Reply to NYT: 30 somethings still being bankrolled by their parents

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Wife and i received the very minimum but now self made millionaires.  We fully funded the kids educations and now that they are on their own, we are continuing to do so they keep the edge.  Our kids remain thankful and know the help is a privelage, and not an entitlement and thus have made best of their opportunities.  We consider it our best investment to continue this support. We feel it is best to provide the resource right now rather than leave an inheritance which they may receive in their 60s.....[/quote]

Just be careful doing this.  Lots and lots of well off kids lose steam in their 20s because of ongoing support and end up choosing careers that will not support them.  In my husband’s family, the kids of his wealthy uncles are all still dependent as grownups.  The kids of the lower and middle class uncles are thriving and independent.  Same with a number of people I grew up with. My parents are well off too, but cut us off after college tuition for about 10 years.  It really helped us learn frugality and to establish ourselves as adults. Later on they started giving us money here and there, but by that time it was truly a gift; none of us need it.  I’m not opposed to helping adults kids if one can afford it.  But not for the period of young adulthood when they’re establishing themselves.[/quote]

+1. My sister’s best friend has loaded parents. They have 5 children and NONE of them are gainfully employed enough to adequately provide for their families. Not one of them can even pay their full mortgage without their parents. FIVE kids and not one can![/quote]

I also know a bunch of people like this.  They’ve never learned the value of a dollar and can’t manage their finances.

The worst is for the kids whose parents aren’t insanely wealthy.  If your parents have a few million they will most likely spend all or most of it before they die.  You’re not going to inherit much, especially with siblings.  So your parents aren’t doing you any favors.  You’re UMC and need to get with the program.

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Yep, this is my SIL. My ILs provide for her and her kids and she never learned how to support herself and take care of the kids because she didn't have to do it. She's in her 40s now, my ILs are getting older and my MIL is begging us to support her if something happens to them. It's absolutely insane. My ILs never helped us because we were "lucky" to be financially responsible and to want to work. [/quote]

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