My Parents Are Trying to Seize Control of My Money! conversation reopened

[ironpony]

I want to use my savings to make a feature film because I want to invest in filmmaking as a career.  Now that some covid restrictions are being lifted this year, I thought I would try to make it this year.  But my parents really do not want me using my money to make it, as they have made clear in the past.  My dad has this idea for me to put my savings into GICs because then the money will be frozen for a year, but I will make more by doing that.

But if I freeze the money, I cannot pay anyone.  I don't want to let him know that I am using the money to make a movie, but do not want to go along with his GIC plan either, so I can pay everyone.  Is there anything I can to talk him out of this, since he keeps asking what I need to spend the money on this year, since clearly I cannot think of any excuses to give him, other than making a movie?

Thank you anyone for any input on this!  I really appreciate it!

[Wiseman2]

8 minutes ago, ironpony said:

My dad has this idea for me to put my savings into GICs because then the money will be frozen for a year, but I will make more by doing that. But if I freeze the money, I cannot pay anyone. 

Exactly. You parents don't want you squandering it.

[basil67]

Do your parents have legal control over your money?    If not, it's yours to do with as you wish.  

However, as you live with them, going against their wishes may have consequences for you.

Edited February 22, 2022 by basil67

[ironpony]

They don't have legal control, it's that they know how to manage it a lot better than me so it's hard for me to do so myself, without them noticing.

[basil67]

The fact that they manage it better than you is probably a sign that you should take their advice.

[ironpony]

9 minutes ago, basil67 said:

The fact that they manage it better than you is probably a sign that you should take their advice.

Well I could probably maybe find someone who could manage it for the production of the film or if that's better.

I'm just trying to get into the career I want as well but also have to make an impression to do so I feel.

[basil67]

Unless you've had a recent financial windfall, you don't have the money to pay for a Finance Controller.  This underscores why your parents are concerned.

[ironpony]

That makes sense.  I am just not sure how to beat the paradox.  Perhaps I could try to talk my parents into getting more on board with the project then, so they can help me with it, financially, if that's best.

[basil67]

There is no way to beat the paradox.  The only way to do this on the budget you have is to run and plan the whole thing yourself - but at present you don't have the skillset to do that.   And frankly, it's a very rare person who does have that skillset.

Your parents know this and this is why they are unwilling to support you in this endeavour. 

Edited February 23, 2022 by basil67

[ironpony]

Well I if has to be done, I could wait until the accoutn is unfrozen then if I have to.

[basil67]

1 minute ago, ironpony said:

Well I if has to be done, I could wait until the accoutn is unfrozen then if I have to.

What is this about the account being 'frozen'? 

[ironpony]

So if you put all the money in a certain account, you cannot take the money out for a certain period of time, because this allows you to make more money as a result, if that makes sense?

[basil67]

Ah, sounds something like a Term Deposit.  

Yes, you can access it when the term ends.  But what's the point of accessing the money when you don't have a full plan of how to make the film?

Until you have a full plan, you'll continue going in circles. 

[ironpony]

That's true, I can keep trying to make a plan till I come up with one that can be done for that low of an amount.

[basil67]

And when you've got a solid plan and budget, I think your parents will be more open to the idea.  And honestly, you shouldn't be starting without that done anyway.

[Wiseman2]

11 hours ago, ironpony said:

They don't have legal control, 

Then why use extreme hyperbole and extreme buzzwords such as "Seize Control of My Money!".

When in fact,  all they're doing is just trying to give you financial tips about saving for the future?

[ASG]

@ironpony what film do you want to make? 

Do you have a script? A storyboard? A budget? Have you planned ANY of it or are you just high ont he "I want to make a film" wave? 

Most people with a career in film making start out by working for others, int he film making industry (or even in the TV industry), and start off making short films, on NO budget.

I don't quite understand why you want to spend 40k of your savings on your first endeavour into film making... Unless I'm wrong and this is not your first??

[dramafreezone]

how about scaling down the size of your project to one that fits your current budget?  You have to crawl before you walk.

You need to assume that you are going to be doing this by yourself, while supporting yourself.  That is what it takes to do what you're trying to do. 

Your parents are here to keep you safe first and foremost, that's their instinct.  That is at times in diametric opposition to their kid's dreams, so understand it from their point of view.

Additionally, understand that some people just don't think on a grand scale.  A lot of people are just happy with a 9 to 5, paying the bills and going on a vacay once in a while, and there's nothing wrong with that.  But those people don't understand others that want to take huge risks to be great.  More often than not when you see huge filmmakers, movie stars, tv stars, they had parents that thought those pursuits were a waste of time.  That said, some parents just bit their tongues and supported their kids, while others spoke up, but a parent's instinct is to generally shield their kids from risk.

