The Bank of Mom and Dad: Money, Parents, and Grown Children by Derrick PennerThe Bank of Mom and Dad: Money, Parents, and Grown Children by Derrick Penner

The Bank of Mom and Dad: Money, Parents, and Grown Children

byDerrick Penner

Perfect | November 1, 2014

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The next generation will have more economic challenges, so parents will be under financial pressure to help them buy houses, start businesses and maintain a good standard of living.But there are many legal, financial and emotional pitfalls awaiting the uninformed and unprepared parental investor and supporter. In this definitive guide, business writer Derrick Penner provides practical, clear advice on how parents can best handle the financial needs of children young and old alike.Penner examines the stressful trend of generational economic decline and provides accessible how-to guides on building a stronger parent-child relationship about money, education and investment. The Bank of Mom and Dad is an important resource as parents determine how to encourage responsible, sustainable techniques that ensure support is provided in the best possible context. - 20150126
Derrick Penner is a senior business writer at The Vancouver Sun, western Canada’s largest newsroom, where he focuses on personal finance and economic trends, among other topics. He holds a Master’s degree in Journalism from the University of British Columbia. He lives in Vancouver.
Title:The Bank of Mom and Dad: Money, Parents, and Grown ChildrenFormat:PerfectDimensions:104 pages, 9 × 6 × 0.24 inPublished:November 1, 2014Publisher:Self-Counsel PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:1770402136

ISBN - 13:9781770402133


Table of Contents

Introduction xiChapter 1The Family Finances Discussion 11. Be Open and Honest about Money Matters 42. Tips for Discussing Money Matters 5Chapter 2Calculate Net Worth 111. Retirement Road 162. Create an Emergency Fund 16Chapter 3Give Your Kids a Financial Education 191. Needs versus Wants 221.2 The 24-hour rule 23iv The Bank of Mom and Dad2. Track Daily Spending for Three Months 243. Prepare a Budget 254. Educate Young Adults about Credit Cards 295. Buying a Vehicle 316. Cosigning Loans 347. Take Your Kids to a Financial Planner 35Chapter 4Taxes 371. American Gift-Tax Rules 392. Canadian Gift-Tax Rules 40Chapter 5Education 431. The Present Situation 462. The Future Situation 482.1 American 529 college savings accounts 492.2 Canadian Registered EducationSavings Plan (RESP) 503. Applying for Student Loans and Grants 523.1 The United States 533.2 Canada 544. Trade Schools and Other Options 56Chapter 6Property 591. Down Payment 641.1 American down payment considerations 651.2 Canadian down payment considerations 652. How to Make a Contribution to the Mortgage 663. Co-ownership 67Contents vChapter 7Investments 711. American Investments 742. Canadian Investments 752.1 Tax-Free Savings Account (TFSA) 762.2 Registered Retirement Savings Plan (RRSP) 76Chapter 8Retirement & Aging 79Conclusion 85Worksheets1 Assessing the Adult Child’s Financial Situation 62 Calculating Net Worth 143 Tracking Daily Spending 25 - 20150126