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Adult Children
Reply to "How many parents still financially support their middle age adult children?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My parents are broke. I know plenty of wildly successful fully grown adults who are getting money from rich parents. My view is that independence is overrated. They’re just as hardworking and successful as me, but with better vacations. [/quote] I agree with you but I don't think Independence is overrated. I think the meaning of independence is subjective. [/quote] Nah. You’re not really independent if you have generational wealth or intergenerational gifts. It’s great for you, and enjoy it, but own it. [/quote] Meh. You're not really independent if your parents paid for college and you graduated debt free. Meh. You're not really independent if your parents paid for an expensive k-12 . Meh. You're not really independent if your parents moved you to the best school district, in a safe neighborhood, always had healthy food on the table, loved you and supported your mental, physical and emotional growth.[/quote] +1 Most people with generational wealth are independent. They can support themselves, it just might be at a level slightly lower than what they get with the family money. [b] Our oldest graduated college, started work 2 weeks later, we helped set up the apartment (IKEA furniture that we spent 2 days assembling ourselves), paid the deposit and first months rent (they hadn't started their job yet), gifted them the basic car they'd been driving since 16, paid the first year auto insurance and they are functioning on their own. They pay their bills with their salary. They save in their IRA and 401K. They have a budget to be able to do all of this. They are saving any extra money and have learned to cut back their entertainment (visiting bars with friends) to save more. They are an adult, living within their means. Nobody at their work would have any clue that they come from money. [/b] Now, we are rich so we choose to pay for vacations that they come on with us and trips to "home" (they are 3K away so it's a plane ride each time), we also gift them the amount for IRA and 401k as a "match", but the fact is they would still do that contribution and can afford it even if we don't because they want live within their own means. They are living in a decent, modern apartment, but definately not the nicest (they could have easily spent $500--600 more for a much nicer place with a pool and all the amenities)---because it's not needed and it would be a stretch on their budget that includes retirement savings. They are an adult and do NOT need assistance from their parents. In fact, they want to do it "on their own". Sure, they know that when they want to settle down and purchase a home/condo/townhouse, we will likely help them. But they are already saving towards this goal at 24. The other poster(s) are either trolls or just green with envy. [/quote] The fact that you were able to do the bold - both the time and money to do so - is a privilege so so many do not have. [/quote] It’s also kind of crappy they did that IMO. I so enjoyed feeling like a adult graduating college, paying my security deposit and first and last month’s rent (with the money I earned from college internships and jobs) on my first apartment, buying Walmart furniture and setting it up with roommates. Having my parents do all that for me would have felt so infantilizing![/quote]
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