Anonymous wrote:

Anonymous wrote:This is so cultural. For my family, $0. I know 30 year olds who TAKE money for down payments or kids tuition (though not monthly).

This. Children in the US don’t regularly send money to their parents. My parents were immigrants and often sent money back home, but their families were basically living in poverty in their home country. My mother earned enough money here in the states in her late twenties to pay to build a proper home for her family so they could move out of the stone cottage they were living in. But they never would have expected money from me.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am immigrant. I have White friends who will pay $$ for their elderly parents rent. In their shoes, with the friend's income and the huge homes that they live in, I always wonder why not let your parents live with you?

That way you save your money and they save their money. You are already trying to bail them out and their situation is only deteriorating? Very soon you will be trying to take care of their failing health and put yourself under the immense stress.

Because we live in a society where adults who live with their parents are looked down upon and seen as lazy and unmotivated. Sad but true.

This is one of the reasons why so many young people have so much debt.  I lived at home with my parents until I was 31 years old and saved up 90% of my 140K/year salary.  I drove the same car for nine years that my parents bought for me as a present after college graduation.  I didn't have to pay for rent, food.  I used 10% of my income on car insurance, phone bills, and  two weeks vacation every year to travel to Europe, Asia, or South America.  I put 90% of my salary into high growth investments.  By the time I turned 31 and got married, I had over 2.5M in cash from the money that I invested.  When I met my gf, now my wife, at the age of 29, I explained to her the reason I lived at home, to invest in our future together.  Two days after we got married, I wrote a 200K check to pay off my wife's student loan debt and bought a 400K condo for her parents. 

There is no freedom unless you have financial freedom.

Anonymous wrote:

Anonymous wrote:I am immigrant. I have White friends who will pay $$ for their elderly parents rent. In their shoes, with the friend's income and the huge homes that they live in, I always wonder why not let your parents live with you?

That way you save your money and they save their money. You are already trying to bail them out and their situation is only deteriorating? Very soon you will be trying to take care of their failing health and put yourself under the immense stress.

Because we live in a society where adults who live with their parents are looked down upon and seen as lazy and unmotivated. Sad but true.

Anonymous wrote:I am immigrant. I have White friends who will pay $$ for their elderly parents rent. In their shoes, with the friend's income and the huge homes that they live in, I always wonder why not let your parents live with you?

That way you save your money and they save their money. You are already trying to bail them out and their situation is only deteriorating? Very soon you will be trying to take care of their failing health and put yourself under the immense stress.

Anonymous wrote:

Anonymous wrote:$0 at any age. Why would an adult child send money to his parents?

I do it because my mother is a widow who has no savings but social security and could not afford rent or her medications if I did not send her money. If your mother was in this situation and you could afford it but didn't send her money, you are a monster.

Anonymous wrote:

Anonymous wrote:DH and I are Asian immigrants and we came from well-off families so we did not have to bankroll them. However, I bought a flat in the same building where my brother lives, so that my parents could live there rent-free and my brother could look after them. As a result, they did not have to sell their own huge house and they were able to rent it out for $$$. It made them quite wealthy. My brother has had some financial difficulties but does not take any monetary gift from us unless we beg him to or force him to.

My dad passed away and my mom wants to sell off her house while she is still alive. We all have a share in the house and the money that will come to all of us will be enough for my brother to become financially comfortable. So, my one act of buying a flat/apartment for my parents to live in helped to preserve family house and generated enough wealth that 20 years down the line we all will benefit from it.

Incidently, my brother recently sold off the flat that I had bought for double of what we had paid and with that money, we helped my brother to pay off the mortgage of his own house, + we still have quite a bit left for other costs down the line. My mom remains a wealthy person in property and cash.

To send money to parents so that they can live well, so that your younger siblings can get educated, so that you make some property for security or income generation, helps to life out the entire family from poverty. There is nothing wrong in setting family and relatives to succeed. Rising tide should raise everyone.

There’s a big difference between rising someone out of poverty and tax evasion so that everybody can be rich. Shouldn’t you have paid the taxes on the sale of that apartment? Wasn’t that your income?

Anonymous wrote:When my parents ran out of money in their 70s, I sent $500 a month. When DH's mom ran out of money, we sent $1500 a month. We and they are not immigrants families and weren't going to let them live in poverty after all their sacrifices for us.

Anonymous wrote:

Anonymous wrote:$0 at any age. Why would an adult child send money to his parents?

I do it because my mother is a widow who has no savings but social security and could not afford rent or her medications if I did not send her money. If your mother was in this situation and you could afford it but didn't send her money, you are a monster.

Anonymous wrote:$0 at any age. Why would an adult child send money to his parents?

Anonymous wrote:$0 at any age. Why would an adult child send money to his parents?

Anonymous wrote:

Anonymous wrote:This is so cultural. For my family, $0. I know 30 year olds who TAKE money for down payments or kids tuition (though not monthly).

This. Children in the US don’t regularly send money to their parents. My parents were immigrants and often sent money back home, but their families were basically living in poverty in their home country. My mother earned enough money here in the states in her late twenties to pay to build a proper home for her family so they could move out of the stone cottage they were living in. But they never would have expected money from me.

Anonymous wrote:If you're a male over 30, how much money did you send your parents each week when you were 30? If you have a son over 30, how much did they send you each week?