Money & Relationships: What to do if your adult children ask for money

money-kids-getty

Money is known to mar even the best of relationships. The conflict over cash could invade the privacy of spouses over something as innocuous as spending habits, rend the sibling bond over a legacy leading to legal disputes, or rip apart a friendship over borrowed money. While we do not aim to span the legal scope of financial disputes in this column, we will try to deal with financial dilemmas and reduce money-induced friction in relationships, be it family, friends or colleagues.

Should you ask your colleague to return the money he borrowed and forgot? What do you do if your relative asks you to be a guarantor to a loan? What if your sibling wants you to be a partner in his startup?

In this new series, we will help you tackle the awkwardness in a relationship caused by money. To start with, we explain what you should do if your adult child seeks financial aid. Should you give him whatever he asks for without considering its impact on your own financial situation? Or should you simply decline? Here are the six questions that will help you take a decision.

1. Is it a one-time help or has it been a frequent demand?
Your decision should be based on the child’s track record regarding such demands. If this is the first time or a rare instance that he is asking for money, you could consider it. If you know him to be facing a financial crisis, or is in a phase of life where your assistance could set him up professionally, you can offer the money, but on the condition that it is returned in a pre-determined time frame. If, on the other hand, this is only one in a long list of monetary demands that have sprung up from time to time ever since he achieved adulthood, it’s high time you put an end to it.

2. Is it likely to impact your retirement?
This is probably the most crucial question to ask yourself. If you do not have spare cash and dipping into your savings could slash your retirement corpus considerably, you should politely turn down the request. No startup or business venture is worth jeopardising your retirement.

If the child needs the money to tide over a crisis, suggest alternate sources of funding: he can monetise his assets by taking a loan against his securities, insurance or gold; he can sell his less important personal assets; use his credit card to meet an emergency; or as a last resort, take a personal loan. He will probably have enough time to shore up his depleted resources, but you may not be able to do so if you have a few years left for retirement. Also, he can take a loan to meet his financial needs; you can’t do the same to fund your retirement.

3. Is the money for a life-threatening situation or buying an asset?
If it’s the former, no parent can say ‘no’. In case of a medical emergency, parents would willingly empty out their coffers for their progeny. A better option is to be prepared for medical crises and advise the child to buy adequate health insurance. If such an option doesn’t exist, try to monetise your assets first.

If, on the other hand, the money is for acquiring a big financial asset like a house or a car, make sure it is offered as a loan and that you retain the joint ownership for the specified asset. Also lay down the terms of the loan clearly, with no ambiguity over the amount, time frame or ownership.

4. Is the money to be given as loan?
Except for medical emergencies, all funds offered as assistance to an adult offspring should ideally be in the form of loans. It is likely that you have already spent a small fortune on educating your children or for their weddings. If you have empowered the child to earn his own living and establish himself professionally, there should be few occasions for him to run to you for financial help. Avoid being the financial crutch for your child and let him meet his own financial challenges or find solutions to the crises he is facing.

5 Should you have a written agreement?
If the sum you are offering your child as a loan is large, make sure that you draft a legal agreement, clearly delineating the loan terms, including the purpose of the loan, exact amount or principal being offered, interest rate, time frame for repayment, options in case of defaults, and any other conditions you want outlined.

Even if the loan amount is not big, have a written contract in place to avoid family disputes later on. Both the parties should have a copy of the agreement and it should ideally be framed with the help of, and in the presence of, a lawyer. Do not be carried away by emotion and treat it as a business transaction to avoid an unlikely fallout at a later date.

6 Are the other siblings aware of it?
While the level of privacy involving the financial help to an adult child may depend on the dynamics of the family concerned, it is advisable to keep the other siblings in the know to avoid family disputes over inheritance. Also, if you are not in a position to offer the entire sum yourself, the other siblings could be asked to join in and reduce your financial burden.

Make sure, however, that all the transactions are in writing and all the parties have a copy of the agreement. In fact, you should also include the details of the loan in your will, so that if you die before the money is repaid, the amount can be deducted from the child’s inheritance and there is no ill-will involving other siblings.

