So who here goes to the bank of mom and dad?
https://www.cnbc.com/2021/10/30/nea...ncial-help-from-their-parents-post-covid.html
https://www.cnbc.com/2021/10/30/nea...ncial-help-from-their-parents-post-covid.html
The Bank of.....
- Thread starter JohnDB
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Well there's just so much to PAY for these days, much more than back when our parents were our age.
Quote from the article:
"From paying for their cell phone plan or covering auto insurance, 55% of parents with adult children said they provide financial support to their kids at least occasionally, the report found. MagnifyMoney polled more than 2,000 adults in September."
Cell phone plan? What about Netflix and the home wifi internet? And there's the vet bill for the Yorkie, and the special balanced diet dog food that won't upset his tummy. And don't forget the next iPhone is coming out soon... That's gonna cost a good bit, and that's not a one-time purchase because the next new one will come out in a year or so, and it will also be a must-buy because we don't want to fall behind the tech curve...
So many things we consider essential are ludicrous extravagances compared to previous generations. But we just GOTTA have them, so let's go hit up good ole mom and dad for some cash.
Quote from the article:
"From paying for their cell phone plan or covering auto insurance, 55% of parents with adult children said they provide financial support to their kids at least occasionally, the report found. MagnifyMoney polled more than 2,000 adults in September."
Cell phone plan? What about Netflix and the home wifi internet? And there's the vet bill for the Yorkie, and the special balanced diet dog food that won't upset his tummy. And don't forget the next iPhone is coming out soon... That's gonna cost a good bit, and that's not a one-time purchase because the next new one will come out in a year or so, and it will also be a must-buy because we don't want to fall behind the tech curve...
So many things we consider essential are ludicrous extravagances compared to previous generations. But we just GOTTA have them, so let's go hit up good ole mom and dad for some cash.
CNBC? One of the most biased sources of "news" available. Read a little closer:
"Most adults are financially independent."
"Most consumers may be passing down financial independence."
The article also indicates that 70% of adults are financially independent by age 24. Financial assistance includes help with college costs which most parents accept as joint responsibility. Nearly all assistance goes to our children when they are young and starting out, it then drops off rapidly. It also indicates that 37% of young adults (Gen Z) are financially supporting their parents.
"Most adults are financially independent."
"Most consumers may be passing down financial independence."
The article also indicates that 70% of adults are financially independent by age 24. Financial assistance includes help with college costs which most parents accept as joint responsibility. Nearly all assistance goes to our children when they are young and starting out, it then drops off rapidly. It also indicates that 37% of young adults (Gen Z) are financially supporting their parents.
Some may want to bash the millennial but fail to weigh the many variables. Your millennials are your 25 to 40 year range. Many of these adults came out of high school during the recession. After a slow recovery under Obama we had a few years of exceeding growth under Trump. Then under Biden we see a economy hurting under inflation and unemployment either due to socialist policies or jobs not paying enough. Jobs are also now more dependent on degrees or experience versus job training. Forcing people to go to school in a corrupt college who has you pay 1000s of dollars in debt. 90% goes to corruption while 10% goes to your actual education.
So much that we see is the result of a culture and economy that those before us helped create. Think of the self love movement in the 60s and 80s. Think of the weather underground, blank panther, or socialists movements. Think of the feminist movements. The year's after WW2 was some of the best for America but leading up the Korean war and Vietnam the culture started to shift.
The parents of the millennials by majority put their kids through a public school system where the public school system has been failing in comparison to many countries around the world. A huge percent graduate illiterate.
We have created a culture where monogamous relationships are rare. Where marriage is based on emotional love and absent of commitment. Where a 30 year old female now divorced has to work 2 jobs to support 3 kids and moved back in with their parents.
Where even in public school or the parents failed to even teach math money management. (I wasn't taught in public school to do a budget, taxes, or balance a check book.) I was blessed to have a dad who taught me the basics.
Now it takes two incomes to live a stable life and now that is hard to do as taxes are going to rise while inflation rises as well. But if you have kids and need child care, that takes all of your second income. So either one spouse stays home with the kids or you pay 1000s for child care.
I kept telling minr that he needed to not only provide for himself but others too...and a bone or two for his dad wouldn't be a bad idea either.
Good post/point.Well there's just so much to PAY for these days, much more than back when our parents were our age.
Quote from the article:
"From paying for their cell phone plan or covering auto insurance, 55% of parents with adult children said they provide financial support to their kids at least occasionally, the report found. MagnifyMoney polled more than 2,000 adults in September."
Cell phone plan? What about Netflix and the home wifi internet? And there's the vet bill for the Yorkie, and the special balanced diet dog food that won't upset his tummy. And don't forget the next iPhone is coming out soon... That's gonna cost a good bit, and that's not a one-time purchase because the next new one will come out in a year or so, and it will also be a must-buy because we don't want to fall behind the tech curve...
So many things we consider essential are ludicrous extravagances compared to previous generations. But we just GOTTA have them, so let's go hit up good ole mom and dad for some cash.
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"..are ludicrous extravagances compared to previous generations."
- I agree.
If your bank is paying you 0% interest why wouldn't you loan out money to your kids at 2% interest? Win/Win
Oh I definitely agree "family before strangers"...
But it's about the ongoing support that adult children can't seem to provide for themselves.
I heard Shaq give an interview where he said he tells his kids "we're not rich, I'm rich". You get a bachelors degree, a master's degree, you have a business proposal you bring it to me and I'll invest if it looks good.
Yah. A can of beans is a need. You need to eat.
Starbucks is not a need, no matter how much they complain when they can't get a venti mocha.
Actually a nice house is not strictly speaking a need... The only thing you really HAVE to have is the can of beans.
Im going to say that coffee is a need...but they do know where the grocery store is and can buy the ingredients to make themselves a coffee for the same money as that one cup cost.
This could be a whole forum's worth of threads arguing whether coffee is a need.
We switched Grandma to decaf without telling her. She was tired a lot for a couple weeks, but she's fine now and still doesn't know she's not drinking caffeine. She demands her cup of coffee every morning, right when she gets up.
We switched Grandma to decaf without telling her. She was tired a lot for a couple weeks, but she's fine now and still doesn't know she's not drinking caffeine. She demands her cup of coffee every morning, right when she gets up.