The amount of people living subsidized by their parents is astounding

[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.

Plus 1.

Seriously. Why DO you care? This was me, also. You don't know everyone's story so stop judging.

[Anonymous]

Lame.

[Anonymous]

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.

Yeah, stay mad and vote accordingly. The working class can and should make this harder for rich people.

The millionaire rich don't have ways to hide shit. We pay 35%+, 10%+, fica and Medicare on everything (well fica taps out at the $185k or whatever) I pay more than my fair share and have for years it's the ultra wealthy you want to reach

[Anonymous]

My kids didn't go to private schools and are at or have graduated from top 10 Universities. They are great kids who have grown into responsible and ambitious young adults. They have a great group of friends. Private school is such a waste where I live because the public schools are exceptional, but parents still feel compelled to spend $50K/yr on private school because they think it gives their kid an edge or for the "prestige". It doesn't but to each their own. And don't tell parents who send their kids to private school any of this. They will vehemently deny it and say private school is better and they want to justify the exorbitant money they have spent. Study after study have shown that within the same socioeconomic class private school doesn't make a difference except empty your wallet. If your kid wants to learn and is mature they will do fine wherever they go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you are first generation rich, (we are), and hang with other families/people in your bracket, you quickly realize that family subsidization is the NORM for upper class families, not an outlier.

Criticizing (or even questioning it) is pretty gauche. Annual gifting/school tuition/down payments/ etc. is basically table stakes for most families.

It only gets weird if things are unevenly allocated...or someone's rehab money cuts into another kid's budget for a night nanny or vacation budget.

It’s the norm in most families. Just because millionaires have more to give doesn’t mean other families aren’t also helping their children into adulthood.

Millionaire isn't what it used to be. I don't think you should start giving away the farm until you have at least $5m. Old age can be expensive.

When people describe themselves now as millionaires, they mean multi-millionaires. Most of those gifting generously to their kids are worth at least 5-10 million.

[Anonymous]

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.

This! I am an immigrant, who came to this country with no assets. I work hard, so that my children will have it easier in life.

[Anonymous]

This thread is why America is cheering Musk burning DC to the ground.

[Anonymous]

Anonymous wrote:This thread is why America is cheering Musk burning DC to the ground.

You mean because working class people know the deck is grossly stacked against them? I agree with that but I don’t think Musk’s slash and burn is going to help them. We should be targeting the Musks and the multimillionaires who think they pay “more than their fair share”, not the feds.

[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.

+1

And once married you gift the spouse as well. Best way to transfer wealth while it truly matters

[Anonymous]

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.

Why?!?!?

It's much more useful to get it in your 20/30s than whe. You are 50+ and kids are thru college

[Anonymous]

Anonymous wrote:Is what it is. As someone who grew up very poor, I envy people who came from generational wealth and have had so many advantages. But I also see how many of them end up as complete messes so it’s always a give and take. Ultimately I just try to do my best and focus on my family. If I were to grt upset every single time I ran into someone in this area who has family help, I’d never have a moment of happiness.

Not all end up in a "complete mess". Majority utilize it to do well In life and have great careers

[Anonymous]

Anonymous wrote:

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.

+1

And once married you gift the spouse as well. Best way to transfer wealth while it truly matters

Why gift the spouse? At most I’d gift my kids and grandkids.

[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.

Why?!?!?



It's much more useful to get it in your 20/30s than whe. You are 50+ and kids are thru college

The challenge is that it seems like many young people are supplemented to the point where they are living beyond their means. Then they either become entitled or totally unable to handle it if circumstances change and the money dries up.

[Anonymous]

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.

You are gross. so greedy

[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.

But the parents buying cars for their adult kids or paying for school tuition for their grandkids is reducing the tax burden when they pass. You still pay taxes on trusts. But we don't pay taxes when we give each of our kids $36,000 gift money (now $38k in 2025). When our kids have kids, we'll contribute to 529 plans for them as well.
So in 2024, we gave our 4 kids a total of $152,000. No taxes on that. But if that $152,000 was in a trust, we'd pay tax on the trust and the kids would pay taxes on the money disbursed from it and taxes on any money the trust made.

After the $13,000,000 tax free exclusion.

that is going back to 5k each in a few years. Also some of us live in states where the estate tax exemption is only $2m

And some of us might have more to an $26m when we die. So for many reasons it's smart to plan ahead and do anything to avoid it