then) it’s impossible to collect on. Tell her it is her job to replace her college fund in the next two years as repayment for 20K votes, 1K comments. Once she moved out, we both cut any contact we had with our Your dad set aside money for the college education of his children. Point is that they already paid to both college funds. My dad also discouraged me from going (I wanted to go to school for graphic The assets your parents have, and potentially the 529s, that exist for them but won't support you will hurt your financial aid options and hinder how colleges can help you in the future. I ended up having to go into the military. I am the youngest of all 7 (currently 23 years old) already working and saving $$ with some of my other siblings to buy our parents a new home (cash). The college had the RA come to my room, tell me my parents had canceled checks for both school and the dorm, and I had to move out. I refused to hand over a big chunk of money from my college fund to pay for my little sister's surgery. The money in an education fund belongs to the parents, or whoever established it. The money is technically hers and she gets to use it for whatever she wants seperate to my ideals. I didn’t qualify for any scholarships since I moved states around HS graduation and finished my last year homeschooling, and my dad made “good money” and I didn’t qualify for anything (he had a million other things to pay for though). When I tried to argue she called me selfish for not wanting my brother to be able to start a family. His parents specifically saved that money for education uses. Original Post: Throwaway for obvious reasons. Top. Unfortunately My older sister went to college, and I had assumed she got scholarships and student loans. I decided to ask my mother about my funds that My parents told me they couldn't afford to send me to college; didn't even give me any options (financial aid). Your attitude will ensure as such. I told her that I don't want her going to a 4 year just to waste her time. You could have asked (demanded) the money once you were over the age of majority. Also A woman was devastated and angry after learning her parents spent the majority of her inheritance, which was meant to pay for college, to fund her brother's lavish wedding. Certainly grandparents can create their own 529 but I felt this may create some type of situation where they would want a say how it was spent. Last year, my grandparents (dad’s parents) let me know they had been saving a college fund for me, and over the years have saved a substantial amount. People give this advice all the time when talking about saving for a house. Nice to see their years of parenting catch up to them. It's better than some plastic crap Parents Gave My $75K College Fund Left By Grandpa To Golden Child Sister For Her Business I S*ed Them & Got Kicked Out, But Now The Truth Is Out & Karma Has I think I'm the asshole because I'm locking my daughters college fund because she spent a portion on a convention. I have 3 brothers – 21, 13 and 7. 💖I never thought my own parents would betray me like this. They meet the bills, Get the Reddit app Scan this QR code to download the app now. This is a time in most peoples lives when they aren't even thinking about saving, much less having the funds to save. Members Online • DCholic_19. And that my entire college fund was going to be used on my sister. - Reddit Stories I grew up with this nonsense as law. You at least owe her all the money the grandparents gave, all the money from her modeling, and all of the christmas and birthday money. Your brother chose not to go to college, and at 29 I wouldn’t expect a parent to hold on to the college fund forever; it’d just become part of regular savings. So, finally, I’ll get I have kid about to enter college 529 has served us well. I work anywhere between 20-40 hrs a week in retail throughout my high school years. I'll guide her and tell her what I would do, learning from my mistakes when I was younger but it's ultimately her decision. Every time I got a $100 check for a birthday, it went into the “college fund”. According to the divorced agreement, the money was for me. What happened was the made a piss poor decision (and didn’t tell their daughter) that they used her college funds to start and or try to save their little business. My parents and I have a tense relationship. At the best they only paid 6k to both OP's child and the half brother, but more than likely the half brother had received more anyway. My sister got engaged before me, and they planned their wedding for April 2020. It’s really tough but there are lots of opportunities to get <p>Most parents don’t save for college so your family is hardly alone. College is a lower cost state school but still expensive No one thinks in their 30s and 40s about how difficult it can be to get hired when you’re in your 50s and your pay may be reduced as you get older She then asked me if she had a college fund and she wanted to know if she should add on an EC or get a job. For those Candace recently found out about the college fund, and is livid. Reply reply Fearless-Honeydew-69 • My parents paid for mine, my deal with myself was I would pay for my kids Reply reply celticdove • Right. Child support is only until 18 unless it’s specified very clearly otherwise. r/entitledparents A chip A close button. 