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The amount of people living subsidized by their parents is astounding
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Anonymous
Oh, God. Stomach churning thought. |
Anonymous
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I don't know why me wanting to share my wealth with my kids - my family - is such a terrible thing? It's not like they aren't responsible and working. It's called a gift. Happens to be money but it's a gift. And it's a gift I have which I'm choosing to give. I bet if everyone did this for their families aka took care of them to ensure their welfare - the world would be a happier place. This is totally different than laying on your lazy ass and taking free money from me.
I grew up pretty well off never needing to work yet I chose to work and I chose to take responsibility for my own lifestyle. My parents never had to force me into a "learn to be scrappy" lifestyle as PPs say is the right way to raise kids. You can't really teach that kind of self respect - you are going to be a stand up person or you are not. That's something you have to choose to be all on your own. Money has nothing to do with whether you are kind or not. |
Anonymous
What to explain? Sounds like they both are spending more time with their family and kids. Always a good thing, as long as you can pay the bills |
Anonymous
Exactly!! No kid "needs " a $1.9M infusion (unless disabled). Most of us gift to supplement their lifestyles. My kids use it to max Roth IRA, contribute high amounts to 401K and save--for future downpayment. The are fully able to max their Roth and save the company match for 401k and pay all their own bills and still save a little. Because thy have no student loans or car loans and they chose to live within their means (ie an apartment they can actually afford). But now we gist them so they will have $200K + for a down payment when they are ready. |
Anonymous
+1. Also how long did they work before taking that step back? If I inherited enough to do that in my late 40s or early 50s, I'd do it too. I've been working hard and diligently saving for decades. We've sicked away money for retirement and kids' college. We've paid off 2/3 of our mortgage. I'm not a freeloader. But I'd happily move into semi-retirement a decade or so early and just focus on spending time with kids, taking care of my health, and doing bucket list travel and hobbies while time still relatively young. I'd have zero guilt about that. It's not like being a trust funder who never does anything of value. |
Anonymous
Exactly. Personally, I think it’s fantastic. I see friends who take incredible vacations that their parents are paying for and it becomes a wonderful multigenerational luxury family trip. Those were lifelong memories for the grandchildren. My parents did things like that for us while they could. The biggest generation wealth flex that they currently have is that they can fully afford their old age because they worked so hard and did well. I know a lot of this is privileged and based on your luck, but my grandparents were able to leave my parents in great condition and it was the same for my husband and his parents. Create a trust funds for us, no student loans, helped us with down payments, raised us to know the value of money and how to work hard and build wealth, and help us with flights and assorted other things whenever we visit. We have built upon that wealth and plan to do even better for our children – no student loans, great vacations, and we hope to give them as much financial support in terms of buying houses, school for their kids, vacations, and lifestyle things that we can do to help them. Life is only going to get harder and more crowded and any advantage you can give you children is worth it. The most important rich person flex you can give them is a super determined drive to work hard and earn a high income so they can do the same for their kids. |
Anonymous
If they have jobs that are commutable from mom's home or totally remote, why wouldn't a kid live at home and save rent? 3-5 years of not paying $2k/month+ for rent is a huge leg up. |
Anonymous
We are retiring mid 50s. Why? Because we can. Life has put us at uhnw and more is likely to come (from investment in private company) whether we work or not. Life is too short to not enjoy it, while you have good health and can hike/travel/explore. |
Anonymous
I read it that they have to explain to their kids that there is little to no inheritance for them...so don't expect they can work (and not work) the kinds of jobs they had. |
Anonymous
Early 30's. |
Anonymous
I tend to agree. I think it’s such a blessing when people have nice things given to them by their family. But I do think people who have never had any adversity in life whatsoever are just… kind of a different level of character. We have friends whose family paid for their entire house, provide childcare whenever it’s needed, and basically gift money to the point that the female is a SAHM with tons of leisure time and the husband doesn’t need to push in his career at all. Don’t get my wrong. They are lovely, kind people. But the types of conversations you can have with them about the world is just different. There’s no grit there. |
Anonymous
It's become more obvious as I've grown up and expanded my social circle. When I was a kid I was more blind to it, at most there would be someone with better toys or nicer house. When you start working and get a better understanding of how much certain jobs pay, what lifestyle each career will afford you, you realize some folks are in another plane of existence. If I see a family who is mid 30's, lives in a house that was purchased 10 years ago in their mid 20's for 7 figures, and they were both in grad school at the time, then you look up their parents and see what their father does... it becomes very clear how they managed obtain that. I knew about rich people more in the abstract when I was younger, when you run into them randomly in person it hits different. |
Anonymous
| Well, on the other end of the spectrum, you have my in laws, who are close to the inheritance tax cut off and keep complaining and worrying about that, but who refuse to help in any way shape or form. A few grandkids really struggling with public school. Will they pitch in and help with private? No way. They keep complaining that the grandkids cousins and family units never want to do things together and have little reunions. But will they pay for a nice beach house for all the cousins to make memories in? Nope! Don't even ask what they intend to do with the money. |
Anonymous
I don’t care if you give your money to your kids. I just want your kids to pay taxes on that unearned *income* at the same rate we working stiffs have to pay taxes on our earned *income*. These tax free handouts to rich brats are a f—king travesty. |
Anonymous
The difference becomes really apparent once weddings and grandkids come into the picture. There is suddenly a need to have more space, more spending, coupled with a desire to pull back in career, etc. That's when you see the house purchase, the full time nanny, the kids programs, the family vacations, the schooling. And that's where an extra $2-4K a month really starts to make a huge difference. |