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][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]

There are people without trust funds who simply get tons of money from their parents and rely on them to fund their lifestyle. It’s actually very common because there’s a lot of rich people out there. There are over 2 million American families with 8 figure net worths, if even 10% help their kids you have 200,000 rich kids with huge financial handouts concentrated in major metro areas. It’s probably more like 30-50% are helping their kids and some have way more than 8 figures net worth [/quote]

This. And a lot of these kids getting help from parents worth $10M+ also have high paying jobs because their parents set them up for success via good educations, extracurriculars, etc. Then they married another high paying professional they met at Harvard or Yale or Amherst. It’s not either / or.[/quote]

This isn’t new. There is nothing about this that is new. [/quote]

+1000

Why yes, kids who grow up with financially successful parents tend to also go on to have good educations and good jobs.  Not that shocking.

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And for those of us without financially successful parents? No complaints about having to work ourselves up the ladder in our own time. Sure, it might take me 10 years longer (at 40 instead of 30) but I seriously DGAF. It’s life and you work with what you got.

If you’re an adult and moaning about what mommy and daddy didn’t give you, grow up and get it yourself. [/quote]

Exactly!  However, don't look down on kids who happen to come from UMC+ families and who have family help.  I would have killed for that when I was struggling to pay for college.  However, it motivated me to not be financially unsound.  That meant I paid off my debts, chose a field where I could do well (I double majored in music performance and CS/Engineering, and I chose to pursue the CS/Engineering because I preferred not to have to struggle financially, and did music on the side)  And then I and my spouse built a very nice life for ourselves, we did it all ourselves with no assistance (financially or otherwise).

But personally I guess I just dont' hang around with people who would complain mommy and daddy are not giving them enough.  Our kids are not spoiled brats and greatly appreciate what we help them with.  They are fully aware of their privilege, to go on nice vacations, not have college debt, start off with a new car and be able to max their 401K match and max their Roth IRA.   They have good jobs and "live within their means".  If we didn't gift them $$, they would still save for retirement before spending on non-essentials.  They live in an apartment they can afford (early 20s/mid 20s not ready to purchase yet) on their salary easily.  They recognize that not having a car payment and not having student loan payments gives them an advantage.  And they largely just save the extra they make.  They budget and make financial choices.

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