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Could you NOT spend your kid's money?


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I am reading a biography of Ronny Howard. His first professional job was at the age of four. Actually his first job was at the age of one. His father was making this be western, and Mama took the baby to the set. And they needed a crying baby in the scene. So they put him in costume and put him on the set and have the cameras ready and he was playing with a toy, and when the director said action they snatched the toy out of his hand and he responded with WAAAAAAA! Cut, print it. But he didn't count that as his first professional job because he did not get paid.


His first job was in a movie taking place in Vienna. And his father rationalized. Boy gets to see a little world, he enjoys playing pretend, and he can earn a little money for college.


And once they were back in the States and he continued to get work, Daddy was thinking that this money can go into the college fund and that takes a load off me and Mama. And I read an interview with Mama one time where she says, "We always lived on what Rance made. We never spent the boys' money."


That's good. That's a good thing.


Back in the early days of movies there was a child actress. I'm almost certain she was a little rascal, and I think it was Darla. But when she was grown she didn't have no money. Because her family lived on it. It was the depression. Why go out and bust your butt all day everyday for $20 a month while your kid is making $500 a week? I think the boy that played Donna Reed's son in the TV show had the same problem. His parents spent most of his pay.


There's an online story with these kids have developed a robot. And they sold it to google, and to the army, and to Raytheon. And they've made lots of money. These 11 or 12 year old kids have each got four or five million dollars in the bank. One of the girls' parents is divorced. And mama is in debt. Owes about 80k. Daddy has custody. And when Mama finds out about all this money the daughter has, well hell, get me out of debt!


So suppose your kid was on TV. The Bradys, The Cosbys, Tim the toolman Taylor. And there you are with a normal job. Accountant. Cab driver. Hotel clerk. And like a whole lot of normal people, living paycheck to paycheck. And your kid is making several tens of thousands of dollars a week. Transmission on the car takes a dump. It's going to cost $5,000 to fix. And there is all your kid's money just sitting in the bank.


That would be awful tempting. You tell yourself it's just one time. Maybe you tell yourself you'll even pay it back.


Do you think you could not spend your kid's money?


I don't know. I tell myself I wouldn't do it because I'm honest and it's not my money. But paying for the car repair on the credit card, at 23% interest, while there's a half a million dollars in the kid's bank account.

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Freddie Bartholomew was one of the most famous child actors in the 1930.  Made millions.  He was abandoned by his parents and raised by madin aunt.  When the parents figured out he was rich, they tried to get custody.  Most of his money was drained away in lawsuit.  




Edited by Warden Callaway
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1 hour ago, Marshal Mo Hare, SASS #45984 said:

Mickey Rooney was one of the biggest stars. I don’t know how his childhood monies were spent.

I think his money got cleaned because of 5 wives....Did not help...


Texas Lizard

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On 3/10/2024 at 8:23 AM, Alpo said:

.Do you think you could not spend your kid's money?…

To many folks can’t discipline themselves from over spending their credit cards.   Why would spending a minor’s earnings be any different?

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In most states, parents have no rights to their children's money. Kids may get money from other sources than being child stars or inventors: inheritance from grandparents, funds from personal injury settlements, etc.


Such funds need to be in guardianships or other protected accounts during  the kid's minority. Often a parent is the guardian. If the parent takes money without court approval, this would be regarded as theft. Children have no legal obligation to support their parents, unlike vice versa.


If there is a genuine household need, including a car repair that there's no money for, the court can be asked to permit a withdrawl of the child's funds if it is found that the child is benefitted.


So, it would be inadvisable to take the money without such approval.

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On 3/10/2024 at 5:38 AM, Warden Callaway said:

  Most of his money was drained away in lawsuit. 


The lawyer always wins.

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IIRC,  Jackie Coogan's situation prompted the passage of a law preventing the child's parents from spending proceeds  earned by that child.

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