Reply to Does your social circle have a lot of family money/trust funds?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I’ll bite. I grew up well off and most of my friends receive money from parents in one way or another. My husband and I both have well off parents. We received a down payment for our pretty average, not new construction home as a gift. HHI is around 450k and we get a 30k annual gift. Other than that - which is huge- we dont have a trust or know anything about inheritance. We watch our money very carefully, max out retirement, and live in an average house. We send our kids to private school and want a third child, so we’re carrying the lions share of our lifestyle expenses, which we need to work to do. I think our parents intended for it to be this way- if we need help for something legitimate, they’re there, but otherwise, the gifts are a head start and not intended to have us living beyond our means. [/quote]

So No, you don’t have a trust fund.

I have friends all over the map.  Our children have money in trust.    My husband has one. It bought our home so we didn’t need a mortgage, the kids have the private schools, summer camps, activities, vacations, cars.

We aren’t materialistic so our house is an old colonial that we never updated.  Used cars etc  It allows us to be debt free and still be able to pay for expensive experiences.  I also quit work early on to take care of my three kids along with my mother.   My husband would never quit work, “that’s not what men do”.

Why would anyone look down on people who work for a living?  I wouldn’t want to know people like that.  And I despise people who try to take advantage of workers by underpaying them.

It sounds like OP has curated a certain type of friend over the last ten years.    The OPs friends can’t all be from the neighborhood.   So it looks like an effort to sidle up to wealthy people and now realizing she can’t keep up with them.  [/quote]

No, you’re right I don’t have a trust fund. But part of my point is that both mine and my husbands family are wealthy enough to have set up trust funds but have both chosen to structure their estates in other ways so that their adult kids don’t have access to a huge sum of money. Most of my friends with family wealth are in thr same boat. There is a lot of wealth, but parents are helping out directly instead of it being a trust fund.

Pretty much the same difference if parents are buying adult kids a house and paying for private school tuition etc. and there’s a lot of that in my circle. Lots of three kid families in 2.5m dollar houses and private schools, with non 1% paying jobs (if both parents even work) and international vacations each year. I wish my parents paid our kids private school tuition, lol![/quote]

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