Financial support for adult children

[Anonymous]

If you provide financial assistance to your neurotypical adult children beyond undergrad, (1) what is your income/net worth, (2) how much do you provide per child and for how long do you plan to provide them with financial assistance, and (3) did you receive assistance from your parents or other family members as an adult?

[Anonymous]

One child lived with us for 2 1/2 years rent free post college graduation to save money. They are living in an apartment now. They saved a ton.

The second is in a PhD program and we subsidize $500 a month. Their TA job pays $28k for the school year. The extra $500 gives them some wiggle room in their budget.

Both are still on our health care and both are still on our phone plan. The oldest goes off the healthcare plan next year.

However, neither are neurotypical, but that is not why we gave support.

[Anonymous]

Anonymous wrote:One child lived with us for 2 1/2 years rent free post college graduation to save money. They are living in an apartment now. They saved a ton.

The second is in a PhD program and we subsidize $500 a month. Their TA job pays $28k for the school year. The extra $500 gives them some wiggle room in their budget.

Both are still on our health care and both are still on our phone plan. The oldest goes off the healthcare plan next year.

However, neither are neurotypical, but that is not why we gave support.

Oops, our HHI is about $200k, $250k if you count employer 401k contribution. We intend for them to be on our phone plan until we are on theirs. They will go off the healthcare plan when they are 26. The PhD will get the subsidy for the entirety of the PhD program, probably.

[Anonymous]

My folks allowed me to live with them for one year. They also gave me $15k per year for about 5 years in my 20s. I didn’t need the money and saved it to use for the down payment on my condo when I turned 28.

[Anonymous]

My eldest son will turn 20 this year. He’s a second-year student and also has a part-time job. But we also provide him financial assistance as we want him to
pay more attention to studying and not worry about bills or money at all. When I was in college, my parents didn’t support me financially, so I had to work a full-time job and it was very hard to combine with studying. So, I want it different for my own child. Since his first day at college, our son has had a special card where we put money every month. I can confidently say that netspend customer service https://netspend.pissedconsumer.com/customer-service.html works really well and we’re fully satisfied.

[Anonymous]

I was fully on my own graduating form college. Packed my car with everything out of my parent's house that I wanted. Saved for a security deposit/1st month's rent in college even before knowing where I would move. Interviewed Sr Yr. Moved to only where I had a job. Thought of someone I knew in the area. Asked a favor, wih payment, to stay with them a week or so to find a place to live.

[Anonymous]

I think it depends on the situation. I have been clear with my kids they can/should come live with us a few years after graduate school to save money to buy their own house/retirement, etc. We'll keep them on our insurance until they can get their own (assuming they work and if not, they are on their own). We will pay for college and graduate school at a state school or on merit aid. We cannot afford an expensive private but they know that as younger kids and fine with it (or so they say). We expect them to work summers or get internships but I don't care how much them make vs. the experience. I don't want their money. I do want to teach them to save like my parents did by helping them open up a roth ira, etc.

[Anonymous]

Our kids are older -31, 28, and 25. We helped out first one until he was 29 and got a real job as a PhD researcher; middle one just completed his education and living with us (just got a real job and about to start working); third one is in medical school so we are still paying her tuition/living expenses. We tried to make sure they have smooth transition.

[Anonymous]

Whatever they need, OP. I have one neurotypical child and one child with special needs. Special needs and medical issues are not the only reason a child may need their parents financially. Sometime it makes sense to support a child in med or law school, or a graduate program, so that they are better positioned for later.

[Anonymous]

One lived at home for 1-2 years to save money. Another got about $25-$30k in help for grad school. And the other moved back home for a few months when she lost her job during covid. All my kids got $10k gift when they finished college (which they all did debt-free) to help them launch.

Beyond that, they’ve stayed on the phone plan and on Amazon Prime account.

HHI is about $125k Net worth maybe $750k. Single parent.

[Anonymous]

1, net worth higher than 10 mil
2. 6 kids aged 36-28
3.left home at 17 no assistance

Each got the same
We pay cell bill and car insurance til graduation from college once they got jobs cut off. Each got car like an old civic or rav 4 to use from sophomore year college til they buy their own after jobs we gained. All worked summers in HS and college . Undergrad we paid for most things they contributed with summer jobs and jobs during the year. Grad school they paid everything except we paid for health ins til age 26.

I grew up with nothing.
I know what it is like to go to bed hungry.

It is not lost on me that we are extremely lucky,

[Anonymous]

Anonymous wrote:One lived at home for 1-2 years to save money. Another got about $25-$30k in help for grad school. And the other moved back home for a few months when she lost her job during covid. All my kids got $10k gift when they finished college (which they all did debt-free) to help them launch.

Beyond that, they’ve stayed on the phone plan and on Amazon Prime account.

HHI is about $125k Net worth maybe $750k. Single parent.

Poster, I think you are being too generous given your situation. 750k Net worth and you are single? Have you run your numbers through a retirement calculator? And I am by no means one of those people that doesn’t believe in helping kids out after college graduation. They need to be off your phone plan and Amazon account stat!

[Anonymous]

In my experience people who got help were the same except me but wealthier. So even though I got nothing (not even a birthday or Christmas present after I turned 18) I will help my kids grow their wealth.

[Anonymous]

DD is 24. I help her pay for health insurance and she’s on my cell plan. I also pay when she goes on vacation with me. She lives in an apartment and that she pays for, along with everything else.

[Anonymous]

I don't believe in economic outpatient care beyond a 529 and health insurance.

I got nothing from my parents, although they may have helped with college if I didn't get an academic scholarship. I stayed on their insurance through undergrad then got Healthcare through the university for grad school, then I got a job.

NW ~6M.