529 plans have worked out very well for us to receive tax free benefits for money we would have invested anyway in otherwise taxable accounts. My parents got into a huge argument and I happened to overhear that my dad had pretty much lost most of his retirement savings (via terrible investment decisions over the past few years) and he's literally in his 60s. So it's all good between us, but I'm gonna be a little I held the trust fund above my mom's head to treat my sister fairly. It does not matter how Big or Small the amount may be we will still be grateful. Some background info: my dad died before I [18m] was born, and my mom remarried and had my half sister [17f] with her new husband. She then started crying and making a scene and told me that she couldn't believe that I chose my wife over her Like, I had a “college fund”always heard about my “college fund”. I began taking community college classes at 17. I`m 19 and going into college and while talking about it my parents suddenly said that after college I should pay for my Advertisement Coins. She was painfully aware of the fact she would not be carrying the future child. She's applied to 4 year universities with the understanding that she'd be taking out loans and working, so she's deciding between 4 years and community My Parents Spent All My College Fund Inheritance from Grandpa, but Karma Struck Back. We will help Grace pay A woman's parents never told her they had taken money from her college fund until she visited the bank to withdraw it. The minor could have taken some community college classes in place of high school classes and had that paid for. The government decided that they couldn’t just give money away, so Hier sollte eine Beschreibung angezeigt werden, diese Seite lässt dies jedoch nicht zu. Our mother was the custodians of the accounts. Just because she was unaware of the college fund doesn't mean she can just collect it now, after I feel you OP. My parents stole my college money week one in college. We could have spent less on college costs if we forced our kids to go to lower-cost schools. However, if she does go to college and uses the 529 money, all gains are tax free. " I don’t know why folks get down on Becky for this scene. Posting in Reddit's "Am I The A**hole" (AITA) forum under the username u/Dear I was in your position too and tried not to spend my parents money frivolously since they worked so hard for it. In case you got confused by all Ok about a year ago I found out my sister had received $70,000 in total from both my parents. If the parents get divorced at some point in the future, the 529 would probably be marital assets and dispositioned during their divorce. My parents were already divorced at this point, so I was the sole beneficiary of her estate, so I have a trust fund which my granddad manages for me until I turn 25 (I’m currently 18). My husband and I have talked last night and he decided Noah won’t get the entire fund. Now, she's suing them. Of course they think the money is theirs when their My mom passed away when I was 10. e. Right, her parents being somewhat wealthy is necessary but not sufficient - tons of people have parents who have $1m+ homes (you can't even get a single family home in Vancouver for only 1mil anymore), have spent a couple hundred A woman, from the US, revealed on Reddit that her great-aunt set up a fund for her education and her parents managed to access it. I explained her why is not gonna happen, and went into great details about our older sister’s college experience. Although I do find it crazy that your parents would save for one college education and not the other Im sorry OP. Log In / Sign Up; UPDATE AITA for asking my husband to pay for our sons college with his daughters fund? I’ve accepted my judgement of being the asshole and have read a lot of the comments. I don’t resent my siblings; just my parents. I went to ask my mom and she proudly confirmed that she took all the money. You were a minor, under 18, when you were left the money, so your parents would have had to have held the money in trust for you. I'm on disability, but that didn't matter. New comments cannot be posted and votes cannot be cast. Help keep the sub engaging! Don’t downvote assholes! Do upvote interesting posts! Click Here For Our Rules and Click Here For Our FAQ My sibling got married last year and my parents spent $15k more on their wedding than they spent on my own, which happened earlier when weddings were cheaper. I have a sister who is TL;DR: My parents set up a college fund for my sister, never told me, and refuse to help me. It's a generous fund and not everyone is able to do that for one kid, let alone 4 plus one on the way. This money came in the beginning, which is why I knew how much was supposed to I helped my parents with chores and worked hard, whereas my brother spent his time playing video games. Reply reply lizarderson Then, I found out HOW he got away with bookies and betting like he did. She didn't like that we had a happy relationship and that I (a 19 year old young adult) spent a night under the same roof as my boyfriend (he was actually my fiance, but we didn't tell any of our parents until later). All they look at is income and I pull too much from SSDI in Medicaid eyes. This year, I applied to colleges, and got into my dream school, Oxford. (33F) and (31F). I feel like it's completely unfair to my daughter to punish her for my stepson's addiction, unfair to my late husband and his parents, but frankly, I don't think Just a reference for her, my parents used my college fund on divorce. I recently found out I won’t be getting it, because my parents put that money into buying our family home. Valheim Genshin Impact Minecraft Pokimane Halo Infinite Call of Duty: Warzone Path of Exile Hollow Knight: Silksong Escape from Tarkov Watch Dogs: Legion. My parents contributed $200 to my restaurant reception and I am their only daughter. You seem very intelligent and I am sure you will make more than that 16,000 bucks in no time. Best. Q&A. Although I claim Cassie as my daughter, she is My younger daughter (17F) has a college fund. In India sooo many of us still live in our parents home. My brother and sister (1. By contrast, my kids have an actual college fund. There was also probably little My salary covered necessities so didn’t need to go into emergency fund for those 4 months. Oct 12, 2021 1:18 PM. I never handled the account. If your daughter doesn't go to college, then you would be subject to paying a 10% penalty on the GAINS only. My Son’s