His Investment Choices Paved a Golden Path for His Son, But What His Daughter Uncovered Shattered All Her Trust in Her Father.
In this financial saga, the Original Poster (OP) nurtures two distinct investment accounts for his children, resulting in an unexpected and dramatic wealth disparity that ignites a familial feud. Just when you think it can’t escalate further, OP’s proposition to split the combined accounts unveils an even more profound conflict.
A Newborn’s Fortune
In 2000, OP opened an investment account for his newly born son with a starting amount of $10K, planning to give him the money after he graduates college. He starts adding $100 monthly, and the account grows to over $60K, mainly invested in mutual funds. OP’s wife appreciates this initiative.
A Risky Venture
Occasionally, OP deviates from mutual funds, sometimes investing the monthly $100 into riskier stocks. However, these investments don’t pan out as expected. Despite the minor losses, the account remains largely profitable.
An Investment for Daughter
When OP’s daughter is born two years later, he starts a similar account for her. Initially, the plan is to manage the investments just like the son’s account. But a casual discussion during a beach gathering changes this.
The Beach Banter
During a beach gathering with family and friends, OP’s wife declares investing is a task “anybody can do.” This sparks a lengthy discussion with friends and culminates in the decision for OP’s wife to manage the daughter’s investment account. OP surrenders control, hoping for the best.
The Challenge Goes South
The daughter’s investment account falters under the wife’s management due to her preference for individual “hot stocks” over diverse index funds. She also neglects to regularly add funds to the account, leading to an account balance of just over $16K. The divide between the son’s and daughter’s account grows.
The Unfortunate Reveal
Tensions rise when OP reveals to his son the substantial inheritance he stands to receive upon graduating. Naturally, their daughter inquires about her own inheritance, leading to an uncomfortable truth being revealed. OP’s wife is tasked with breaking the news, triggering a meltdown.
The Inheritance Dispute
OP’s wife suggests combining the two accounts and splitting the money equally between the children. OP vehemently opposes this, citing the importance of respecting the outcomes of their different investment strategies. The family descends into discord, with no resolution in sight.
The Trust Breaks
In an edit to his post, OP reveals that he had given full control of the daughter’s account to his wife, trusting her claims of positive progress. He never asked to access the account himself. At the point that he claims each child shall receive the account that was started for them, he was unclear as to the real account balance discrepancies, which soon becomes evident as a major disappointment.
The Investing Showdown
OP provides some additional context, revealing that at the time his wife took over the daughter’s account, it had roughly $11K, while the son’s had $14.7K. The significant disparity between the current values of the two accounts reflects the consequences of different investment strategies. At the current time, his son’s account is worth around $60K, while the daughter’s account is approximately $16K.
The Temptation
Growing increasingly frustrated by the backlash, OP is tempted to equally divide $30K between his children and use the remaining money to reward himself with a new truck. This idea emerges from his wish to escape the role of the villain in the unfolding drama. It remains just a temptation.
The Final Proposal
Defying popular opinion, OP decides on a solution that he deems fair. He will split the money between the kids but will provide them with all the statements from both accounts. This way, he wants them to understand how their mother’s poor investment choices led to the reduced inheritance.
He believes this will underscore the seriousness and complexity of investing, contradicting the wife’s initial casual remark that “anybody can invest.” The children, now in possession of their share and the bitter truth, have much to reflect on.
A Lesson in Accountability
As the children digest the information, they’re confronted with the harsh reality of their mother’s failed venture. With the stark difference in their potential inheritance amounts now transparent, they are forced to grapple with the consequences of their mother’s financial decisions. The rift in the family deepens further, and tension prevails.
The Unforgiving Cold War
OP and his wife have not engaged in any meaningful conversation since the disclosure of the accounts’ statuses. A frosty silence pervades their home, each of them navigating the awkwardness with visible discomfort.
The Family Fallout
The couple’s relationship is damaged, not just by the imbalance in the inheritance but also by the shattered trust and broken promises. Every member feels wrong in their own way, creating an atmosphere of blame, regret, and frustration.
Despite all the conflict, a sense of finality settles in. The money has been divided, the truth has been revealed, and the family is left to grapple with the consequences. The future remains uncertain, and the ability to mend these relationships hangs in the balance.
Was The Family’s Behavior Appropriate?
The readers in the forum had a lot of mixed views on the matter. Here are some of their responses:
Forum Responded
One reader said, “This isn’t something that happened overnight; these are decades-long investment decisions. After the first couple years of your silly experiment, you could’ve sat wife down, looked at the numbers together, and had her admit that investing isn’t so easy – if that was the whole point of this.”
Another Viewpoing
Another responder wrote: “You should have pulled the plug on bad investing years ago. It’s absolutely unfair to have 60K compared to 16K. You’re not proving a point; you’re hurting your child.”
A Different Perspective
A different person states, “Allowing your wife to use your daughter’s account for practice instead of setting up one just for her was questionable, to begin with. Allowing her to retain control after she proved she couldn’t do it at your daughter’s literal expense was unconscionable.”
What Do You Think?
What are your thoughts on their actions?
What would you have done in this situation?
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