Reply to NYT: 30 somethings still being bankrolled by their parents

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[quote=Anonymous]The age ranges in this article are way too broad for it to be useful. It shouldn't be 21-37, it should be more like 30-37. At 21 most are in college -- and in MC/UMC families parents are likely paying for some part of college, room/board, health insurance, cell phone etc. Up to 25-26, you have people still in med/law school and again those populations lean UMC/MC, so parents are STILL helping with some part of it, even if they can't/don't want to pay for all of it. I know more than one med and law student and even medical resident, who have huge tuition loans, but mom and dad cover housing, food, phones, insurance etc. Frankly lots of people are now covering insurance until 26, even for their kids who are investment banking analysts simply bc it saves a kid about $100/paycheck, while often costing the parents nothing extra (esp if there are other kids on the insurance plan and thus you have to be on a family plan anyway). A 22 year old just starting out can use the extra $200 month insurance savings.

After 30 though, that's a different story. I think then it's about (i) your kids thought teaching or nonprofits or whatever were a good idea and now neither they nor you are happy with how they can afford to live so you must supplement; or (ii) wealth building. For (i), that's just poor planning on the kids and parents' part. You should be guiding your kid into fields where they can afford to support themselves in the area of the country where they grew up -- in a manner similar to how they grew up. So yeah you shouldn't count on the fact that your NJ raised kid is going to be happy to pick up and move to South Carolina for COL. If he/she wants to, that's great; but there should have been discussions in HS about what it costs to live their life in the NJ area.

Wealth building -- no problem with that. [/quote]

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