Reply to Who here is regularly supporting their adult children financially?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people I know in their late 20s and early 30s (I am 31) got their parents to either cosign mortgages in the last few years or provide the down payment. The majority of these people have graduate or professional degrees, are working and are married or engaged. This was especially true if they had a baby. The grandparents seem to be horrified by the idea that their grandchild would live in a rental townhouse. [/quote]

My siblings and I are in our thirties.  We all bought homes without parental help.  Frankly, we didn't need it. [b]Our parents paid for 100% of our education and bought us our first car (one of my siblings is still driving hers), and we all got graduate + level degrees and started our careers making very good money with no debt.[/b]  It did not take long to save for a down payment.  We also waited to have children until our early thirties, and we all married people with similar work ethic.  There is so much entitlement on this board.  It is antithetical to how I was raised.  I am grateful that I got a free education and would never expect my parents to chip in on a down payment or fund my portion of a family vacation.

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This can cost a lot more than a down payment and parents need to acquire the funds a lot sooner. I'm 99.99% positive that you went to college + grad school before you considered buying real property. I'm curious how much your parents paid towards education + living expenses during that time versus the amount you put up for your down payment.[/quote]

Good point.  I am the PP, and my parents' business was successful early, so they were in a position to help.  Between college + graduate school, they paid over $400,000 and bought me my first car, which I drove for over 10 years.  As a result, I was able to save and buy a home in my twenties.  I was also in a position to aggressively fund my kids' 529 plans starting at birth.  It is a privilege started by my parents, and I am grateful; I plan to take the same approach for my kids (fully fund their education and first car, but no cash gifts after they are done with school).
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Why don’t you see how things go before you make a decision to be just like mom and dad.   Your children are unique just like all children.   As long as you’re not rigid and understand that things might go differently and be prepared to change your plan if needed.  [/quote]

I don't plan to be rigid if there is some major issue and a child needs help, but I plan to use my money and good fortune to facilitate self-sufficiency for my children through education rather than giving them money to buy something like a house.  Conceptually, it's "Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime."  That's the idea. Give them a great home life and education, expose them to opportunities, and let them rise to their potential.  I don't intend to supplement their lifestyle because they choose a low-paying profession, for example.  Frankly, I'm not wealthy, and I plan to enjoy my retirement.

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I see no difference it giving money for a house vs. funding education. Either of these things will make a huge and positive difference in their lives. [/quote]

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