Edited February 23, 2022 by dramafreezone

[ironpony]

8 hours ago, Wiseman2 said:

Then why use extreme hyperbole and extreme buzzwords such as "Seize Control of My Money!".

When in fact,  all they're doing is just trying to give you financial tips about saving for the future?

Well if the money is frozen then I have no control over it to make the movie, so I felt it was out of my control as a result.  But I see your point.  I know they want what's best, but it's strange how the money has to be frozen for a year, just so I will get a few hundred extra more dollars.

[ironpony]

48 minutes ago, dramafreezone said:

how about scaling down the size of your project to one that fits your current budget?  You have to crawl before you walk.

You need to assume that you are going to be doing this by yourself, while supporting yourself.  That is what it takes to do what you're trying to do. 

Your parents are here to keep you safe first and foremost, that's their instinct.  That is at times in diametric opposition to their kid's dreams, so understand it from their point of view.

Additionally, understand that some people just don't think on a grand scale.  A lot of people are just happy with a 9 to 5, paying the bills and going on a vacay once in a while, and there's nothing wrong with that.  But those people don't understand others that want to take huge risks to be great.  More often than not when you see huge filmmakers, movie stars, tv stars, they had parents that thought those pursuits were a waste of time.  That said, some parents just bit their tongues and supported their kids, while others spoke up, but a parent's instinct is to generally shield their kids from risk.

I think it's as scaled down as I can possibly scale it now.  The script has to be at least 90 pages to be feature length, in industry rules, and it's at 96 now.  But that is still quirte a lot of money to pay everyone for 96 pages of filmming work.  So I don't think it can be scaled down any further, unless someone who can do it better than me is willing to help out there.

[ironpony]

4 hours ago, ASG said:

@ironpony what film do you want to make? 

Do you have a script? A storyboard? A budget? Have you planned ANY of it or are you just high ont he "I want to make a film" wave? 

Most people with a career in film making start out by working for others, int he film making industry (or even in the TV industry), and start off making short films, on NO budget.

I don't quite understand why you want to spend 40k of your savings on your first endeavour into film making... Unless I'm wrong and this is not your first??

I have a script but still trying to get the budget down.  I have done a good amount of the storyboards, and my gf is doing a lot of them too, since she is good at drawing, but I can't do a lot of them until I have the locations, but I need to have a certain amount of crew on board first before I get the locations, so it's a paradox there, before I can do all of the storyboards.

I have already done no budget projects before and I have helped out a lot of people on theres over the years.  I just felt it was time to move onto something bigger and take the next step rather than keep on being stuck on helping out others only, if that makes sense.

[Wiseman2]

12 minutes ago, ironpony said:

 it's strange how the money has to be frozen for a year, just so I will get a few hundred extra more dollars.

That is called investing. Use your money to make money.. Not throwing money away on unrealistic projects.

In fact you could lean some money management and investing skills, so that when they are gone, you can take care of yourself without having to work menial jobs.

[ironpony]

Oh okay, I am just not sure how else to invest the money in wanting to get into a filmmaking career, other than spend on on making a film project to get into the door with.

[Wiseman2]

7 minutes ago, ironpony said:

Oh okay, I am just not sure how else to invest the money in wanting to get into a filmmaking career, other than spend on on making a film project to get into the door with.

Ask your parents to help you find a financial advisor and CPA to help you develop money management skills, tax strategies, etc.  As long as you have professionals help you you won't be broke when your parents are no longer around. Your parents widely suggested you invest the money.

Pages and pages ago in this thread you went on circles for pages and pages about not even having a viable plan for making any sort of movie. Your parents are not stealing your money. They are protecting you from yourself.

Edited February 23, 2022 by Wiseman2

[ironpony]

1 minute ago, Wiseman2 said:

Ask your parents to help you find a financial advisor and CPA to help you develop money management skills, tax strategies, etc.  As long as you have professionals help you you won't be broke when your parents are no longer around. Your parents widely suggested you invest the money.

Pages and pages ago in this thread you went on circles for pages and pages about not even having a viable plan for making any sort of movie. Your parents are not stealing your money. They are protecting you from yourself.

Oh okay.  I feel like I have more of a production shooting plan, but trying to get it done for a much lower amount of money is the challenge.  When you say find a financial advisor, won't that person cost money to pay though too?