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kids and money

Q&A: Missing the paperwork on your IRAs? All is not lost

July 8, 2024 By Liz Weston

Dear Liz: I have four daughters, now in their late 30s and early 40s. When they were very young, I started investing for them. As they began to earn their own money, I started Roth IRAs for them as well.

A decade ago, due to an unexpected divorce, a 30-day escrow and a move, I lost the paperwork for their accounts. After the investment company was acquired by another in 2015, I forwarded the new company’s contact information to my daughters. One transferred her account to another investment company, while her sisters left theirs in place.

Recently I found the old investment paperwork. The company has changed hands again, but the new company says it has no information about my three other daughters’ accounts. Can anything be done?

Answer: Since the latest company can’t find the accounts, your daughters should contact the escheat office of the state where you lived before your move.

Perhaps you didn’t update your address with the original company when you moved and the account statements or other mail were returned as undeliverable. If the company and its successor couldn’t find you — and some companies don’t look very hard — the accounts would be considered unclaimed and would have to be turned over to the state.

Links to state escheat offices can be found online at unclaimed.org, the website for the National Assn.
of Unclaimed Property Administrators.

The good news is that there’s no time limit for claiming previously unclaimed property.

The bad news is that some states will liquidate stocks and other investments after escheatment. If that’s the case, then the three daughters who didn’t move their accounts will have missed out on nearly a decade of investment returns.

Filed Under: Investing, Kids & Money, Q&A Tagged With: escheat, Investing, kids and money, missing accounts, missing money

Q&A: My kids grew up. Will their credit scores go down?

June 24, 2024 By Liz Weston

Dear Liz: Many years ago I took out a credit card to pay for my two children’s college expenses. They were authorized users for miscellaneous expenses. They no longer use or even have access to the cards. Now they are both in stable, well-paying jobs. I would like to keep the card but remove the authorized users. How would this affect their credit scores? Or mine, for that matter?

Answer: You helped your kids establish good credit by adding them as authorized users. Removing them won’t affect your credit scores. The effect on their scores depends on how well they’ve managed credit on their own.

The impact should be minimal if they’ve continued to build credit by opening their own credit cards and paying those on time. Ideally, for credit-building purposes, they’ll also have a solid history paying an installment loan, such as a mortgage, student loan or auto loan.

If they haven’t used credit much and have a thin file — generally, fewer than five accounts showing on their credit reports — the damage might be more significant. If that’s the case, you may want to delay removing them as authorized users while they open other lines of credit. They should know that they don’t have to carry debt to have good credit: Just using credit cards lightly and paying the balances in full should do the job.

Filed Under: Credit Scoring, Kids & Money, Q&A Tagged With: authorized user, building credit, Credit Cards, Credit Score, Credit Scores, credit scoring, kids and money

Worried about money? Ways to keep your kids from feeling your stress

March 11, 2024 By Liz Weston

When it comes to parents and children, money stress can be contagious.

That’s what Amy Weimer, director of the School of Family and Consumer Sciences at Texas State University, found when she and a colleague studied 60 children last year. They were more likely to report feeling worried if their parents were experiencing long-term financial stress.

“As a parent, if I know I’m in deep debt, I would want to do something to address that issue so it doesn’t trickle down and have an impact on my child’s mental well-being,” Weimer says. Parents may want to seek financial counseling to help with debt management, for example, if they are experiencing financial strain, she adds.

According to researchers and financial professionals, there are also other steps parents can take to help teach their children about money without sharing their financial worries with them. In Kimberly Palmer’s latest for the Seattle Times, learn ways to keep your kids from feeling your stress.

Filed Under: Liz's Blog Tagged With: kids and money

This week’s money news

March 4, 2024 By Liz Weston

This week’s top story: Mortgage rates will not fall in March. In other news: Rental housing prices 2024, why some millennials don’t want kids, and managing credit cards when you grew up in a cash-only household.

When Will Mortgage Rates Fall? Probably Not in March
Mortgage rates are expected to go down sometime in 2024, but the decline probably won’t start in March.

Will Rental Housing Prices Drop in 2024?
Rental inflation is slowing down, but prices are expected to stay elevated in 2024.

Why Don’t Some Millennials Want Kids? They Say It’s Too Expensive
A new NerdWallet survey finds that just 25% of millennials who don’t have kids plan to have them. A major reason why? The high cost of raising children.

Managing Credit Cards When You Grew Up in a Cash-Only Household
Debt-averse relatives may not understand your choices, but it’s OK to forge your own financial path.

Filed Under: Liz's Blog Tagged With: Credit Cards, kids and money, mortgage rates, rent

Monday’s need-to-know money news

August 1, 2022 By Liz Weston

Today’s top story: After a fall, crypto winter sets in. Also in the news: A new episode of the Smart Money podcast for kids on where money comes from, can job-hopping help retirement savings, and these states are having a tax-free back to school shopping weekend.

After a Fall, Crypto Winter Sets In
Cryptocurrencies hit a rough patch in 2022, with prices falling and some companies facing serious financial issues.

Smart Money Podcast for Kids: Where Does Money Come From?
This week’s episode we take on money questions from two kids, Ellington and Langston, who want to know where money comes from, where it goes after you spend it and how to decide how much you need to save.

Can Job-Hopping Help Retirement Savings?
Changing jobs often has its pros and cons, but understanding how it hurts or helps your retirement savings can help you make more informed decisions

These States Are Having a Tax-Free Back-to-School Shopping Weekend This Month
You may be able to purchase some of your supplies without involving Uncle Sam.

Filed Under: Liz's Blog Tagged With: cryptocurrency, job hopping, kids and money, Retirement, Smart Money podcast, tax-free shopping

Monday’s need-to-know money news

July 18, 2022 By Liz Weston

Today’s top story: How to afford big-ticket items for the year. Also in the news: A new episode of the Smart Money podcast on summer travel tips and conflicting financial priorities, how a Burbank teacher got their student loans forgiven, and 4 smart ways to teach kids about saving money.

How to Afford Big-Ticket Items for the Year
If you need to make a big purchase this year, such as furniture or an appliance, plan around sales and your budget.

Smart Money Podcast: Summer Travel Tips and Conflicting Financial Priorities
This week’s episode starts with a discussion about summer travel: how to manage costs, stay safe and prepare for the possibility of flight cancellations.

How I Got My Student Loans Forgiven: Teacher in Burbank, California
A fraught program gets temporary improvements.

4 Smart Ways to Teach Kids About Saving Money
Kids can learn to save by talking about money, securing a strong savings account and setting trackable goals.

Filed Under: Liz's Blog Tagged With: big-ticket items, conflicting financial priorities, kids and money, Smart Money podcast, student loan forgiveness, summer travel tips

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