Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Support MFO
Donate through PayPal
That Other Ongoing Bailout. The parents helping their children.....
.....No, this is not new news, nor a new topic. Our house knows some folks in this situation. It is not always that the children grew up wrong, were never taught home economics, etc. Yes, there is the college education debt that is enormous overall; but there remains the jobs prospects, too.
I'm merely the messenger with this article, believed to be accurate with the limited survey base.
We are fortunate in having one child who is totally financially independent but it took a while. We paid for all of her undergraduate expenses but told her that she would have to borrow money or get scholarships or other support for grad school, although we did offer to let her live at home. Fortunately, that motivated her to choose a law school that offered her a nice financial aid package, ultimately leading to a full scholarship. We still covered her car insurance and cell phone bills for a while, but discontinued once she had full time employment. Our support never led us to reduce retirement savings, and we actually increased savings the last few years of working because we paid off our home mortgage. Unfortunately, parents who have larger families or children who are less motivated, lucky or gifted could have a harder time withholding support.
Hi @Tarwheel Hats off to you and yours! As you have stated, and I agree; that especially when the monetary ability exists, to give a child a boost along into adult life is fully acceptable, IMHO. This is part of being a responsible parent. Take care, Catch
The only reason advisors are frustrated with clients offering money to adult children could be it reduces the assets the advisor is managing, possibly curtailing fees.
Parents should be frustrated they have to bailout children (who I hope are deserving). Advisors getting "frustrated" is not a sentiment I can understand.
Parents want better for their children. My elder had full scholarship to local University. I decided to send her to a better school and pay tuition. No one should be "frustrated" with my decision. I don't understand what is "acceptable" and not "acceptable".
Hi @VintageFreak I didn't state, but my first thought was also that the "advisors" were pissed on loosing asset base to manage and cutting into their take home pay and not so much about parents helping their children.
IMO reason more children need "assistance" today is because they get BS degrees (that reads just like it sounds...BS!), because they think eventually they will have a career in "IT" anyways and it doesn't really matter. Some day we are going to be short on engineers, and geologists, and scientists at large. And no, don't expect immigrants to fill that void like they have allegedly done in the past, because we are exporting the same ideas into their education systems as well.
The time is not too far where bank tellers will be required to have BS in Economics. Efferberg already wants college degrees off those he is hiring to identify d*** picks on Effbook. Might be paying them six figures too.
I have family members and friends who are still supporting adult children. In some cases, it’s simply due to bad luck or unfortunate choices. In other cases, due to drug abuse and similar issues. Tough love can be difficult when it’s your children at stake.
@Tarwheel. You nailed it. You want kids to do "what they want". Well, sometimes that does not work out and you lose the "safety" of traditional options. Everyone can't manage to collect peoples personal information because they can't get a date, and turn it into Effbook. Most everyone else who tried that probably needs some support now.
I have an idea that I'm trying to sell students for a long time now. It's called linkedout.com. Even better, checkedout.com. But nobody bites.
Comments
Hats off to you and yours!
As you have stated, and I agree; that especially when the monetary ability exists, to give a child a boost along into adult life is fully acceptable, IMHO. This is part of being a responsible parent.
Take care,
Catch
Parents should be frustrated they have to bailout children (who I hope are deserving). Advisors getting "frustrated" is not a sentiment I can understand.
Parents want better for their children. My elder had full scholarship to local University. I decided to send her to a better school and pay tuition. No one should be "frustrated" with my decision. I don't understand what is "acceptable" and not "acceptable".
WTF are we talking about again?!?!?!
I didn't state, but my first thought was also that the "advisors" were pissed on loosing asset base to manage and cutting into their take home pay and not so much about parents helping their children.
IMO reason more children need "assistance" today is because they get BS degrees (that reads just like it sounds...BS!), because they think eventually they will have a career in "IT" anyways and it doesn't really matter. Some day we are going to be short on engineers, and geologists, and scientists at large. And no, don't expect immigrants to fill that void like they have allegedly done in the past, because we are exporting the same ideas into their education systems as well.
The time is not too far where bank tellers will be required to have BS in Economics. Efferberg already wants college degrees off those he is hiring to identify d*** picks on Effbook. Might be paying them six figures too.
What an economy we have.
I have an idea that I'm trying to sell students for a long time now. It's called linkedout.com. Even better, checkedout.com. But nobody bites.