Reply to It’s extremely hard to raise kids in a nice neighborhood without generational wealth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is the generational wealth canard passé yet? What will be the next excuse of the envious and lazy?[/quote]

I used to not even think about it and assumed everyone rich got that way from working. But then I met several actual trust fund babies around here and my perspective changed. [/quote]

People living on trust funds are very much a minority.  You could also point to lottery winners with as much relevance.  [/quote]

Yes, but you do have a fair number of people who have family either paying for/contributing to school costs and helping with large downpayments/housing. [/quote]

It’s common my parents paid for school and gave me 200k to buy a house. [/quote]

Lucky you! I didn’t know that parents helped with down payments until I was in my late 20s and saw it happening for friends.

My spouse and I are high earners and this is definitely one of our financial goals. Giving our kids no school debt + a down payment is such a head start in life. [/quote]

It's only common in UMC+ families.  But yes, if you can afford to help your kids, why wouldn't you? 
Just like we paid for college for our kids and helped them get setup afterwards, we will pay for weddings and help with downpayments.  Hard to save enough for a decent downpayment when you only make $75-80K/year.  And our kids do save.  But why not help them while we are alive versus waiting until they are 50+ and inherit a ton.  
(yes we are well set for our own retirement)
We also gift them the max yearly, and they max their ROTH and 401K at least to the company match (one kid's company matches 50% up to 10%, so they get 15% into their 401K by contributing 10% of their salary each year....they would be foolish to not take advantage of that.  The 27 yo already has $160K+ in retirement savings (we've been matching ROTH since they started work as a teen).

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