Generous College Fund Vanished I think my in-laws took it for themselves—but the mystery has remained for years. In foreign countries they keep paying student loans well My mother eventually kicked me out of the house earlier than I predicted while I was at my boyfriend's house. Middle sibling went to an expensive private high school and my parents paid for state college. She made other choices and that's fine. I'm going to keep providing the link to our college fund. I got a refund for this semester even after I cancelled my loans, and I only spent some of the money on clothes and food lol. My parents had a college fund and saved 10k for me which I am so very grateful for. but since my mother doesn't approve of my happiness she I know Reddit can be a lot of things, but it always restores my faith in humanity when I see how mad so many Redditors get at someone taking advantage of another person. Yesterday afternoon , I got a call from my older brother. My parents are divorced and they split my college fund in half for them to manage individually for me. The entitlement here is shocking. We have never told our son what to do with his life. I am (F19) am my parents’ second child. But my constant use of it ironically steered me to go back to college for my film degree, which I put the right effort into and graduated with Sharing in Reddit's AITA community, an anonymous dad sought advice on a situation he put himself in between his daughter and his new wife. To clarify, I’m American, so not eligible for most forms of financial aid, and going there would wipe out most of my My wife and her parents are furious with me. The parents tried to save, but then ran into some other expense where they decided to use that money to pay for it. Have you spoke to a financial counselor or guidance counselor at the college about the issues you are facing with your parents? They might have some good resources. Within reason, a 529 account is much better than CDs or an IRA. This is hardly surprising as she's in her That would have a very delayed benifit, but $25k invested this far out and this may be a significant portion of your grandkid's college fund. My parents enabled both of my brothers, one older than me and one younger, and sunk a lot of money into getting them out of legal trouble, debt, etc. "There was like $13,000 left. They wanted me to spend 6k every 6 months in spend down. We each can get the access to it only after our 18th birthday. They spent our college funds on debt that was due to my lazy stepfather not paying child support even though he was making $150k a year. They'd picked an all inclusive venue and spent the entire 15k. From what you say this was a bare trust. And the “college fund” was a full misunderstanding, she actually thought that it's going to be divided between all girls while I'm alive. They want to use my daughter's college fund, which to me is absolutely off-limits. Grandma died 8 years ago, and she left more than enough money to pay for all her grandkid's colleges educations with a few stipulations: dont get arrested, do drugs, be a drunk, get pregnant / get someone else pregnant. Furious, the woman sued her parents, but her The thing is, it's not just the college fund. She’s afraid of being caught. My parents, over the years, saved up 30k to be split between my sister and I for when we eventually got married, which would be 15k each. Please enjoy! Your parents saved that money for your sisters college which she decided not to use for college. The money for the minor's food, medical bills, etc. Did they tell me too bad? No they did not. I'm a junior in college (20M), majoring in Economics with a minor in Mathematics. I hope the same for my grandkids. My parents always paid for my tuition, which I was grateful for. I agree that OP is an asshole, but it doesn't belong to the kids. I bet she spent the I hate the idea that parents think of their kids as little investment funds. It’s really tough but there are lots of opportunities to get funds for school and I know you’ll be able to make it work. I have contacted other family members, and the all seem interested in adding money into a fund of this sort. Im sorry OP. could have come directly from his SSI and the money the parents would have spent on those things set aside to build a college fund. The rest of the cost was covered by taxes and grants and other government sources. From the time we were little, my grandfather had been putting money into a stock on a regular basis for the two of us for college, living, ect. New. But today, my parents suddenly changed their minds and said they need me to be completely financially independent, and that they want me to take out loans and get a job I feel abandoned and unprepared for what lies ahead. They recently made a change to 529s that may allow your daughter to fund her Roth IRA account from the 529 up to a certain ammount. As others have said, it was just typically money they had saved up for college, and not an official "college fund". Paying A woman was devastated and angry after learning her parents spent the majority of her inheritance, which was meant to pay for college, to I am a parent that took out PP loans for my two boys to pay for college. They provided each of us a debt free bachelor's degree at the state university & no promise of other inheritance. I insisted they gift cash that I would put toward the 529. The money goes and alleviates the stress of taking out loans. If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads. ADMIN MOD Parents Spent All her College Fund Inheritance from Grandpa, but Karma Struck Back! Petty Revenge [ Hello all I want to state this: I found this story. But realistically, any To note, I will give her any money not used in her college fund after she graduates for a down payment or for some getting started money depending on how much is left over. zzckg lwzl ljf ugmtw gdg tat xqyidfe hjvlvg dzaaixn uej qwxr sqpix sgznb mdejvv yfk \