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Who's Better With Money: You or Your Parents?

Who's Better With Money: You or Your Parents?

There's a new reality series debuting on Sept. 30 on SoapNet called Bank of Mom and Dad. A different twenty-something woman in debt will be featured each week, and as helpful punishment the ladies' parents move in to help her turn her finances around. While the parents on the show are better at managing money than their daughters, this isn't always the case. Who handles money better in your family?

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betty-kraker betty-kraker 6 years
we both suck
betty-kraker betty-kraker 6 years
we both suck
bsglrok132 bsglrok132 6 years
My mom never buys anything that isn't absolutely necessary. I remember when I was little we would go to the grocery store every week and I was only allowed to buy one "yummy" thing that had to cost 50 cents or less, like a candy bar. And she always tried to pass my brother's t shirts down to me. Is that what you would call being good at managing money? It depends...I guess she saved a lot but no one ever had any fun. My dad is a good investor. He spends plenty of money but also has a lot saved.
bsglrok132 bsglrok132 6 years
My mom never buys anything that isn't absolutely necessary. I remember when I was little we would go to the grocery store every week and I was only allowed to buy one "yummy" thing that had to cost 50 cents or less, like a candy bar. And she always tried to pass my brother's t shirts down to me. Is that what you would call being good at managing money? It depends...I guess she saved a lot but no one ever had any fun.My dad is a good investor. He spends plenty of money but also has a lot saved.
Modus-Vivendi Modus-Vivendi 6 years
It's kind of a toss up. In some ways they are better. They only buy cars with cash, but on the other hand my mom shops like nobody's business and will buy things she doesn't need and won't ever end up using.
magickalrealism magickalrealism 6 years
I'm a bit concerned that they're only doing this with women - it's a bit patronizing to assume girls alone have trouble establishing financial independence. But looking at it: even though I've made some huge financial mistakes in my life, I'm still positive I'm much better with money than my father was or my mother is. My mother was asking me for financial advice when I was 8 - this speaks volumes about the problems in the family dynamic. Fortunately, she followed it and her money market seems to be serving her well.
mek123 mek123 6 years
I have similar values as my mom regarding money, my dad taught us well.
cupcake_ cupcake_ 6 years
We're pretty similar with our money.
imLissy imLissy 6 years
My parents spend like $200 on crappy DVDs every month. They make twice as much as my fiance and I, and I've only been working two years, but I have more money saved. I win.
OHmeetsBK OHmeetsBK 6 years
Luna - I'm in the same boat. I loved my mother more than anything, but she made many mistakes with money and kind of let our financial situation fall apart when I was a teenager. Now, my sister and I are both super cautious/diligent with our money handling.
luna08 luna08 6 years
PS. My siblings and I became so good with money out of the sheer financial fear growing up in our household caused!
luna08 luna08 6 years
Spectra, I totally understand that fear! My dad had to retire due to his health. His philosophy: "If we don't charge it, we'll never have it.", and "We'll die before we have to pay it off anyway." I've felt like a parent, having to stop worrying about them, and let them go make their own mistakes! The City Girl, find out how they do it!! :) That's an amazing resource, better than any financial planning book!
luna08 luna08 6 years
Spectra, I totally understand that fear! My dad had to retire due to his health. His philosophy: "If we don't charge it, we'll never have it.", and "We'll die before we have to pay it off anyway." I've felt like a parent, having to stop worrying about them, and let them go make their own mistakes! The City Girl, find out how they do it!! :) That's an amazing resource, better than any financial planning book!
The-City-Girl The-City-Girl 6 years
My parents are freaking phenomenal. . . I don't know how they do it, they're just geniuses. If they weren't such honest people with lots of integrity, I'd be suspicious ;-)
Kimpossible Kimpossible 6 years
My parents are excellent at managing their money, thankfully I learned from them :-)
esmerb esmerb 6 years
My parents (especially my father) was my finacial role model. That has since changed a whole lot! After many, MANY mistakes I feel stronger in this dept.
RoaringSilence RoaringSilence 6 years
My parents are my biggest role models when it comes to managing money, or.. pretty much everything else in life, too.
Dhorwich Dhorwich 6 years
My dad is very good with his money and has taken great care to plan ahead for him and my mom. Thankfully his fiscal smarts rubbed off on me so I'm pretty good with money too.
Spectra Spectra 6 years
I'm actually afraid of what will happen to my parents when they get older...I seriously don't know that they can afford to retire. I'm WAY better at managing my money than my folks are.
luna08 luna08 6 years
Oh God...me, definitely!
luna08 luna08 6 years
Oh God...me, definitely!
tripleee tripleee 6 years
My dad is a financial planner so I am incredibly lucky to have parents that know how to manage money.
GlowingMoon GlowingMoon 6 years
I'm better at it.
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