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The amount of people living subsidized by their parents is astounding
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Anonymous
I will not bother addressing the idiotic racist talking points littered throughout this ignorant post, but I will point out that you have missed the point from the jump. “Well, generational wealth is a privilege that you have some control over.” No. No child has ANY control over who their parents are. You’re looking at this the POV of the wealthy parents, but we are discussing this from the POV of the kids who did nothing to earn this wealth. |
Anonymous
Are you reading and comprehending? Because I alone with several others fee up poor/lmc (my spouse did as well) and yet we managed to make an amazing life for ourselves. We were HNW (10M) by 35 and UHNW by 50. No held from family, we had student loans and no help. We just chose to take risks and excel at our careers. Now not everyone can do what we did but many can excel. It's about making opportunities, excelling at college and your jobs and choosing to live within you means and saving |
Anonymous
I've just had people tell me. I know one friend got 100k for their house down payment and that his parents give him, his wife, and their daughter the max gift every year. I think he told me this when I asked him if they would recommend their 529? Another woman I know will just randomly let stuff drop even though I think she's trying not to. She made a big deal when she bought her house about the stress of the down payment and qualifying for a mortgage and all that. Then a few years later she disclosed that her down payment came from a 250k inheritance from her grandmother and that her parents cosigned her mortgage. No one asked, she just volunteered this info. I've also had fellow parents tell me their parents pay for camp or private school, and people will say "oh we went to Italy last summer because my ILs agreed to pay for it." Just lots of little snippets like that. I think the people telling me this assume I also get money like this from parents, but I don't. |
Anonymous
You obviously know some obnoxious people--the fact they are lawyers is likely part of it--but there are plenty of people who don't act like that. Not everyone is an entitled obnoxious brat. Our kids are well aware of their privilege and don't brag about it. They have friends of all levels and most took loans to attend their expensive colleges. |
Anonymous
| Rags to riches and back to rags in 3 generations |
Anonymous
Then this thread isn’t about you, is it? Why are you inserting your rags to riches story in a thread addressing adult children being supported by wealthy parents? Unless, of course, you intend to fund the lives of your adult children, in which case all points stand WRT to them… |
Anonymous
Ironic that you questioned that poster’s reading comprehension while failing to comprehend that they’re clearly talking about children that benefited from rich parents. As an aside, would love to know how you went from student loans to $10 million in just over a decade. |
Anonymous
Maybe they successfully trade crypto. Or maybe they are in major credit card debt, with no retirement savings. You never know, and it really doesn't matter. Some people care more about looking rich than retiring rich. |
Anonymous
Lived in a basic one bedroom for two years while we paid of almost 6 figures of student loans between two of us. By age 30 one of us was making $100K and the other was making $250K plus bonuses (in the 90s9. Both engineers. Bought a first house we could easily afford on the $100K salary. So loans were paid off in 2-3 years. Then even after buying the home we lived on one income (the lower one) mainly--had a 15 yo 2k sq ft 4bed, 2.5 bath. Did all cleaning/yard work and minor maintenance ourselves. Brown bagged lunches 9 out of 10 days. One took a job with a startup and that led to stock options that got us the rest of way. But that is where choices matter. You have to be willing to take risks for the rewards. They moved quickly up in management and after a few more job changes was CEO in early 40 at company with 2k employees |
Anonymous
DP. I don't think her friend is trying to be obnoxious. I think this friend honestly thinks she is middle class - because she likely knows lots of other people who are far richer, who live in far more expensive homes their parents gifted them and work at jobs that probably pay less. "I'm modest because I live in a $1.5M home in DC, but my high school friend lives in a $4M Soho loft and works at a magazine." To her, she is living a middle class, responsible life. You know how you can tell people grew up rich? They ride horses despite living in a major metropolitan city. |
Anonymous
Yeah, I am also confused the point you are trying to make. I agree with you that it's no excuse that you can't make your own way and shouldn't rely on handouts from parents. It's one thing if you receive them as part of estate planning...vs. needing the handouts to fund a reasonable UMC lifestyle. So, are you in the camp of "kids need to make their own way", or the camp of "it's fine for kids to live their entire adult lives dependent on parent welfare". |
Anonymous
I appreciate you taking the time to respond and I share the sentiment to take risks and work hard. I do think if you had to do this today with the current cost of tuition and housing you’d likely end up having a tougher go of it. |
Anonymous
LOL. Like I said, you are clearly bad at math. The bolded didn’t get you “the rest of the way” to 10M by age 35. In your entire life story, it is the only meaningful action you took to obtain that level of wealth. Good for you for being frugal, but lots of people are similarly frugal and that doesn’t lead to UHNW (which isn’t the goal, this entire conversation is basically beside the point). And good for you that your career risk paid off, but do you understand that that is partially attributable to… luck? |
Anonymous
"kids need to make their own way". Our kids are excelling at college (or did). They don't expect handouts and plan to be normal self sufficient adults. However, as long as our kids have good jobs we will continue to supplement their savings for big purchases. What I mean is that my kid lives a lifestyle they can afford with their job (4 years out of college now), save 98% of what we give them. If they decide to quit their job and sit at home playing video games all day, they won't get much help from us, other than getting the into therapy. And if my kid decides to sell the perfectly great $35K car we got them and upgrade to a sports car or luxury vehicle, well that will signal that they don't need any more gifts. But that won't happen, because when we suggested looking at slightly "nicer vehicles" the same kid stated they couldn't be a 26yo pulling into work driving a brand new luxury car. They also love their car and don't really see the need for anything more. So they don't want to show off, or waste money. They know we will fund their weddings if/when they want one. They know we will fund education for the grandkids. So yes, that allows them to lead a bit less stressful life. But they are not living in a $4K/month apartment. They have what many of their colleagues have---if anything they went for "quality in the burbs closer to work" versus "being in the city near the college bars". So there is a good midpoint that many parents take. It isn't one extreme or the other. As a parent, why wouldn't I want my kid to have a slightly better lifestyle and be able to do the car eer they want (no matter what the pay is) if they are passionate about it? Why wouldn't I provide some of our wealth to them now in their 20s/30s, rather than waiting another 40+ years for us to die? Yes it's a huge advantage but done correctly it doesn't stop the adult kids from striving and pursuing a great career in life. |
Anonymous
Well today, if I was 17/18, I'd go to a good school that gives me the most money/merit. Yes it's more expensive, but you don't have to go into massive debt. I personally had $15K of debt, my spouse had the rest as a new green card holder who just arrived in the USA for the final 2 years of college at a T5 university. And starting salaries when we got out were only $37-39K for engineers. Today you make $80K+ easily starting out. Today I'd do the same--go to a state U (or private school that offered merit to make it cheaper), I'd still work all summer (50-60 hours, had 2 jobs), xmas, spring breaks as well and hold a job for 10-12 hours per week during the school year. Do that and I myself as the student could pay for 50-60% of my education at the state flagship. Drop down 1 tier and I could attend the next school with excellent merit and cost would be about $15-18K/year. Add in the AP credits I would have and I'd wipe out minimum of 1 semester if not most of the 2nd. Yes it's more now, but you don't have to pay $90K and I"d argue that is stupid to do unless you have it already saved and still have enough to easily pay for any graduate school. Otherwise attend your state U and come out of undergrad and grad school debt free |