NYT: 30 somethings still being bankrolled by their parents

[Anonymous]

I am one of these millennials and I don’t really care how “sad” it seems to other people. I would have my life together fine without parental help. They have offered me money and support, and so my standard of living is somewhat better. So what? I am married, have 2 great kids, have a great job and they are happy too. Thanks to them we are saving like crazy and ahead of most people financially.

[Anonymous]

I’m an old millennial (37). My parents paid for my undergrad, started 529s for each of my two kids ($5000 initial investment + $50 each month), and gave us $25k at one point because my sibling needed money and they wanted to treat me equally. I don’t feel bad about it. It’s their money. They worked trade and retail jobs but were frugal and savvy investors who retired as millionaires.

The biggest piece is obviously paying for college. I feel like that alone has given me such a huge leg up and I plan to do whatever I can to make sure my kids have the same advantage.

There’s such a “pull yourself up by your bootstraps” mentality in this country, but the deck has been stacked for the wealthy for generations and generations so I don’t know why people are in a twist over it now when the middle class boomers are able to do similarly for their kids.

[Anonymous]

Anonymous wrote:I am one of these millennials and I don’t really care how “sad” it seems to other people. I would have my life together fine without parental help. They have offered me money and support, and so my standard of living is somewhat better. So what? I am married, have 2 great kids, have a great job and they are happy too. Thanks to them we are saving like crazy and ahead of most people financially.

this is the so what

[Anonymous]

Anonymous wrote:I am one of these millennials and I don’t really care how “sad” it seems to other people. I would have my life together fine without parental help. They have offered me money and support, and so my standard of living is somewhat better. So what? I am married, have 2 great kids, have a great job and they are happy too. Thanks to them we are saving like crazy and ahead of most people financially.

You answered your own question

[Anonymous]

We are high income earners (total 800k).

Is it bad that I DON’T want this to be us some day???

I feel like UMC are supposed to be happy to bankroll their kids forever but I think independence in your 30s is the goal to shoot for.

[Anonymous]

THE rub comes when people act like they've earned everything on their own, and look down on everyone who has to actually work to maintain a certain lifestyle or worse, to maintain something less.

[Anonymous]

Anonymous wrote:THE rub comes when people act like they've earned everything on their own, and look down on everyone who has to actually work to maintain a certain lifestyle or worse, to maintain something less.

Do you know people who do this? If so, why do you care?

[Anonymous]

After I graduated from law school and was working at a law job plus two others (waitress and tutor) to pay off student loan debt, my grandmom sent me $50 with a note saying essentially spend $ on yourself...
I was VERY grateful.

[Anonymous]

I don’t see the problem... she is quoted because she is a personal finance expert, as it says in the piece. She’s still allowed to get babysitting help from her parents, and even write books about it.

[Anonymous]

It is neither wrong nor right. We are in our 40s and our parents pitch in for our kids’ extra curriculars.

However it points to one critical point: that inherited wealth or generational financial help significantly contributes to inequalities.

[Anonymous]

Haven’t read the article but echo the PP above the data - so what? If your parents have it and want to share it, that’s your good fortune that lets you get ahead faster, invest more etc. That’s how generational wealth is built. Are you supposed to say no bc it’s “unfair” that Joe Schmoe’s parents can’t do the same? And FWIW I’m an old millennial whose first gen immigrant parents are unable to give me $$ bc they need to focus on their own retirement. But you better believe I’m building it up to give my own kids a financial edge in their 20s and 30s. Isn’t that what the 9.9% does per the Atlantic??

[Anonymous]

30 year old here. I recieved a used car at 20 so that I could drive to my off campus RA position which paid a stipend and tuition for grad school. I still drive the car, which is now age 15.

Aside from that, I paid for everything. School, student loans, rent, utilities, savings. I don’t consider myself parent subsidized.

[Anonymous]

aged 21 to 37

This isn't very interesting. Most are in college. Only interesting if it's 25 - 37+ yrs old.

[Anonymous]

Anonymous wrote:30 year old here. I recieved a used car at 20 so that I could drive to my off campus RA position which paid a stipend and tuition for grad school. I still drive the car, which is now age 15.

Aside from that, I paid for everything. School, student loans, rent, utilities, savings. I don’t consider myself parent subsidized.

Okay. Give yourself five and move on

[Anonymous]

35 yeah old here. I do feel envious of friends who get money from their parents especially for down payments. We saved and just baught a house at 35 and 36 years old. We’ve never had any help with anything financially. But I will say if we have the means, I’d help my kids with a down payment on their first home.