🍺 PUB TEST: How Do You Feel About Giving Your Children Money Early?

Does giving your children money early pass the pub test?

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Episode Transcript

Speaker 1 (00:01):
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Speaker 2 (00:05):
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Speaker 3 (00:12):
The Jonesy demand of arms. The pub test today. Giving
your kids money early does it pass the pub test?

Speaker 2 (00:17):
Well.

Speaker 1 (00:17):
Koshi has come out saying we should rethink this, that
many baby boomers have this feeling and their kids might
be pressuring them too to hand over some cash before
you before you've passed away. And he's saying, rethink transferring
your wealth to your kids, because you may be interfering
with your own your own retirement lifestyle. He's saying, guilt

(00:39):
ridden baby boomer parents want to help their kids, but
they could be putting their own later years at risk.
You shouldn't feel obliged to pass on money, he says.
You've given them an education, a stable family life, a
good upbringing, but you may need that money. I know
that we have cares at home with Harley. My dad's
just gone into aged care, end of life. I'm not
saying Harley's there that end of life experience. Our aged

(01:02):
life is much more expensive than we think it will.

Speaker 3 (01:04):
Be, and particularly compared to the old days. You know
it wasn't as expensive back in the old days as
far as age care and those things.

Speaker 4 (01:14):
And looking after our loved ones.

Speaker 1 (01:15):
These days it's, you know, it's everything is just so
much more expensive. So yes, I'm sure we'd all like
to give our kids a leg up, but don't forget
yourself in the process. Giving your kids money early. Does
it pass the pub test.

Speaker 5 (01:28):
If you've got the money, go ahead and do it.
But if you're in my situation where my husband had
a failed business and my super is the only one
we've got and the house we live in, then I
can't give my kids any money. I can give them
a house to live in until they can afford their own,
because it's big enough, but I can't give them cash,
and I shouldn't be expected to. I sold my home
four years ago for the whole purpose of giving my

(01:50):
children our head start with a deposit. Even now, they
still can't buy a home with over one hundred thousand
dollars each. So I think it's.

Speaker 6 (01:59):
A bit No, it doesn't pass the pub test because
I think kids these days don't appreciate the value of money.
And then I'll just go and spend it on whatever.

Speaker 1 (02:10):
But you know that first call was interesting because you
might think, oh, my husband's gone a business.

Speaker 4 (02:14):
We're all set for our retirement.

Speaker 3 (02:16):
He loses the business, and then all of a sudden,
you're eating soup coup of soup.

Speaker 4 (02:20):
There's a recipe in a book that I know.