The amount of people living subsidized by their parents is astounding

[Anonymous]

Anonymous wrote:One of our attorneys wanted us to set up our trust so that our daughters would get an annual “wage” to be SAHMs. Maybe that fits this profile?

What if your daughters decide NOT to have kids?

[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.

Millennials do all the time and see nothing wrong with it.

DP millennials are 35-40 years old. If they are living off the parents dole, then they are losers.

I am a millennial and made 1.1M last year. My parent's give me $36k a year because they are wealthy. $10k went to charity and the rest was saved for my daughter's college. I guess I am a loser.

Same here, I am a younger millennial (31), make decent money (nowhere near as you though, only 200k, but wife makes almost the same as well) but until very recently, my parents were still giving me between 24k and 30k a year. I am an immigrant (parents still abroad) and this was just their way of helping and making sure we are fine (and they don't take no for an answer). Wife is also an immigrant, and her parents send her money to this day still (but lower amount, like 10k a year). Lol don't think we are losers either, we worked hard to get to the incomes we currently have. Any money they gave just got moved to emergency fund/stock market.

This is just the way parents of immigrants work/think, they like to make sure that their children are fine and taken care of. And whenever I end up having children, I hope that I will be in a place (financially) to be able to do the same (when the time comes).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Almost everywhere I go I meet people from wealthy families with lifestyles that wouldn’t be possible on their incomes alone. These are people who I run into completely randomly not from existing social or institutional connections which increases the perception that they’re everywhere. It’s super frustrating not coming from a family like this when you’re surrounded by so much generational wealth and privilege.

this is so bizarre to me. I have kids in private school that cost over 40k/yr so our social circle is full of wealthy people. Never once have i had a conversation about income and where it comes from. How do you get the intimate details of people finances? In my circles this is just not something that is discussed:

It is pretty obvious. You can tell from the jobs the parents have, what schools they went to, where they vacation.

[Anonymous]

I am sure this has been posted elsewhere: https://nymag.com/intelligencer/article/parents-money-family-wealth-stories.html

[Anonymous]

Pay wall

[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.

Millennials do all the time and see nothing wrong with it.

DP millennials are 35-40 years old. If they are living off the parents dole, then they are losers.

I am a millennial and made 1.1M last year. My parent's give me $36k a year because they are wealthy. $10k went to charity and the rest was saved for my daughter's college. I guess I am a loser.

Same here, I am a younger millennial (31), make decent money (nowhere near as you though, only 200k, but wife makes almost the same as well) but until very recently, my parents were still giving me between 24k and 30k a year. I am an immigrant (parents still abroad) and this was just their way of helping and making sure we are fine (and they don't take no for an answer). Wife is also an immigrant, and her parents send her money to this day still (but lower amount, like 10k a year). Lol don't think we are losers either, we worked hard to get to the incomes we currently have. Any money they gave just got moved to emergency fund/stock market.

This is just the way parents of immigrants work/think, they like to make sure that their children are fine and taken care of. And whenever I end up having children, I hope that I will be in a place (financially) to be able to do the same (when the time comes).

Wealth like that passed on to the next generation has prolonged childhood into adulthood. This is one of the reasons our country is failing. If you and your spouse (or significant other) are not paying for a roof over your head, the food on your table, your car insurance, your phone bill, for yourself and your 18 and under children (I'll even give you up through undergrad), then you are a child. Generational wealth begets generational infantilism.

PP -- if you have the money that you claim you have and accept money like that from your parents, that is pitiful. Seems everyone wants to be a hereditary oligarch these days. Do better. Tell your parents to do more for the charities they may already support or find new ones.

[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.

Millennials do all the time and see nothing wrong with it.

DP millennials are 35-40 years old. If they are living off the parents dole, then they are losers.

I am a millennial and made 1.1M last year. My parent's give me $36k a year because they are wealthy. $10k went to charity and the rest was saved for my daughter's college. I guess I am a loser.

Same here, I am a younger millennial (31), make decent money (nowhere near as you though, only 200k, but wife makes almost the same as well) but until very recently, my parents were still giving me between 24k and 30k a year. I am an immigrant (parents still abroad) and this was just their way of helping and making sure we are fine (and they don't take no for an answer). Wife is also an immigrant, and her parents send her money to this day still (but lower amount, like 10k a year). Lol don't think we are losers either, we worked hard to get to the incomes we currently have. Any money they gave just got moved to emergency fund/stock market.

This is just the way parents of immigrants work/think, they like to make sure that their children are fine and taken care of. And whenever I end up having children, I hope that I will be in a place (financially) to be able to do the same (when the time comes).

If your parents are sending you money from abroad, you are not an American success story. Stop co-opting the narrative that clearly does not apply to you. You're a wealthy immigrant that continued to be wealthy.

