You'd be hard pressed to find a person in Texas, or in any state for that matter, who has not heard of the well-known TLC reality show 'Here Comes Honey Boo Boo'. But despite the negative media attention the parents have been receiving from people who disagree with how they've been raising their children, a recent decision by the mother may change some views towards the better.
June Shannon announced this month that she planned to setup five separate trust funds, one for each of her three daughters, and the other for her granddaughter. In an arrangement with TLC, money earned from each episode, which can reportedly range from $15,000 to $20,000, is directly deposited into the trusts. She then receives an email confirming the funds have been deposited.
"I want my kids to look back and say, 'Mama played it smart'," she explains, stating that she doesn't want her children's careers now to get them into financial trouble down the road like many other reality-show stars.
According to the terms of the trusts, the girls will not be allowed to access the money until they turn 21, with the exception for use towards school and medical emergencies.
Some financial experts have praised the mother for making such a smart move towards securing her daughters' financial futures. Often times, parents don't think about creating trusts for their children because they think that they will need large amounts of money to start and maintain them, but the truth of the matter is that a trust can be whatever size you want it to be. And you don't have to be a celebrity to start one either.
Source: Times, "Honey Boo Boo's Mom is Actually Doing Something Smart with Her Reality Show Money," Samantha Grossman, Jan. 8, 2013
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