If you have a wealth whine, write to us…
All of us have been in a financial dilemma when it comes to relationships. How do you say no to a friend who wants you to invest in his new business venture? Should you take a loan from your married brother? Are you concerned about your wife’s impulse buying? If you have any such concerns that are hard to resolve, write in to us at [email protected] with ‘Wealth Whines’ as the subject.

Disclaimer: The advice in this column is not from a licensed healthcare professional and should not be construed as psychological counselling, therapy or medical advice. ET Wealth and the writer will not be responsible for the outcome of the suggestions made in the column.

[“source=economictimes.indiatimes.”]

Education & You: On the syllabus for 2018

Buses are parked at First Student school bus transportation in Hempfield on Wednesday, Jan. 3, 2018.

Updated 13 hours ago

The new year is off to a cold start, with hundreds of school delays and closings across the region. How has this impacted your first week back to school and work after the holidays? Tell us your story or send us other tips and feedback: [email protected] or 724-850-2867.

WHAT YOU NEED TO KNOW

1. School districts ave tough decision when temperatures plummet—and stay there

2. Schools in Allegheny, Westmoreland turn to digital career planning

3. New York governor calls for food pantries at public colleges

INSIDE THE CLASSROOM

First-grade teacher Debbie Walker, of Montour Elementary School, was browsing Pinterest when she came across a low-tech activity to help her students get excited about reading: Flashlight Fridays.

Every Friday, the first-graders spend a few minutes with a good book and read by flashlight. Walker says giving students the freedom to choose a comfortable spot in the room during the activity–at their desks, under a table or snuggled in a book boat–motivates them to focus.

WHY IT MATTERS

Here are the education stories of 2017 that stuck with TribLIVE Education Team reporters. Look for updates as we follow these stories into 2018.

Have an angle you think we should explore? Tell us: [email protected] or 724-850-2867.

1. EARLY ED: Early childhood education prep key to future success

Numerous studies have shown that preschool preparation is key to future success in a student’s academic career and beyond. While some school districts—like Derry Area in Westmoreland County—are finding ways to support their youngest learners,other parts of Allegheny and Westmoreland Counties still lack access to quality preschool.

And in the City of Pittsburgh, Mayor Bill Peduto has plans for implementing universal pre-kindergarten in city schools.

2. K-12: Western Pennsylvania school districts experiment with later start times

The Centers for Disease Control has recommended later start times for schools since 2014. In the last few months, an increasing number of schools in the Greater Pittsburgh area—including those with start times as early as 7 a.m.—have started to take another look at that research.

Several districts, including Hampton and North Allegheny, are expected to move forward with reviewing policies in January.

3. K-12: Wave of threats rattle Western Pa. schools early in year

At least five districts in Westmoreland and Allegheny counties experienced or investigated rumors of violent threats targeting students or school buildings in the first seven weeks of the 2017-18 school year.

Though administrators and law enforcement do their best to keep students safe, challenges like social media can make it difficult to make a call on whether to close schools or increase security, and how to communicate concerns or threats to community members.

Meanwhile, State Sen. Don White (R-Indiana) is advocating for legislation that would allow teachers to carry concealed firearms in schools. This, he said, would give school districts more ways to keep students safe.

The bill has been sitting in the House Education Committee since June 2017.

4. K-12: Pittsburgh Public Schools to ban out-of-school suspensions before third grade

Pittsburgh Public Schools became the first school district in Pennsylvania to prohibit principals from suspending students in second grade or younger in December 2017.

Effective next September, the out-of-school suspension ban will apply only to students in preschool through second grade cited for nonviolent, “minor disciplinary infractions,” such as repeatedly showing up late, violating the school’s dress code or disrupting class.

5. K-12: The new state plan for education and changes to testing, school ratings

The Pennsylvania Department of Education released the proposed the new state plan for education in August, but it has yet to be approved by the federal Department of Education.

Long-term goals under the new plan include reducing the number of students who fail to graduate, increasing the number of students who achieve proficiency on PSSA and Keystone Exams and supporting English Language Learners in growth towards achieving English proficiency.

