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

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[quote=Anonymous]Mid 30-something here. My parents paid for much of my college, though not quite all.  They paid my cell phone bill through grad school, and cosigned some grad school student loans to help me get better interest rates.  And, they gave me a modest amount of money for closing costs on a house, which I am repaying to them with interest.  My spouse's parents gave us money for our wedding, though we also paid for a fair bit ourselves, and the money came with some expectations about the wedding which it helped to pay for.

I didn't love taking money from my parents for closing costs, but it really made it possible for us to make a better choice that will be a better investment over the long run.  The same is true of cosigning loans.  I don't like that these trend reinforce intergenerational wealth inequality, but for me personally they really felt like investments in my future.  I hope to be able to provide basically the same things to my kids.

Several folks have mentioned "failure to launch" concerns, and I think that's important to consider.  But there's a flip side to that as well.  I didn't want (and don't want) to have to make my career choices be solely about maximizing my income. My parents didn't want that for me either.  They wanted me to have the ability to live a comfortable middle class life, and to do it while pursuing something that I enjoy and find fulfilling.  I don't doubt that I'd have lived a perfectly fine life without their help, but I probably would have had to give up a lot of what I value in my career choice in order to do it.[/quote]

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