It's All Right to Ask Your Kids to Chip In
When money is tight, family members can pool their earnings to make ends meet -- even the children.
Q. Is it fair of my husband and me to insist that our teenage children contribute some of their after-school and summer earnings to our family budget? We're a family of modest means.
Yes. Throughout history, especially in lower-income families, it was expected that the earnings of all family members would be pooled for the family's benefit, even if children were allowed to keep a small part for themselves. The concept that children may use all of their earnings for their personal consumption is a relatively new phenomenon born of affluence -- and it's a privilege not often enjoyed by their moms and dads.
You can help train your children for their future obligations as parents by discussing with them a reasonable division of their earnings among current family needs, their discretionary spending and a savings account for their future needs.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Thoughts on tenure
Q: I am a young assistant professor, and I feel that professional advancement and higher earnings for myself and my peers are blocked by the refusal of aging, tenured professors to retire -- even those everyone thinks have lost their passion for teaching and research. Do you think that lifetime tenure is morally defensible?
No, I don't. Tenure was invented to protect professors from being fired for politically or intellectually unpopular views. But today there are other ways besides tenure to prevent this. I don't believe in lifetime employment rights (with the possible exception of federal judges). Everyone should be subject to periodic performance reviews. Professors should be judged on their teaching skills and scholarship.
Age should be irrelevant, as it became when mandatory retirement ages were banned years ago. Some very senior professors have more vitality and originality than much younger teachers, while others -- after fair evaluation -- should be required to step aside.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
Knight came to Kiplinger in 1983, after 13 years in daily newspaper journalism, the last six as Washington bureau chief of the Ottaway Newspapers division of Dow Jones. A frequent speaker before business audiences, he has appeared on NPR, CNN, Fox and CNBC, among other networks. Knight contributes to the weekly Kiplinger Letter.
-
What To Look for in Great Dividend Stocks
Dividend-paying stocks have lagged lately but are due for a comeback. Here's what to look for in great dividend stocks.
By Kim Clark Published
-
How to Retire Early by 40: Build the FIRE Now
It's not easy, but you may be able to retire by 40 or 45 if you take these FIRE (Financial Independence, Retire Early) steps now.
By Jacob Schroeder Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How Much Life Insurance Do You Need?
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
By Kimberly Lankford Published
-
When Is Amazon Prime Day?
Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
5 Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan.
By Daniel Bortz Published