Last week I was debating whether or not I should include all the crazy blog money I’ve been raking in when I do a net worth update. I decided that I should because income is income, but it got me thinking about something else: how much do other people know about your finances? Since I’m college age and assume most people reading this are my age, the main people I’m talking about are your parents.
Besides you peeps, no one I know in real life has any clue that $2,496 is sitting in a business checking account with my name on it. It’s possible my dad knows something is up because junk mail has started coming to the house with my semi-officical business name on it. Damn post office can’t let me keep a secret! Overall though, my online business dealings are private. Unless you posess the skillz necessary to Google my name.
My parents don’t much else about my finances either. My dad is still listed on one of my checking accounts, but he never checks the balance or anything. My parents know I have a Roth IRA and some other accounts, but have no idea what’s in them.
All this got me thinking about how much should parents know about their kids’ money? I don’t try to be secretive or anything, but they’ve never asked and I’ve never volunteered the information. But do parents have a right to know the details of what their child spends/saves/invests/etc? I’d tell mine anything they’d ever want to know, but I know not everybody has the same relationship with their rents. What does your situation look like?