My 5th grade teacher was reading this paper one day and she said something about this thing and that you can earn $200- $500 if you win this thing, and a boy commented that you have to be 18 or older to spend it, can a 10-14 year old spend the money, and if not, why are they even doing this??
2007-10-23 10:23:43 · 8 answers · asked by ♥Heather♥Lee♥ 1 in Pregnancy & Parenting ➔ Grade-Schooler
I would encourage the child to invest the money via bonds or stocks you could use the money as a learning tool for his future.
2007-10-24 04:35:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
why wouldn't a child this age be able to spend the money??
the only way they COULDN'T spend it is if their parents put the money into a savings/trust and made it so that the child couldn't touch it until they were 18. (which is PROBABLY the smartest idea) because most 10 year olds would waste the money on junk they didn't need.
2007-10-23 17:27:25 · answer #2 · answered by Lana B 3 · 2⤊ 0⤋
I don't see why you can't spend the money? Maybe an adult has to cash the check and help you spend it but a child should be able to spend the whole thing.
2007-10-23 17:27:11 · answer #3 · answered by Precious 7 · 1⤊ 0⤋
Money is not commonly awarded to children. Would be put in child's name...that's what this kid in your class is talking about. I think the amount is like 100 dollars and up. Now even if you won I'm sure your parents would let you spend it. (some of it anyway)
2007-10-23 17:29:25 · answer #4 · answered by OMGiamgoingNUTS 5 · 1⤊ 0⤋
Because a child cannot enter into a binding agreement, or satisfy a contract, sales are contracts, so are prize monies.
Anything a child inherits or wins before theyre 18 goes into an escrow account.
But theres many different circumstances.
2007-10-23 17:28:30 · answer #5 · answered by amosunknown 7 · 2⤊ 1⤋
If you have to be 18 or older, you have to be 18 or older.
Unless you get an adult to sign up and win for you then just give you the money!! ;)
2007-10-23 17:27:35 · answer #6 · answered by Natalie 3 · 0⤊ 1⤋
you might have to be 18 or over to win, but not spend the money.
2007-10-23 17:37:17 · answer #7 · answered by wendy_da_goodlil_witch 7 · 1⤊ 0⤋
They can spend it legally, but I don't know what cashier in their right mind wouldn't ask a 10 year old where they got all that money.
If the kid is 10 though, they should have a parent with them anyway when they're buying something, so it wouldn't be a problem.
2007-10-23 17:27:43 · answer #8 · answered by Ella (& her dogs) 5 · 1⤊ 1⤋