I am a minor, and worked in my mom’s summer camp. My dad won’t cash my check unless I agree to save 85%. Is he right? The Moneyist quantanamo weighs in on this family's financial dilemma:
I should preface my question by saying I am a minor, but of legal age to work. Last month, I worked for my mom at her summer camp, and made $660 in wages. My check was written and I told my dad that I needed to go to the bank to cash it. My dad refuses to cash the check without agreeing on a percentage that I’m allowed to spend.
Where, for instance, did your father get the 15%? Did he pick that percentage randomly? My hunch is he decided on a whim and, as such, he may be open to moving the needle. But first you would need to provide compelling arguments to move the needle. Nor do I believe you should then go out and spend that 33% on the first thing that grabs your attention. Your father has no doubt learned from experience that the impulse to have what we want when we want it often leads to a need to buy more, and more.
I shared your letter on the Moneyist Facebook Group. There were lots of suggestions about what you should do — spend it, save it, invest in a Roth IRA because your future self will thank you — but this woman’s story struck me as worth quoting: Whether you are 16, 26, 36, 46 or even 56, we are all subject to the same pressure from our peers and messages from society about stuff we need to have in order to feel better about ourselves, and feel like we belong. Whether it’s a certain type of car or designer label.