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Reply to "Who here is regularly supporting their adult children financially?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I have many friends whose parents helped in various ways (I’m in my 50’s) and they are all fine. They are all grown up and responsible. My parents couldn’t help me. I’m fine too. I don’t think helping kids is necessarily enabling them. [/quote] It is not "enabling them". We gift our kids $18K each year--for their Roth IRA and 401K. Yes, our kids would still do the Roth and some 401K if we didn't, as they have good jobs and can afford to do this. But they invest more this way. To us, this is a good use of our $$. The kids are getting millions ($8-10M+ for each) when we die, why not give some of it when it will benefit them the most? They get the tax breaks and most importantly by time they are 30 they will be well set for retirement. They won't have to struggle once they have kids---they can choose to invest a bit less then (however we are still likely to gift them yearly as it's the smart tax way for us---avoid the estate tax little by little). [b]But our kids are fully functioning adults, they know they invest more than their similar aged friends[/b]. They know they are lucky and get fancy vacations if they join us. But they largely live on their own budget and do stuff with friends that is in line with their friends budgets (as cheap as possible). [/quote] The cognitive dissonance on this thread and similar are eye-opening. Duh. They invest more because you have funded their lives and retirement in the top 1%. The best was a couple of months ago on when a woman on the College Forum boasted about her "self-sufficient" son. He was living at home to save the vast majority of his salary and they were going to give him $300K to buy a house. [/quote] Why does it bother you so so so very much that maybe there are just other people out there who are financially better off?[/quote] You misread, my friend. I didn't say it bothered me. I said the cognitive dissonance was fascinating. I also find it curious that you assume we don't have a high NW, as if any group is a monolith. But you are correct that people "out there" are financially better off than us, which is true for everyone on this board. So, there's that. ;) [/quote]
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