Sharing financials with parents
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?
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.
Thanks!
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.
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.
Hah
My parents still have higher TC than me in retirement. Ridiculous pensions that don’t exist anymore.
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.
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.
Told mom about new job. She said "TC or GTFO"
Hahaha