The amount of people living subsidized by their parents is astounding

[Anonymous]

Anonymous wrote:It's irresponsible not to gift the max amount to your kids if you have that wealth or generational wealth. We max out our children each year.

The gift amount for 2025 is now $19,000 per parent, so $38k per child.

Double that if they are married.

[Anonymous]

This is nothing new. At least it goes back 2 generations by now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's telling how defensive so many of the generational wealth people are. OP just said it was frustrating to not have family money when you are constantly surrounded by people who do. This is not a controversial statement. Imagine hearing about your friend's latest ski trip to the Alps while you're stressed about losing your fed job with no family money to fall back on.

For most people, this generational wealth takes the form of private school tuition for their kids, a down payment on a house, or help with emergency expenses. Not some Richie Rich vacation in the Alps.

So… things that are SIGNIFICANTLY more expensive than a “Richie Rich” vacation in the Alps?

Things that are not frivolous ski vacations, yes

LOL, nice cope princess.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, there is always one generation that works very, very hard and then they create the generational wealth for their children.

You should strive to be that generation and provide for your children and future generation. We are immigrants who came with $200 in this country. We lived a life of penury for several years and we worked very hard. Our children will get a leg-up in life from us. Their life will be easier than ours. Hopefully, they have imbibed good values from us and they will add to the generational wealth and they will also raise their kids well. Education and hard work are the keys.

I feel exactly this way. I didn't come from generational wealth, but I'm creating it. One of my strongest motivations is my immense love for my children and my desire to, as you say, give them a leg up in life. I will bestow every privilege upon my children that I can muster. It's the way of the world.

Everyone is different, I guess. My parents came from nothing - think poor farmers, no education, nudged out of home at 18, and they built a very successful business. For as long as I can remember, they've disdained people who didn't earn their own money. So, there was really strong negative talk about trust fund kids in our household. They always promised to pay for our education, but we knew we were on our own after that. Some people, like my parents, want their children to experience the struggle, pride and ownership of making their own money. No judgment on which way is better. My family remains very close, and we're all grateful for the headstart we got in life through a fully funded education. None of us resent our parents for not giving us cash gifts after we finished school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's telling how defensive so many of the generational wealth people are. OP just said it was frustrating to not have family money when you are constantly surrounded by people who do. This is not a controversial statement. Imagine hearing about your friend's latest ski trip to the Alps while you're stressed about losing your fed job with no family money to fall back on.

For most people, this generational wealth takes the form of private school tuition for their kids, a down payment on a house, or help with emergency expenses. Not some Richie Rich vacation in the Alps.

So… things that are SIGNIFICANTLY more expensive than a “Richie Rich” vacation in the Alps?

Things that are not frivolous ski vacations, yes

LOL, nice cope princess.

Thanks, clown

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, there is always one generation that works very, very hard and then they create the generational wealth for their children.

You should strive to be that generation and provide for your children and future generation. We are immigrants who came with $200 in this country. We lived a life of penury for several years and we worked very hard. Our children will get a leg-up in life from us. Their life will be easier than ours. Hopefully, they have imbibed good values from us and they will add to the generational wealth and they will also raise their kids well. Education and hard work are the keys.

I feel exactly this way. I didn't come from generational wealth, but I'm creating it. One of my strongest motivations is my immense love for my children and my desire to, as you say, give them a leg up in life. I will bestow every privilege upon my children that I can muster. It's the way of the world.

Everyone is different, I guess. My parents came from nothing - think poor farmers, no education, nudged out of home at 18, and they built a very successful business. For as long as I can remember, they've disdained people who didn't earn their own money. So, there was really strong negative talk about trust fund kids in our household. They always promised to pay for our education, but we knew we were on our own after that. Some people, like my parents, want their children to experience the struggle, pride and ownership of making their own money. No judgment on which way is better. My family remains very close, and we're all grateful for the headstart we got in life through a fully funded education. None of us resent our parents for not giving us cash gifts after we finished school.

And someone out there will think you were born with a silver spoon because they helped you with school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, there is always one generation that works very, very hard and then they create the generational wealth for their children.

You should strive to be that generation and provide for your children and future generation. We are immigrants who came with $200 in this country. We lived a life of penury for several years and we worked very hard. Our children will get a leg-up in life from us. Their life will be easier than ours. Hopefully, they have imbibed good values from us and they will add to the generational wealth and they will also raise their kids well. Education and hard work are the keys.

I feel exactly this way. I didn't come from generational wealth, but I'm creating it. One of my strongest motivations is my immense love for my children and my desire to, as you say, give them a leg up in life. I will bestow every privilege upon my children that I can muster. It's the way of the world.

Everyone is different, I guess. My parents came from nothing - think poor farmers, no education, nudged out of home at 18, and they built a very successful business. For as long as I can remember, they've disdained people who didn't earn their own money. So, there was really strong negative talk about trust fund kids in our household. They always promised to pay for our education, but we knew we were on our own after that. Some people, like my parents, want their children to experience the struggle, pride and ownership of making their own money. No judgment on which way is better. My family remains very close, and we're all grateful for the headstart we got in life through a fully funded education. None of us resent our parents for not giving us cash gifts after we finished school.

And someone out there will think you were born with a silver spoon because they helped you with school.

