Money

Sharing financials with parents

TriNet AYwy24
Dec 5

Just curious , how many of you share your TC and financial standing with parents or extended members of the family ( not counting the spouse ).
What is the general approach on blind?

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  • Google qqq333
    Told mom about new job. She said "TC or GTFO"
    Dec 51
  • Twitter
    hdhhj

    Twitter

    PRE
    Adobe
    hdhhjmore
    To all the people who are fairly new in their career:
    00//
    Don't disclose your actual income with parents especially if you have extended family. It's one of the very stupid things to do. I have several friends who did the same mistake and the result was they end up having demands from family and friends for money. That money once gone will never come back.

    Pro tip: if you save that money, you can take care of them in real emergencies.
    Dec 57
    • Capital One / Engdesu
      Thanks!
      Dec 5
    • Google QNrQ72
      I guess this only is applicable if your parents and family don’t make a lot of money? I can’t imagine anyone in my family asking me for money, and I share TC with all of them.
      Dec 5
    • Twitter
      hdhhj

      Twitter

      PRE
      Adobe
      hdhhjmore
      Even if your family is wealthy, I still say don't share exact numbers.
      Dec 6
    • Google QNrQ72
      Why? Again, can’t imagine anyone in my family asking for any amount of money from me.
      Dec 6
    • Twitter
      hdhhj

      Twitter

      PRE
      Adobe
      hdhhjmore
      Same question to you: why do you want to share exact numbers? What will that benefit you?

      Even you can't foresee any family members asking money, you will set expectations which might be difficult in future. For ex- grand weddings, return gifts etc. It's better to keep it personal and do things as you want without any pressure.
      Dec 7
    • Google QNrQ72
      Transparency and open communication in my family was always important. I know how much my dad makes (it’s more than me); I know how much my brothers make; etc.

      Higher expectations is a valid point.
      Dec 7
    • Twitter
      hdhhj

      Twitter

      PRE
      Adobe
      hdhhjmore
      Obviously if your family is wealthy and responsible then no issues. I have seen people struggling with either of those when they disclose the income.
      Dec 7
  • Amazon / Eng
    stclaus

    AmazonEng

    PRE
    Nokia, Motorola
    stclausmore
    I give my parents a general idea. If they do ask for specifics, I will be completely transparent and tell them everything.

    Other than parents, I don't tell other family members.
    Dec 50
  • General Mills / DataMUsi88
    I always tell the old man the specifics of new offers and raises in the hopes of meeting his expectations (I never will).

    He spent 20+ years in the executive ranks of a F100 so I’m not too worried about him coming for my measly assets.
    Dec 51
  • Indeed / EngdnPd12
    My parents still have higher TC than me in retirement. Ridiculous pensions that don’t exist anymore.
    Dec 60
  • Epic / Eng
    Guardian

    EpicEng

    PRE
    Intel
    Guardianmore
    I share with parents about my income and wife's income. Her parents don't know. Better helps with investment planning - their experience and my earning potential.
    Dec 70
  • Salesforce
    Bhoot

    Salesforce

    BIO
    I am blind to something and you are too.
    Bhootmore
    I think I would prefer telling my parents to a future partner. At least I know my parents want me to succeed. I've had partners who were unhappy and intimidated about my financial success.
    Dec 60

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