Reply to How does someone buy a 2M+ house in their 20’s just a few years out of grad school?

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Reply to "How does someone buy a 2M+ house in their 20’s just a few years out of grad school?"

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[quote=Anonymous][quote=Anonymous]I don’t want to argue about family money, but I read many parent posts who plan to help their kid with a home down payment. They never mention if it’s $50,000, $100,000 or more.[/quote]

Because it depends on the family.  Some it's $20K, some it's $400K.  For us, it's a trust that will help fund their needs/wants in a few years as well as $38K (max tax free gift a couple can yearly gift) we gift yearly (and will also gift to any SO once they get married) to help them invest and have enough for a downpayment.  Why?  Because we have worked hard, built ourselves from nothing (both grew up poor/LMC) and now have the fortune to give back to our family (and others).  So we do.

But our kids work hard, live within a budget (the 27 yo lives in a modest apartment, could easily spend an extra $1K/month on rent and not be "luxurious") and mostly uses our gifts for investing/retirement maximization/and we pay for them on family vacations.  Otherwise, they can pay their monthly bills (and they would still be saving 15%+ monthly).  We just want them to save more, hence the gifts. 
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