Anonymous
05/12/2021 14:29
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Oh please.
My parents did this, and it helped us build equity in a good investment. After a while we sold our first home and bought our second without any additional help.
It’s not different than any other advantages the well off have.
And I am sure you paid your parents back for all that they did for you.
If parents are trying to pull kids into the UMC, they don’t want to be paid back after they transfer wealth
DP. If the parents are gifting their kids luxury homes, the family is UC, not UMC.
not necessarily. I define upper class as enough wealth to be able to live off of that wealth. An attorney making 400k a year still needs to work to enjoy their life style. A kid with a trust fund generating the same amount does not need to work. The attorney will be able to help their kids buy a home, but those kids will also likely have to work to earn a living
The attorney will be taxed more than the trust fund kid and if he/she lives on either coast, they will not have enough money to help their kids buy houses, no. People don’t start making $400 when they start working.
if you don't think an attorney making 400k has enough to help their kid buy an 800k house, you have a very wrapped sense of savings
Anonymous
05/12/2021 14:25
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I know it's not new for parents to help their adult kids out with their first home financially but the number of parents I know buying their adult kids luxury homes is astounding. Has this become a new trend? I recently reunited with a few old friends from high school (we are now all in our early 30s and yes we grew up in expensive homes in a HCOL area) and a number of them have managed to buy 800K plus homes with their parents co-signing the mortgage because they would never be approved for it on their own. These people include a lawyer who put out a shingle and ekes out 65k a year, a friend who went to dental school and has the loans to prove it but upon graduation got married and pregnant and never practiced while her husband is a middle school teacher and an HR assistant at a fortune 500 company making 55k a year. I get helping your kids but why buy them such expensive houses when there salary would never justify it?
Maybe the HR assistant bought $1000 of Etherium in December 2016 and paid for the house in CASH. You assume a lot and have a toxic jealous mind. you should focus on yourself and not worry about the financial circumstances of others. It isn't healthy
They've openly admitted to their parents co signing so there's no assumption there. There is no jealousy here, I personally would not allow for my parents to co-sign a jumbo loan for me in my 30s. I just find it infantilizing and you'll always be beholden to your parents for their financial help rather than growing up and being an adult.
Totally agree. In a way, it means the parents are still in charge. I’m sure the PPs who were gifted homes have great parents, but usually when someone gives you a large sum of money, they expect things from you in return.
Parents of all economic status expect things from their kids.
Anonymous
05/12/2021 14:21
Subject: Re:Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Interesting class study in this thread. It’s very middle class to think you have earn something. Upper class doesn’t view nepotism and social capital as a character flaw but rather a sign that you’re smart and successful and worthy of the benefits this gives you.
+1. There is a class war, but only the upper class is waging it.
Anonymous
05/12/2021 14:17
Subject: Re:Can we talk about parents buying their adult children luxury homes
I could never afford the house I inherited on my measly $70K salary. OP would probably never hire me or invite me to her parties, and that's ok. I have my own job, my own friends (some of whom make even less than me). I don't care to work for or hang out with class-obsessed snobs or concern myself with what they think of me. Life is too short for that sh.
Anonymous
05/12/2021 14:05
Subject: Re:Can we talk about parents buying their adult children luxury homes
Interesting class study in this thread. It’s very middle class to think you have earn something. Upper class doesn’t view nepotism and social capital as a character flaw but rather a sign that you’re smart and successful and worthy of the benefits this gives you.
Anonymous
05/12/2021 13:58
Subject: Can we talk about parents buying their adult children luxury homes
I wouldn't want anyone else paying for my house in any significant way, don't understand the mentality of people who feel differently...but at the end of the day don't really care because I have no power over others, just myself.
Anonymous
05/12/2021 13:58
Subject: Can we talk about parents buying their adult children luxury homes
Haven't read the whole thread, but this idea doesn't bother me. It makes me envious, but it doesn't bother me. If you hae the money to buy your kids a nice house, and you think they generally deserve it, then why not. I think it's especially "nice" if it allows families to all live in one city/area together. My husband and I are good, hardworking people, but we can't affford houses near either of our parents.
Anonymous
05/12/2021 13:54
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Oh please.
My parents did this, and it helped us build equity in a good investment. After a while we sold our first home and bought our second without any additional help.
It’s not different than any other advantages the well off have.
And I am sure you paid your parents back for all that they did for you.
