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Money and Finances
Reply to "NYT: 30 somethings still being bankrolled by their parents"
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[quote=Anonymous]^^ I know some UMC families barely or not saving for college under the assumption the grandparents will pay. I don’t think they have any idea how unlikely this is. The grandparents need a net worth of over $20 million to pay for 3-4 grandchildren to attend college after having paid for private school. In today’s dollars that is around a million dollars. It’s a million that most likely has to come from the sale of securities. A million is a big chunk of an estate unless they have tens of millions. This is after having paid for preschool and private schools. Elder care is incredibly expensive. I really don’t see how someone can take a chance on their parents paying for college unless the money is already in a trust. These are families who often need parental help for regular bills (home maintenance, car purchase) so I can’t imagine they have a huge trust fund. [/quote]
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