60% of parents provide financial help to their adult kids

[General Tso]

I continually chuckle at younger generations griping about older generations as I continue to see stats like this.

Secondly, parents, you gotta cut your kids off at some point.

https://www.wsj.com/personal-finance/financial-help-parents-money-ddc2f277

 

[Moral]

Paywalled, I'll ask my parents to send me money for the subscription.

 

[tumorboy]

I continually chuckle at younger generations griping about older generations as I continue to see stats like this.

Secondly, parents, you gotta cut your kids off at some point.

https://www.wsj.com/personal-finance/financial-help-parents-money-ddc2f277

Depends on what type of help u are giving them. If it’s a monthly allowance. Yeah that isn’t good. But if u are helping them with a down payment on a house or some other financial hardship. U can’t take it with u. Why not give it to your kids instead of your future medical bills.

 

[bojihawk44]

My parents helped me a lot and I hope to be able to help my children a lot as well.

 

[QChawks]

 

[JRHawk2003]

My cut off is the health insurance age. 26.

 

[joelbc1]

Bingo. And from experience I can tell you, the State (Iowa) is making even minimal assistance more and more difficult for those who need a boost. We’ve been helping our son (mental health issues) the past 5 years or so...and resources he needs are more difficult to access each and every year. Every year, new hoops to jump through.

(And my bride worked the “mental health welfare system” for 40 plus years and understands what is going on first hand better than most here....or those in the Legislature. In many ways, what Iowa offers its mentally ill is an embarrassment.)

 

[Sharky1203]

I think there's a lot of them right here on this board. Not only are they giving financial help, they're letting them live in the basement.

 

[tumorboy]

Paywalled, I'll ask my parents to send me money for the subscription.

Give your mom a few minutes before asking. I just got done taxing her.

 

[jasonrann]

My parents provided the basics. I took ANY job I could do from an early age whether shoveling snow, farm work, babysitting, etc. until I was 15 and could get my first "real" teenage job. From that point on, I paid for everything myself, except for housing and meals at home. Clothes, gas, dates, etc. was all mine. I worked at least 30 hours/week through high school, more during the summers. I also paid for 100% of my college. At least then it didn't cost over $100k.

Looking back on it, I wouldn't have it any other way. I had responsibilities and learned money management early on. I also learned how to work with a lot of different people.

 

[tumorboy]

I think there's a lot of them right here on this board. Not only are they giving financial help, they're letting them live in the basement.

The parents are doing us all a favor and reducing the strain on the welfare system.

 

[joelbc1]

I think there's a lot of them right here on this board. Not only are they giving financial help, they're letting them live in the basement.

Ever hear the parable of the prodigal son, Sharky? It takes many forms and shapes. Jesus wasn’t just wasting His breath when he relayed the story to us. There was a lesson in it for all of us to hear.

 

[tumorboy]

Ever hear the parable of the prodigal son, Sharky? It takes many forms and shapes. Jesus wasn’t just wasting His breath when he relayed the story to us. There was a lesson in it for all of us to hear.

Sharky was being snarky.

 

[General Tso]

My parents provided the basics. I took ANY job I could do from an early age whether shoveling snow, farm work, babysitting, etc. until I was 15 and could get my first "real" teenage job. From that point on, I paid for everything myself, except for housing and meals at home. Clothes, gas, dates, etc. was all mine. I worked at least 30 hours/week through high school, more during the summers. I also paid for 100% of my college. At least then it didn't cost over $100k.

Looking back on it, I wouldn't have it any other way. I had responsibilities and learned money management early on. I also learned how to work with a lot of different people.

This scenario isn't the norm these days

 

[General Tso]

Depends on what type of help u are giving them. If it’s a monthly allowance. Yeah that isn’t good. But if u are helping them with a down payment on a house or some other financial hardship. U can’t take it with u. Why not give it to your kids instead of your future medical bills.

... because you might need it for medical bills? Spend it on yourself, man. You earned it, not the kids. Let the kids learn their own lessons. (Just my opinion)

 

[fredjr82]

I'm saving up now when they're young and when they hit 18 years old, they get the lump sum and it's good luck. I want out of the rat race after the next 9-10 years. I'll have savings and 529s for them. I'm going to beat into their head to be financially independent. I loved the first time I bought my parents dinner. Now we fight over the check

 

[fredjr82]

... because you might need it for medical bills? Spend it on yourself, man. You earned it, not the kids. Let the kids learn their own lessons. (Just my opinion)

My HSA carries over every year. I plan on funding it until I can't anymore. Hope to have a decent amount for later in life. I think I can buy health insurance with it if needed?

 

[tumorboy]

... because you might need it for medical bills? Spend it on yourself, man. You earned it, not the kids. Let the kids learn their own lessons. (Just my opinion)

Everyone has different experiences. My 20’s were rough. As long as my daughter doesn’t act entitled to it. Don’t see the harm. I’m a man of simple tastes and wants. Some baseball games, edibles, and occasional trips for blackjack.

