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Do you by chance call your son Junior?
Not enough info on this. I mean does the boy get money from other family members or anything? Big enough family... big enough savings. Also Im sure you spend money to keep your family going, so of course it'll be harder for you to save up money. Common sense people! Damn!
*comes out of wall showing lizard face with cool sunglasses on* WHO SAID THEY ARE POORER THAN THEIR CHILD? OH, YEAH, YOU, OKAY WELL MOSTLY I'M JUST THIS TALKING LIZARD ADVERTISING GEICO ON YOUR TV WHICH PROBABLY BOTHERS YOU BECAUSE THOSE COMMERCIALS ALWAYS COME ON IN BETWEEN YOUR FAVORITE SHOW, BUT YEAH THAT'S NOT REALLY MY FAULT. ANYWAY.... I think it's because your little five-year-old doesn't have to pay rent, bills, taxes, groceries, clothes, etc. so she/he can save up all his/her money. You probably shouldn't worry unless you have $150 dollars and your child has around $900, and if that ever happens or something like that, then your kid is probably stealing money from you and others or just doing something other than chores or volunteering.
The kid is five years old. Finances change a lot. It could be that he was in a perfectly financially stable position five years ago. Besides, it doesn't necessarily mean that he's struggling, just that he only just has enough to get by. Kids cost money. Living costs money. I know a lot of people that literally have no money in their bank account when it comes to the end of the month, and people who get overdrawn. Those aren't people who are financially irresponsible, just that they don't have money for luxuries right now. Maybe this was just a particularly bad month with lots of expenses. I'm sure he's still able to support his family, just that times can be tough sometimes.
How much is his allowance???
it could be a lot of family members giving him gifts. that happens a lot in my family
Maybe he can be your financial advisor.
That's just your most liquid asset. You personal net worth is still exponentially higher :)
Who's fault is that?
Well that certainly sucks for you but congratulations to you for promoting great saving habits in your son and kudos to him for following through and saving his money.
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Kids cost money, hopefully you are spending yours on him! There is nothing wrong with being broke if you are using your money for the right reasons.
He'll be a great investor when he grows up.