The state Department of Education also announced the development of the Future Ready PA Index, a new school report card that measures academic growth, school climate, graduation rates and readiness for opportunities after high school. The proposed tool would not give schools a letter grade or a numerical score.

Changes to the PSSA exam under the new plan could make the testing period shorter in 2018. While the testing overhaul received high marks from some parents and educators, others say the effect is likely to be limited.

6. HIGHER ED: Tuition-free California University program helps seniors get ahead

The 60+CAP program at California University of Pennsylvania offers free tuition to any Pennsylvania resident 60 or older, allowing some older adults to sharpen their job skills in a rapidly changing economy.

7. HIGHER ED: GI Bill a ‘cash cow’ for some Pennsylvania schools

Though the Post-9/11 GI Bill has helped some veterans at local colleges and universities continue their educations, the program has become a ‘cash cow’ for some Pennsylvania schools.

8. LOCAL: How lead in the water impacts Pittsburgh’s youngest residents

Pittsburgh’s water has a lead problem. The city’s youngest residents are especially vulnerable to the neurotoxin, which can damage the brain and lead to development, learning, hearing and speech problems.

Locating the source of the lead can be difficult. Last month, Pittsburgh Water and Sewer Authority told the Tribune-Review it will start using Allegheny County Health Department data to prioritize lead line replacements at homes with children.

But the depth of lead problems at school buildings across the Greater Pittsburgh region is still unclear.

9. LOCAL: Pittsburgh’s bid for Amazon HQ2 is submitted; now the wait

Pittsburgh is one of many cities across the countries interested in scoring the Amazon HQ2 bid, which promises to bring 50,000 jobs and $5 billion in investment to the region.

Among Pittsburgh’s biggest advantages is the city’s large number of university graduates, officials have said.

We’ll be watching to see how Pittsburgh and other cities like Detroit, which touted proximity to Carnegie Mellon University in its pitch, fare. But even if Pittsburgh doesn’t win the bid, the city’s interest in attracting tech companies is likely to have an impact in K-12 and higher education as schools strive to prepare students for jobs in STEM—science, technology, engineering and math—fields.

10. NATIONAL: Greater Pittsburgh demonstrators to lawmakers: Save DACA

Demonstrators turned out to lawmakers’ offices in Pittsburgh and D.C. following the Trump administration’s decision to end the Deferred Action for childhood Arrivals Program, known as DACA, in September.

Calls to preserve the program, which grants protection to individuals who arrived in the country as children and do not have legal status, also came from local leaders in higher education.

According to U.S. Citizen and Immigration Services, Pennsylvania is home to 5,889 DACA recipients. The program was started in 2012 under the Obama administration, but never offered participants any clear path to citizenship. Congress has yet to act on a solution.

[“Source-triblive”]

Jio Phone Bookings Start & Features Revealed, iPhone 8’s 3GB RAM, Samsung Galaxy Note 8

Jio Phone Bookings Start & Features Revealed, iPhone 8's 3GB RAM, Samsung Galaxy Note 8 Price, and More: Your 360 Daily

HIGHLIGHTS

  • Jio Phone bookings start online and offline, specifications confirmed
  • New Gear VR comes with a bigger slot to fit the Samsung Galaxy Note 8
  • Google will likely unveil the Pixel 2, Pixel XL 2 on October 5

Jio Phone bookings finally opened today, ending the wait of more than a month for those looking to get their hands on the 4G feature phone. Reliance Jio also released the full specifications of Jio Phone on its website. The single Nano-SIM JioPhone sports a 2.4-inch QWVGA display, and is powered by the 1.2GHz Spreadtrum SPRD 9820A/QC8905 dual-core processor with Mali-400 GPU and 512MB of RAM. It offers 4GB of internal storage, which is further expandable using a microSD card.

There’s a 2-megapixel rear camera at the back and a VGA front camera. The Jio Phone packs a 2000mAh battery that is rated to offer 12 hours of talk time and 15 days of standby time. Connectivity options include 4G VoLTE, Bluetooth v4.1, Wi-Fi, NFC, FM Radio, GPS, and USB 2.0 support.

