Comments on: Economic Outpatient Care

By: Marie

Marie — Wed, 23 Jun 2010 01:55:55 +0000

The parents or the distributor of EOC should take responsibility for ensuring the recipient is not dependent on their support. The recipient must acknowledge that the gifts should be used or invested wisely.

How can a parent “ensure” his Adult “children” are not dependent unless they refrain from extending financial support? Parents should step back emotionally and financially from adult children who need to make their own lives. Too many parents think they are still raising their “children” when in fact those individuals are adults and should be responsible for themselves.

By: Carnival of Money Stories:Just the Facts

Carnival of Money Stories:Just the Facts — Mon, 15 Feb 2010 16:53:36 +0000

[...] presents Economic Outpatient Care posted at KCLau#8217;s Money [...]

By: RockYourVote.net

RockYourVote.net — Wed, 10 Feb 2010 06:04:58 +0000

Economic Outpatient Care…

Economic Outpatient Care“ or EOC from the book “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko….

By: jacquelyn

jacquelyn — Sun, 31 Jan 2010 23:31:41 +0000

Hi Lai, it is never too early to start teaching our children about money planning. My spouse and I are doing the same thing with our children and we do see some results. For example, they do not buy on impulse and they keep within a budget.

By: jacquelyn

jacquelyn — Sun, 31 Jan 2010 23:26:17 +0000

Hi Seroja, thanks for sharing your great idea! It is a win-win situation.

By: jacquelyn

jacquelyn — Sun, 31 Jan 2010 23:22:46 +0000

Hi Nor, I agree when you say that it depends on ourself to determine to be better off or worse financially. EOC should be used wisely if we are fortunate to receive it.

By: Lai Seng Choy

Lai Seng Choy — Fri, 29 Jan 2010 05:19:46 +0000

For my eldest son, I start to let him know the purpose of money and encourage him to do his own bookkeeping as well as spending plan since he was in primary 1. We (my wife and I) constantly give him advise on refining his plan. After 2 years of practising, he learns the value of money even though his bookkeeping skill still needs further improvement. By doing so, I expect he will be able take care of his finance rather than over-dependence on parents support. I am targetting to do the same to my daughter when she is in primary 1 few years later. I believe if we can teach our kids about money when they are young, daily practise will become their habit sooner or later.

By: seroja

seroja — Fri, 29 Jan 2010 03:13:23 +0000

in mycase i didnt give my son on EOC , i made him buy with a very cheap price of the property and later sell it for more gain. eg the property is worth 150-180 k now i js sold him for 100. because we too use a lot of cash for his study

By: Nor

Nor — Thu, 28 Jan 2010 02:14:40 +0000

HI Jacquelyn. Thank you for the great post. I did not receive EOC. I’m a girl. Compare to my brother, he receive EOC from my parents, and I do believe that he did not use it wisely. It harms him more by making him more lazy to improve himself financially, & when he has problem or make mistakes, he can come running to my parents for help.
There always good & bad things from EOC, the way I see it, it depends on yourself whether you want to be better or worse financially. It is actually a blessing in my case, because I plan to accumulate my wealth without my parents help, so that when ‘the day’ come, I will told my brother that I did it all by myself