The Worst Financial Gifts to Give to Your Children Story

To paraphrase a common saying, the road to ruin is paved with good intentions. Every parent wants “the best” for their children, but what exactly “the best” entails can be very different from one family to another.

Some gifts you give to your children are not only harmless, but helpful. Lego sets are fun and educational and only harmful when you step on them in bare feet.

Other “gifts” that you might give your young or adult children can do more harm than good.

Dr. Jim Dahle reviews some of these potentially dangerous gifts in this Saturday Selection that originally appeared on The White Coat Investor.

The Worst Financial Gifts to Give to Your Children Story

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What I am talking about is giving your kid a car that isn’t yet paid for. Yeah, some people do this. Can you believe it? They go down to the dealership, put down a $300 down payment, sign up for some payments, and then give you the car.

Relationships are tricky

#1 A Car

I keep running into people in their 20s and 30s who have just been given a whole life insurance policy and asked to take over the payments. Their parents have been making monthly payments on these for two or three decades, but the surrender value is only a four-figure amount at this point and the child is basically being asked to pay a two- or three-figure amount every month for the rest of their life.

#2 Whole Life Insurance

Here’s another one similar to the car. What a lot of people don’t realize about timeshares is that the purchase price is really kind of like a down payment and the annual fee is a lot like the ongoing payments.

#3 A Timeshare

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