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> When I was 10 my dad drained my and my sister's savings[1] account that way. Is this a typo? At least in my state minors cannot own anything -- their guardia

> When I was 10 my dad drained my and my sister's savings[1] account that way. Is this a typo? At least in my state minors cannot own anything -- their guardians do. Therefore it would have never been yours to begin with. Even then, who is 10 and has enough money to float a business?

jackvalentine 9y ago
It's fairly common around the world that minors can and do own bank accounts - usually tied to a guardian but the money is nominally 'theirs'. My 3yo niece has about 2000AUD in her bank account, from various gifts through her short life so far.
Swizec 9y ago
> Even then, who is 10 and has enough money to float a business? I don't know how much was in there, but say my parents were putting in $10 every month. By the time I was 10 that would be around $1200. In a country where median income back then was probably around $15000 that's 1 month's salary. Plenty to tie one over when they're low on cash and see a paid invoice just around the corner. I'm sure he did it with the best of intentions and with full intent to put it back in just a short while. My point is that when you are strapped for funds and you have full legal access to somebody else's funds, it can be hard to resist.
- tlear 9y ago
  This is why I am not putting anything into my kids "savings". They are not their saving they are mine. Period. If for tax reason I have to do it I will never tell them about it. Of course he should have used that money, it was his. Not to mention you most likely benefitted quite a bit from his business surviving. If that concept is not something he explained to you then he failed as parent in other ways.
  - Swizec 9y ago
    Well it also lead (among other things) to my parent’s divorce and me and my sister growing up in a single parent home with a dad who claims he’s too broke to pay child support. Afaik he still owes my mum most of it and has turned to skirting the law to get out of debt collector crosshairs. The problem isn’t that he took the money. The problem is how he did it (unilaterally and without discussion with other people whose money it also was) And his business did not survive so I didn’t benefit from that either. So yeah, how was that good for me again?

jackvalentine 9y ago

It's fairly common around the world that minors can and do own bank accounts - usually tied to a guardian but the money is nominally 'theirs'. My 3yo niece has about 2000AUD in her bank account, from various gifts through her short life so far.

Swizec 9y ago

> Even then, who is 10 and has enough money to float a business? I don't know how much was in there, but say my parents were putting in $10 every month. By the time I was 10 that would be around $1200. In a country where median income back then was probably around $15000 that's 1 month's salary. Plenty to tie one over when they're low on cash and see a paid invoice just around the corner. I'm sure he did it with the best of intentions and with full intent to put it back in just a short while. My point is that when you are strapped for funds and you have full legal access to somebody else's funds, it can be hard to resist.

tlear 9y ago
This is why I am not putting anything into my kids "savings". They are not their saving they are mine. Period. If for tax reason I have to do it I will never tell them about it. Of course he should have used that money, it was his. Not to mention you most likely benefitted quite a bit from his business surviving. If that concept is not something he explained to you then he failed as parent in other ways.
- Swizec 9y ago
  Well it also lead (among other things) to my parent’s divorce and me and my sister growing up in a single parent home with a dad who claims he’s too broke to pay child support. Afaik he still owes my mum most of it and has turned to skirting the law to get out of debt collector crosshairs. The problem isn’t that he took the money. The problem is how he did it (unilaterally and without discussion with other people whose money it also was) And his business did not survive so I didn’t benefit from that either. So yeah, how was that good for me again?