Dreading my next financial talk

With my 15 year old working regular hours, it is now her turn to take over some more control of her future. I can't tell you what is different here, for me, compared to the first 3 kids, but I am not looking forward to it. And I am feeling overwhelmed by the urgency to move this child forward.

She out of all the children needs this the most. She is a "high maintenance" girl and some guy is going to freak when he tries to keep her happy, if you know what I mean. So, with my future looking grim for a potential son-in-law, I am feeling the need to teach and secure her the best I can. Hopefully saving my future son-in-law from the throws of debt, all in the name of love.

You poor, poor men out there. You just don't understand the power each and every female has. So, as a good mother-in-law I am going to work for this future person now. His, mother may be thankful for this as well. My daughter may not realize the value till.......I'm dead.

My first step with her, is to lay out a budget. This is slightly more difficult with her because she has 2 jobs instead of the constant job the others have had. Things that will be scrutinized here will be her fixed income and fixed savings. The rest will be negotiable or basically in her hands. Which will leave her with ability to soar or crash and burn.

The next step will be to create a new Checking Account at our local bank. She is not of age to obtain one alone yet, so I will be a co-owner, just like all the other kids. This account will be a courtesy account with no minimums and no fees. She will then also receive a Visa Check Card. In this, the Visa Check Card, is where my panic lies. The others have done a fantastic job managing this, her I worry about. She likes to shop. I know I need to teach and prepare, it is my job as mom. I will just have to watch her accounts even closer than I have the others.

The 3rd step will be to initiate a new ING Direct Custodial Account for her. One that she can see online, but that I have to control the transfers. I do have another $50 bonus that she will receive for this account. I just received it last night. She already has an account at the brick & mortar bank and the balance is well over the emergency level of $1,000. This is the base I make them keep as a minimum. The new account will be for her car, that she will need in June, along with insurance money and license plate money. A nice safe, high interest home.

The 4Th step will be to set up her first Roth IRA. I know many people are not with me on this decision, but I don't care. I move them into this for one reason and one reason only - It is easier to save for retirement when you are being supported than when you have to support. The goal with this account will be to sock away a minimum of $2k a year for the first 4 years of her working career. Should she accomplish this, and growth remains historical she should reach a $1 million by retirement with no further deposits. Although, I do not recommend not adding to this fund, it is a better situation than most and will provide them with something, in the event life has other plans and does not allow them to save. This amounts to $76.92 every 2 weeks that she needs to transfer, herself, over to her Roth. She will have full viewing and access, along with me. So she can track her progress. With her age though, she will be under my direct control. Hopefully long enough to learn that this is a good thing.

I will post later our next steps. Which will be a negotiation and an eye opener for her and for myself. The next steps will lead us to the true wants and desires of her soul. Along with how she intends to reach them. Which will then be colored with a dose of mom reality. Hopefully leaving us with a nice blended cocktail when we are done.

I have to moderate confirmation class tonight, so I will put this off one more night.