As a parent you discover there are a couple "big" conversations you have with your kids. They're big in that they really mark a major milestone in their growing up.
The birds & bees is one of them. (Sex, for those of you not used to 1950s euphemisms.) Death is another. For some, divorce can be a biggie.
I just had one with my daughter, aged 23. She has had the opportunity to live at home, comfortably, her entire life and not had to work. School, yes. Gainful employment, no.
I have involved all my kids in financial discussions from an early age, so they know exactly how many hours daddy had to work and where all the money goes. I've never had issues with them demanding things, or doing without if I didn't have the money or it was allocated for something else. An entitlement attitude they don't have.
However, there is still that last step of earning your own way and a few things that just don't sink in until it happens to you.
Today was that day for my daughter. Her first payday after working a real job for 2 weeks. This was the "yes they take that much in taxes" talk.
She called me up and did the math -- 7 hours a day, $10 an hour, 10 days over two weeks is $700. Why is my paycheck $430?
First, you're an hourly employee and you clock out for lunch. That means only 6.5 hours a day or $650 for two weeks. Then there is Social Security withholding, Medicare, Federal and State Income Tax. Keeping 2/3 is about right for you.
After she fumed for 10 minutes, I then reminded her of great-grandma in the nursing home. And that Medicare was covering a good portion of that cost and her Social Security was covering most of her other expenses. And this is where it came from.
I believe she has a new appreciation of just how hard it can be to make a good living and afford to raise a family.
Welcome to the real world, sweetie.