 

[NDallasRuss]

My parents helped me a lot and I hope to be able to help my children a lot as well.

And for me - my parents helped me out (mostly helping pay to replace transmissions) when I was first starting out and now it's getting to the point where I'm helping out my mom. Circle of life and all that.

I wonder if the children of parents who have a hard cut-off date and send them out on their own will be as likely to want to take them in, help them cover bils, etc as they get older. Maybe.

For my family, we all help each other out, with the understanding that help is offered, but not expected, if that makes sense.

 

[Doodads and Hoohah]

If the parents are just giving kids their inheritance early as a annual gift, I don't see much wrong with that. Not a lot of sense in dying with a boatload of money when you can spend it on yourself or your loved ones.

 

[Funky Bunch]

I plan on leaving each of my kids a million each

 

[Hawk_4shur]

We help our kids financially whenever they need it. But only once or twice have they needed it to simply "pay bills". We put them through college. We'll help them on a down payment on a house, for example, with either a gift or a low interest loan. And we give pretty nice cash birthday and Christmas gifts.

My parents did the same thing.

 

[tumorboy]

I plan on leaving each of my kids a million each

My parents are dead. Will u find it in your heart to adopt a 46 year old Orphan.

 

[Funky Bunch]

My parents are dead. Will u find it in your heart to adopt a 46 year old Orphan.

If your real name is Shakira, then yes

 

[tumorboy]

If your real name is Shakira, then yes

I’ll go down to the courthouse tomorrow. It should be Shakira by noon.

 

[BelemNole]

School is my kids job.
Their college is paid for. We bought them cars.
They still work in the summer. I asked my daughter this week how much she has in her account and she said about $8k.

Of course, that doesn't mean that they'll be able to afford a house until they're in the 40s at the rate things are going.
But they'll be able to rent! As the number of single family homes owned by corporations continues to climb.

 

[NDallasRuss]

I plan on leaving each of my kids a million each

I plan on setting my (no pics) daughter up with one of Funky's kids.

 

[Bank of Hawk]

My HSA carries over every year. I plan on funding it until I can't anymore. Hope to have a decent amount for later in life. I think I can buy health insurance with it if needed?

One can invest their HSA funds into mutual funds and build a nice nest egg. Health insurance premiums arent eligible for qualified HSA distribution but Medicare advantage premiums are.

 

[IIowaFarmBoy]

My HSA carries over every year. I plan on funding it until I can't anymore. Hope to have a decent amount for later in life. I think I can buy health insurance with it if needed?

Not most. Cobra yes.

 

[IIowaFarmBoy]

One can invest their HSA funds into mutual funds and build a nice nest egg. Health insurance premiums arent eligible for qualified HSA distribution but Medicare advantage premiums are.

It becomes basically an IRA at 65

 

[TonyTheTiger.1865]

Helping a 20 year old with a down payment and having a 40 year old living in your basement are two different things.
I could leave each of my kids about 2.5 million each. I won’t.

 

[joelbc1]

Helping a 20 year old with a down payment and having a 40 year old living in your basement are two different things.
I could leave each of my kids about 2.5 million each. I won’t.

It is more difficult for a rich man to enter the Kingdom of Heaven than it is to have a camel pass through the eye of a needle, TT...but then I bet you knew that! Praise the Lord.

 

[DEMGR]

Can't blame the kids......... they grew up earning participation trophies. The parents who were OK with that are now dealing with the repercussions. $$$

 

[joelbc1]

Can't blame the kids......... they grew up earning participation trophies. The parents who were OK with that are now dealing with the repercussions. $$$

I’d rather pick up the dead bodies off the streets daily, too.,

 

[littlez]

Can't blame the kids......... they grew up earning participation trophies. The parents who were OK with that are now dealing with the repercussions. $$$

Yep, participation trophies screwed up the kids. You’re an idiot.

 

[Huey Grey]

I plan on leaving each of my kids a million each

I'm so incredibly jealous of this. I never got much of anything from my parents. I feel like I burn myself at work every year but still can't get ahead.

 

[thewop]

Thread is for poors.

 

[auntie_fah]

I'm so incredibly jealous of this. I never got much of anything from my parents. I feel like I burn myself at work every year but still can't get ahead.

Dude, have you really looked inward and taken a good hard look at your starbucks and avacado toast consumption?

 

[tumorboy]

I plan on setting my (no pics) daughter up with one of Funky's kids.

Sorry I’m already married

 

[beanerhawk]

I have three adult "kids" in their 20's. I don't have to give any of them an allowance or regular money. That said if any of them were in a pinch and needed some financial help I wouldn't think twice about giving them the money to help them out. My dad would of done the same for me. (and did once when I was 19 and over extended to buy a car)