However, the Jio Phone online booking process hasn’t gone very smoothly as it seems like the sheer volume of users trying to access the app and the online website, isn’t letting everyone complete their transaction.

 

iPhone 8 to feature 3GB RAM, may not find many takers at $1,000 price tag
According to KGI Securities analyst Ming-Chi Kuo, who is known for his accurate Apple leaks, the iPhone 8 will feature 3GB RAM, as will the iPhone 7s Plus. The iPhone 7s, on the other hand, is said to be stuck with 2GB RAM. The extra gig of RAM will help the phones process the upgraded camera and AR features coming soon. However, this – along with other new features – might push up the price of the iPhone 8 to $1,000, which may isolate it from some perspective buyers, says Barclays’ Mark Moskowitz.

Samsung Galaxy Note 8 price, comes with new Gear VR headset
As you could tell from yesterday’s launch, the Samsung Galaxy Note 8 is a pretty big smartphone with a huge 6.3-inch Infinity Display. To accommodate that, Samsung has launched a new Gear VR headset, just for it. It is priced at $129.99 (roughly Rs. 8,300), and is already available on the US online store to buy. The Galaxy S8 comes with 6GB of RAM, but a variant with 4GB RAM has been spotted via the Chinese certification agency TENAA. Coming to the price of Galaxy Note 8, be prepared to pay a hefty sum for the device as it has been priced between roughly Rs. 60,000 and Rs. 75,000, depending on the market.

Samsung Galaxy Note 8: Top 8 Features You Need to Know About

Samsung has also confirmed that it will be launching Gear S3 (Review) smartwatch’s successor at IFAevent in Berlin next week and that it is also working on smart home speakers that might be launched soon. Separately, the company’s rumoured Samsung Gear Sport smartwatch has been tipped to be the first wearable device powered by Tizen 3.0 operating system.

Google lets you check if you’re depressed
Clinical depression is a fairly common condition with almost one in five Americans experiencing an episode, according to NAMI. Now, people in the US will soon have an option to take a screening test on Google to know if they are depressed or not. When users search for ‘clinical depression’ on Google on mobile, they will see a box atop the results, which the search giant calls a Knowledge Panel. The Knowledge Panel contains information on what depression is, what its symptoms are and the possible treatments.

Google Pixel 2, Pixel XL 2 launch date tipped 
With the Samsung Galaxy Note 8 out of the way, the next big exciting Android launch is arguably the Google Pixel 2 and Pixel XL 2 and now, a fresh tip gives us a date to look forward to. Popular tipster Evan Blass tweeted on Thursday that the second generation Pixel smartphones will be unveiled on October 5. The tweet also mentions that the upcoming Pixel handset will pack Qualcomm’s Snapdragon 836 SoCs. This would make the Pixel smartphones to be the first to sport Qualcomm’s latest SoC.

Google Pixel, Nexus users report Bluetooth issues on Android 8.0 Oreo
Google recently unveiled the next iteration of Android, which is Android 8.0 Oreo, which will soon make its way to Pixel and Nexus devices as an OTA. However, users who have already forced this update on their devices are reporting issues with Bluetooth and Google is asking for feedback to address the matter. With any major new OS version , there are bound to be minor bugs and we’re hoping Google irons these out before the public roll out.

Android 8.0 Oreo: Check When Your Phone Will Get the Update

YotaPhone 3 with dual displays launched
Earlier rumoured to be called Yota 3, Yota Devices has launched the YotaPhone 3 in China. The phone runs YotaOS 3.0 based on Android 7.1.1 Nougat out-of-the-box and packs a 5.5-inch full-HD display on the front and a 5.2-inch E-Ink display on the back. It’s been priced at CNY 2,398 (roughly Rs. 23,050) for the 64GB version and CNY 3,098 (roughly Rs. 29,750) for the 128GB version. JD.com will start taking pre-orders for the YotaPhone 3 from September 5 and the phone will then be released on September 18.

