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[quote=Anonymous][quote=Anonymous]100% agree. People who try to synthesize coming from modest means aren’t doing their kids a single favor. [/quote]

This, and thank you for stating it succinctly.

I think what happens is a lot of people who are actually from very modest backgrounds and worked their way through college become well off and then want to pretend that their kids are in the same position they were in. They aren’t! They are growing up UMC with UMC peers. College costs many multiples more now. Graduates are competing in a much more global employment marketplace than their parents did in the 80s and 90s. And there are fewer opportunities to build wealth via real estate because you need do much more capital going in (and again, are competing against far more people and investors than anyone was 30 years ago).

Ignoring these factors doesn’t help you raise kids with more character or a better work ethic. Instead, it puts your children in a bind where they will be treated as privileged but they will have far fewer advantages than many peers. They will be considered wealthy but have no actual access to capital, and the money they do earn will be immediately sucked up by education and housing costs. They’ll just wind up resenting you. They’ll wind up in middling careers because they couldn’t afford to self fund opportunities like graduate programs or unpaid internships. And you’ll complain about how they aren’t as successful as so-and-so from down the street, never acknowledging that kid graduated debt free and his parents paid for his housing the first four years after college or whatever.[/quote]

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