How common is it for young adults to receive life changing amounts of money from family?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not really on the same level, but sort of related -- my sister is relocating her son to Boston this weekend where he got a job. He's a recent college grad. She mentioned that they had to co-sign on an apartment lease. She wondered about the kids who don't have that level of support.

I’m in my late 50s and moved from a rural area to a large East coast metro area in my early 20s. There was no such thing as a credit check, lease co-sign, etc. And thank god, because my parents definitely would not have been able to help. I would have never asked them to spare them of the embarrassment of such a request. I think about this fairly often as I would have never been able to leave home and “seek my fortune.”

Opposite experience for me - I moved to DC in my 20s. After a year in a group house I wanted my own apartment and tried to get a studio. They wouldn’t except a co-sign and required salaries to be above $40k / yr. I was making about $33k, but had full access to a trust I’d inherited at 3 yrs old and hadn’t touched. The apartment was adamant they wouldn’t consider me if my salary didn’t meet the threshold. I bet they would have been surprised that my bank account was about $200k and my stock portfolio was probably close to half a million at the time.

[Anonymous]

Anonymous wrote:Can’t give you a precise answer but our trust is set up so that if we die while the kids are in college, school is paid for. After that they don’t get anything until about 35 and then again at 40 or 45. I think the split was 30/70.

Wow that is amazing foresight … well done’