[Anonymous]

I don't understand the posters that are nasty and mean. I am a self made multi millionaire but I have no jealousy towards people receiving large inheritances or periodic help from their parents, it's the way of life, they were born lucky and that's where the story ends. My kids will be like them as I plan to make their lives very comfortable, envy is the most useless emotion, you get absolutely nothing out of it but bitterness. We all play with the hand we have been dealt.

[Anonymous]

Anonymous wrote:People hate it when you don't acknowledge the help you get from family and they hate it when you do acknowledge it. There is no winning in this circumstance. I have just accepted that getting family help makes other people mad.

I don't agree.

People hate YOU when you don't acknowledge the advantages you're given. That true for many advantages, including financial assistance.

People hate the unfairness of life when you do acknowledge the advantages you're given.


Big difference.

[Anonymous]

Anonymous wrote:I don't understand the posters that are nasty and mean. I am a self made multi millionaire but I have no jealousy towards people receiving large inheritances or periodic help from their parents, it's the way of life, they were born lucky and that's where the story ends. My kids will be like them as I plan to make their lives very comfortable, envy is the most useless emotion, you get absolutely nothing out of it but bitterness. We all play with the hand we have been dealt.

You don’t understand that gaslighting the poors that their envy is the true character flaw isn’t going to work forever. See: the French Revolution

[Anonymous]

Billionaires are trying to create a dictatorship in our nation as we speak, and the main problem you have is with normal, middle class people helping family members?

Seriously?

Get your priorities straight. It's every man for themselves now.

[Anonymous]

Anonymous wrote:Op, if you are an American, did your family grow wealth? How and where is it?
My great grandparents, grandparents, and parents all would have been rich if the money hadn't been taken from them in the old country.
All were extremely frugal, worked several jobs, but home ownership, owning a business, or stock market didn't exits. Any excess wealth they created, belong to the state.
I came to US, worked here minimum wage jobs for 10 year not being able to invest, buy property or go to school. The minute I got my green card, I invested myself into financial freedom.
My kids know we are finally building generational wealth and they are on board. They also know why my side of the family didn't do it before. They know why their American side didn't do it even though it was an option for them.
I'm more excited to finally build it than I am to use it. Wealth is also being happy with less and not care what others have.
Three generations lost their money to state. I won't hopefully. How's that not a good deal already.

OP here, most of my older relatives worked decent middle class jobs but saved and invested little. They benefitted from large pensions/SS with modest savings. I have a higher net worth in my early 30’s than my grandparents.

[Anonymous]

Anonymous wrote:Billionaires are trying to create a dictatorship in our nation as we speak, and the main problem you have is with normal, middle class people helping family members?

Seriously?

Get your priorities straight. It's every man for themselves now.

A down payment on a $1.5-2M house is not normal middle class. $50k/year private school is not normal middle class.

[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.

How do they have $10MM in assets and only earning $80,000 in income? Are they the worst investors on the face of the earth...or just happy to keep it all in non-dividend tech stocks...or what?

However, you just did a huge bait-and-switch and you know it, as most people with a $10MM NW are able to generate more than $80k of income from that.

[Anonymous]

Anonymous wrote:

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.

Millennials do all the time and see nothing wrong with it.

DP millennials are 35-40 years old. If they are living off the parents dole, then they are losers.

I am a millennial and made 1.1M last year. My parent's give me $36k a year because they are wealthy. $10k went to charity and the rest was saved for my daughter's college. I guess I am a loser.

Same here, I am a younger millennial (31), make decent money (nowhere near as you though, only 200k, but wife makes almost the same as well) but until very recently, my parents were still giving me between 24k and 30k a year. I am an immigrant (parents still abroad) and this was just their way of helping and making sure we are fine (and they don't take no for an answer). Wife is also an immigrant, and her parents send her money to this day still (but lower amount, like 10k a year). Lol don't think we are losers either, we worked hard to get to the incomes we currently have. Any money they gave just got moved to emergency fund/stock market.

This is just the way parents of immigrants work/think, they like to make sure that their children are fine and taken care of. And whenever I end up having children, I hope that I will be in a place (financially) to be able to do the same (when the time comes).

Wealth like that passed on to the next generation has prolonged childhood into adulthood. This is one of the reasons our country is failing. If you and your spouse (or significant other) are not paying for a roof over your head, the food on your table, your car insurance, your phone bill, for yourself and your 18 and under children (I'll even give you up through undergrad), then you are a child. Generational wealth begets generational infantilism.

PP -- if you have the money that you claim you have and accept money like that from your parents, that is pitiful. Seems everyone wants to be a hereditary oligarch these days. Do better. Tell your parents to do more for the charities they may already support or find new ones.

Getting $30K a year helps but that's not fully paying all their expenses. You are absurd. We aren't wealthy by any means and get no family help (my parents did but they have your attitude and forget how much help they got which was signficant) and we will do our best to help pay for a state school for college and grad school and I hope we are in a position to help pay for things for our grandkids as that's what gives me pleasure. I live in a crappy house and nothing particularly nice. We all have our priorities. I'd rather pay for music lessons for our kids than a designer handbag, etc.