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[quote=Anonymous][quote=Anonymous]What makes you think they make responsible financial decisions? [/quote]

THIS. I'm in a profession where I'm surrounded by these types (not in NYC though). And YES there is obviously family money coming in from overseas. But don't think that the family money covers every last cost and they don't need to be responsible. I've heard these same people hit age 35 and be SHOCKED that other "less rich" people have been investing in a 401k since age 22 and may be sitting on 200-400k on that, whereas they haven't started. I've been around long enough that I've heard these same people lamenting college costs when the kids hit age 17 -- bc they always assumed that their overseas family would take care of it yet the overseas family made no such promises; or grandpa who was able to buy them a $4 million home 18 yrs ago has now retired and can't blow cash like that any more; or whatever industries the overseas family is in back home -- oil, real estate, whatever -- hit a slowdown and the grandparents can't cash flow things as easily.[/quote]

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