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The Moneyist: Should I spend my daughter’s $100,000 trust fund on private schools and ballet classes?

Dear Moneyist,

My family has a trust fund. My daughter, since the day she was born, has received dividends. The average is about $8,000 per year. She is 10 years old. In order to be fiscally responsible, we have set up an account with Edward Jones. Her money is being directly sent there to put in an account. So far it is worth over $100,000. I think we are being pretty fiscally responsible.

Should we use any of her money for her extra-curricular activity? For example, summer camps (which can range from $200 a week to $2,000)? Dance class? Gymnastics? We have not done this.

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