Uber, Ola tie-up with AAI make airport cab bookings easier
Ola and Uber are currently two of the most popular choices of transport for air travellers  and now, Airports Authority of India (AAI) has entered into a strategic alliances with them to provide passengers the option to hire these cabs at select aerodromes. As part of this alliance, both Ola and Uber will fulfil commuting demand of passengers at the AAI-run Chennai, Kolkata, Pune, Lucknow and Bhubaneswar airports, a release said on Wednesday.

Meanwhile, Uber has also reported 16 percent increase in quarterly bookings and a smaller loss than the previous period as the ride-services company showed signs of inching towards profitability.

Facebook camera now lets you capture 360-degree photos
In order for VR to reach mainstream acceptance, there needs to be an easy (cheap) way to create such content. Facebook hopes to accelerate this by enabling 360-degree photo capture through its own in-app camera. The update has been rolled out in both iOS and Android and includes the abilities to zoom and tag friends. According to a report, these 360-degree images or those from any other sources can be used as “Cover Photos”.

Nikon launches D850 full-frame DSLR
Nikon had confirmed that its next, full-frame flagship DSLR was in development and today, the company has unveiled the D850, the successor to the D810. The new D850 will compete with the likes of Canon’s EOS 5D Mark IV in the high-end DSLR space. The Nikon D850 will go on sale in September for a retail price of $3,299.95 (roughly Rs. 2,24,300). Highlight features include a weather sealed body, 45.7-megapixel sensor, 7fps burst shooting and 4K video recording capability.

Jet Airways partners with Airbnb
In order to strengthen its range of global hospitality choices, Jet Airways has partnered with Airbnb for a wider selection of accommodations for its guests. The partnership will also give momentum to the growth of Airbnb’s footprint in the Indian market. Airbnb country manager Amanpreet Bajaj said that Indian travellers have become more decisive and are keen to break away from conventional means of travel and accommodation.

Chhattisgarh Government to distribute over 55 lakh smartphones 
In a bit to bridge the digital divide, the Chhattisgarh government is going to distribute over 55 lakh smartphones in the state. It will be distributed in rural areas and to the below poverty line (BPL) families in urban areas and college-going youths in two phases, said Industry Minister Amar Agrawal. Around 50.8 lakh handsets would be distributed in the first phase in 2017-18 and 2018-19.

[“Source-gadgets.ndtv”]

Law & Kenneth Saatchi & Saatchi Bags Creative Mandate of Bauli India

Law & Kenneth Saatchi & Saatchi Bags Creative Mandate of Bauli India

Italian MNC, Bauli Bakes and Sweets has appointed Law & Kenneth Saatchi & Saatchi to handle its integrated communications business for India following a multi-agency pitch. The agency’s Mumbai office will handle Bauli’s brand portfolio and nationwide launch across mainline and digital marketing communications.

Recently, Vizeum, the full-service media agency from Dentsu Aegis Network, had bagged the media mandate for Bauli India Bakes & Sweets, following a multi-agency pitch.

Established in 1922 and based out of Verona, Italy; Bauli has been a symbol of Italian confectionary art in many parts of the world. Today Bauli is present in more than 70 countries worldwide and is now ready to bring its rich Italian tradition to India with the launch of Bauli Moonfils.

Raghav Ravichandar, Senior Marketing Manager, Bauli India said, “We are excited to have one of the world’s leading creative powerhouse agencies partner us to ensure the Bauli legacy becomes a household name in India as is in Italy.”

Law & Kenneth Saatchi & Saatchi will look to support Bauli in its big bang launch and stay true to its legacy of helping brands become a true lovemark.

Rohit Malkani, Executive Creative Director (National), Law & Kenneth Saatchi & Saatchi said, “This was a particularly ‘sweet victory’ for us. It was a pitch that was fought with a truly integrated approach and that made all the difference. Law & Kenneth Saatchi and Saatchi has a history of partnering clients from scratch to build Superbrands. Bauli is a confectionery giant in Italy with ambitious plans for India, it’s going to be an exciting ride with a slew of amazing products and a great team to work with.”

[“Source-adageindia”]