If parents are trying to pull kids into the UMC, they don’t want to be paid back after they transfer wealth
DP. If the parents are gifting their kids luxury homes, the family is UC, not UMC.
not necessarily. I define upper class as enough wealth to be able to live off of that wealth. An attorney making 400k a year still needs to work to enjoy their life style. A kid with a trust fund generating the same amount does not need to work. The attorney will be able to help their kids buy a home, but those kids will also likely have to work to earn a living
The attorney will be taxed more than the trust fund kid and if he/she lives on either coast, they will not have enough money to help their kids buy houses, no. People don’t start making $400 when they start working.
Anonymous
05/12/2021 13:48
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:This whole thread would be irrelevant if people could just mind their own business, focus on their own life rather than others, and seek happiness outside of material things.
Do you also not realize how privileged you are to be able to criticize other well off people for not being well off in the “right way”?
90% of you need to look into therapy.
Weirdly defensive response addressed to no one, bro.
+1. I suspect this thread touched on a sore spot for PP.
Anonymous
05/12/2021 13:44
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I trust you are reading the news about the increasing gap between the haves and the have nots? This is what it looks like to build generational wealth.
+1. Soon enough the ruling class will demand titles.
This is a good idea. I could be an Earl.
I am Sir Loin of Beef.
You need 100billion plus to qualify for a Dukedom, like the Duke of Amazon or the Duke of Tesla so my guess is at least 500M for an Earldom. Are you sure you aren't just landed farmers?
This is why I got a luxury $800k house and my little sister got squat.
Anonymous
05/12/2021 13:39
Subject: Re:Can we talk about parents buying their adult children luxury homes
OP is full of herself and projecting her brother issues onto the rest of the world.
Anonymous
05/12/2021 13:27
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I trust you are reading the news about the increasing gap between the haves and the have nots? This is what it looks like to build generational wealth.
+1. Soon enough the ruling class will demand titles.
This is a good idea. I could be an Earl.
I am Sir Loin of Beef.
You need 100billion plus to qualify for a Dukedom, like the Duke of Amazon or the Duke of Tesla so my guess is at least 500M for an Earldom. Are you sure you aren't just landed farmers?
Anonymous
05/12/2021 13:14
Subject: Can we talk about parents buying their adult children luxury homes
Some people have more, some people have less. You all would be much happier if you stopped focusing on material things and enjoyed the simple things in life. I grew up with 4 siblings in a 3br/1ba house, and guess what? We were all pretty happy because we didn’t know any different and weren’t fixated on the many people out there with far more than us. Get off the internet and go for a walk. Also if you need therapy there are good resources in the DC area.
Anonymous
05/12/2021 13:00
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Anonymous wrote:I trust you are reading the news about the increasing gap between the haves and the have nots? This is what it looks like to build generational wealth.
+1. Soon enough the ruling class will demand titles.
This is a good idea. I could be an Earl.
I am Sir Loin of Beef.
Anonymous
05/12/2021 12:59
Subject: Can we talk about parents buying their adult children luxury homes
Anonymous wrote:Anonymous wrote:Oh please.
My parents did this, and it helped us build equity in a good investment. After a while we sold our first home and bought our second without any additional help.
It’s not different than any other advantages the well off have.
God, I'm so tired of these worthless adult children who cannot manage to eke out a living for themselves. It's so infuriating. My younger brother is the same way and it's definitely a generational crutch. I don't know how the boomers allowed their kids to make it into 30s and 40s while still supporting them. These "kids" are such a drain on the workforce because they cannot actually do things for themselves. They have no residency, no ingenuity, no resolve. They simple just ask mom and dad to open up their wallets and all their issues solved.
This is precisely why in hiring I look at where these kids went to HS. I want to know if they're part of the man-child class of kids who grew up with substantial wealth and privilege and are unable to leave the nest and make a living on their own. I don't want that class working for me.
Parents, we must do better by our kids. I know it's hard, but teach them how to make it themselves. Your kids will learn a lot through hardship. Even if you can afford more, make them work for it themselves. They will thank you for it in the end - and so will society.
What are you even talking about? Nobody puts their high school on their resume..especially in their 30s and 40s...
Also- many of my peers have had parental help w down payments because they went to grad school and have high paying jobs but didn’t start in them until late 20s / early 30s. Could they have waited and saved up? Sure. But parents chose to help out so their kids would be comfortable. So what? Also, it’s in part cultural. For many Asians, it’s a thing to buy your kids a house.