I'm the PP, and I don't dispute that I was born with a silver spoon because they paid for school. I always pick up the bill now, even though their net worth is at least 10x mine. I try to remember to thank them often, too.

[Anonymous]

My kids will be, I am, my parents were, my dad's parents were, my dad's grandparents were and maybe his great grandparents were too I am not sure that far back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm over 50 and have never met anyone like this. What kind of loser would accept money from parents/family? It's not that hard to just get a job and pay your bills in the US, assuming you didn't have kids before finishing college.

That’s how generational wealth works. Stay mad.

Not mad at all, I'm actually quite fond of generational wealth

Maybe it's just me, but receiving money from someone who had passed away in the form of a trust seems a lot different than Mommy giving a grown adult 50k for a new car or private school for the kids.

It's just you. The money was intended for their children and grandchildren. Might as well give it to them when you can see them benefit.

People who are strong and self sufficient are at least going to feel weird about accepting money from their aging parents. I don't think I would accept it, but I also don't need the money so it's easy for me to say. Sounds like you are doing it for yourself though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just in the last 2 years we made 1m/year and my parents who make 80k/year on retirement have full medical benefits but have everything fully paid off want to pay for private school and I am ok with it because they don't have any other use for their money. If they end of running out of money i would help them. However their generation is very different than our's where they don't have any debts.

If you're making $2m per year and your letting your retired parents clocking $80k a year in retirement pay for your kids' private school education, you are a f4cking loser. Hope I'm crystal clear.

thanks, my parents have 10m in assets and i have loans and a house that has a mortgage balance of 50%. We are henry millennials that recently started getting this high income. either way sorry we are not all old genx/boomers like yourself. At least my boomer parents want to help.

Plus, paying directly for education is a way to bypass any estate taxes (not that it's an issue for a couple with only $10M---but it could be if the estate tax amount stays at 4-5M once it sunsets next year)

[Anonymous]

Life is unfair. Recognize it and get over it.

[Anonymous]

Anonymous wrote:I'm over 50 and have never met anyone like this. What kind of loser would accept money from parents/family? It's not that hard to just get a job and pay your bills in the US, assuming you didn't have kids before finishing college.

Our kid has a job. A good one, and they live within their means. Which means they can afford their rent and all bills and still save for retirement. However, we are wealthy, so we have already started gifting them each year. Why? Because they have been maxing their IRA since they had income and now max both the IRA and 401K. We are wealthy enough that the Estate Tax will be an issue (and it will be an issue at the state level at just $2M).
But our philosophy is to give the money now where it makes a difference. So they have their education fully paid for, given a car at graduation, and they save all that we gift them in retirement or for a "first home" They know we will fund any future grandkids education as well.

But you are not a looser for using your family $$ to better your lifestyle. As long as our kids have a good job and are not living large we will continue to gift them

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm over 50 and have never met anyone like this. What kind of loser would accept money from parents/family? It's not that hard to just get a job and pay your bills in the US, assuming you didn't have kids before finishing college.

That’s how generational wealth works. Stay mad.

Not mad at all, I'm actually quite fond of generational wealth

Maybe it's just me, but receiving money from someone who had passed away in the form of a trust seems a lot different than Mommy giving a grown adult 50k for a new car or private school for the kids.

It's just you. The money was intended for their children and grandchildren. Might as well give it to them when you can see them benefit.

People who are strong and self sufficient are at least going to feel weird about accepting money from their aging parents. I don't think I would accept it, but I also don't need the money so it's easy for me to say. Sounds like you are doing it for yourself though.

Many trusts are 'given' long before the grantor dies though. The parents have plenty of money and sharing it during their lifetime is just how it is done and there is nothing to feel weird about. It is business.

[Anonymous]

Anonymous wrote:I’m one of those people – my parents gift me the $36,000 max every year. Why do you care?

Everyone’s dealt a different hand in life. I have that annual gift but had issues with mental health in the past which mean that I’ll never work the type of jobs that pay more than $100-$150K per year.

We grew up poor. I ate free lunch 3-4 years in school and we were on SNAP at times (when parents were laid off).
We excelled academically and launched great careers. Our kids will never have to worry about $$. However, we raised them well and our Gifts are supplemental and they are all frugal and live within their means (they rent a place they can qualify for on their own income). Most of what we gift them is saved. Yes, they live "better than others" because we pay for family trips for them and SO. Quite simply they would live much better than others simply because we paid fully for college and gifted them a car to start out. That alone puts them in a much better position. But if you have the money and the kids are appreciative and work hard, why would you make them struggle financially? You can be successful and a good person without having to work 20 hours a week to attend college and without having $100K+ in student loans.

[Anonymous]

Anonymous wrote:My kids are still in high school but we plan to do what we can to help them. They will get our money someday, so why not give it to them early, when they may need it more? Why is it wrong to pay for my grandkids to do to great schools and great summer camps?

I see each generation’s responsibility as doing better than the last.

Smart move. Much more impact on their lives if they get the money starting at 18+ (college, first car, help with downpayment, help to max retirement, etc) versus waiting until you are dead and they are 50+. Their life pathway is set by then. Everyone should read "die with zero". Don't agree with all of it, but the concept is great