My Uncles neighbor just sold their 1.3MM house to a 26 & 27 year old couple(parents have money and bought them a house), do rich people just spoil their kids now a days?

How is this any different than some broke millennial living in a basement playing video games all day

Is work ethic gone?

End of Rant


https://www.businessinsider.com/millennials-living-at-home-as-an-adult-2023-1

That's one way to kick your kid out.

"You want your inheritance.now, or you wanna wait until we're dead?"

I've seen this happen before.

Wait until they discover the concept of property taxes! Should be fun.

They sold their $350K house for $1.3KK?

There's not an insignificant amount of young parents, mom doesn't work, moving in around here. 1.1 -1.3MM houses. I'm convinced it's like the other poster said. Parents giving extensive down payments. That way they get to watch their kids enjoy the fruits of their labor while they're alive.

Honestly. Not a terrible idea. I'd rather be alive to see my kids enjoy what I pass down to them. It's my money, why not.

Parents buy investment property to sit on.

Parents get kids out of house.

Parents let kids live in house and don't have to fork out rent for kids.

I just saw an instagram post about them mowing.

Would rather parents keep their money in the family than have to fork it over to the government. Be socialist with family and capitalist at scale.

Ocho Ag said:

---

My Uncles neighbor just sold their 1.3MM house to a 26 & 27 year old couple(parents have money and bought them a house), do rich people just spoil their kids now a days?

How is this any different than some broke millennial living in a basement playing video games all day

Is work ethic gone?

End of Rant


https://www.businessinsider.com/millennials-living-at-home-as-an-adult-2023-1

---

Nowadays? This is nothing new. It's not something that encourages working class behavior, but clearly they aren't working class.

If I was sitting on sacks of money, you bet your ass I'd do the same things for my kids. Probably as a way to compensate for having hired help raise them all their lives while I was constantly away making money for my family.

The good news is that I DON'T have to compensate because I interact with my kids on a daily basis. I teach them my values, remind them every day that I love them, eat lunch with them at school, and am present every opportunity I can be present for them. Some folks chasing big paychecks can't do that, so they do THIS. I wouldn't trade places for all the money they have. I pity them, but understand.

How do you know they don't have a work ethic just because their parents bought them a house?

You should see what W. Plano high schoolers drive to school.

Then you'll understand what their parents do to top that those luxury cars/trucks/suvs once those kids graduate from college.

I'm honestly curious:

If you had considerably more money than your own desired standard of living required, and your kids were in their mid 20's. Let's assume you thought they were doing great, working hard, high character, etc.

Would you not consider buying them a nicer house than they could afford?

If not, is it because you think it would hurt their sense of self reliance?

I'm 99% certain our next door neighbors had some parents buy their house. No way a couple that young could afford it.

Oh, and then they did some serious renovation on a less than 10 year old house.

Oh, and then they completely renovated the backyard with a kitchen and full turf. No grass anymore.

Oh, and then they made a full MIL suite out of a part of the attic.

I went to a high school where the cars in the kids parking lot were a lot better than the teachers cars. Yes…..
Tons of people spoil their kids.

FrioAg 00 said:

---

I'm honestly curious:

If you had considerably more money than your own desired standard of living required, and your kids were in their mid 20's. Let's assume you thought they were doing great, working hard, high character, etc.

Would you not consider buying them a nicer house than they could afford?

If not, is it because you think it would hurt their sense of self reliance?

---

No

Yes

They need to earn their own way.

I'd rather spend money on family than the government... so I see no problem.

Besides, at 28 if you haven't already instilled work ethic, you've already lost. OP has no idea what the entire story is here anyway.

Smells like jealousy in here

Exactly right.

Yeah, that's it.

Rich parents gave their kids a luxurious lifestyle as kids and paid for their college too most likely. Just because they're now 25 doesn't mean parents won't still help financially. They aren't going to go from that to living below what they're used to. Plus parents want grandkids and money delays parenthood so this gets them grandkids sooner.

Grapesoda2525 said:

---

I went to a high school where the cars in the kids parking lot were a lot better than the teachers cars. Yes…..
Tons of people spoil their kids.

---

Yep

You're a perfect example of why you shouldn't spoil your kids

Ol_Ag_02 said:

---

There's not an insignificant amount of young parents, mom doesn't work, moving in around here. 1.1 -1.3MM houses. I'm convinced it's like the other poster said. Parents giving extensive down payments. That way they get to watch their kids enjoy the fruits of their labor while they're alive.

Honestly. Not a terrible idea. I'd rather be alive to see my kids enjoy what I pass down to them. It's my money, why not.

---

The bottomline is that it should totally be your perogative and no one else's opinion should matter. I've started gifting shares in the LLC that holds my ranch because it's smart estate tax avoidance. Like you said, it's mine, I am free to do with it as I choose.

Now, that doesn't mean it's not going in to trusts that have some stringent rules and such.

Generational wealth is a very, very, good thing and very pro-family. Why would I, or you, not want our offspring and, god willing, grandkids, to have financial advantages and safeguards?

Dammit, since my son is obsessed with Seinfeld, any references to sponge is never quite sponge-worthy enough.

I jumped the gun and bought mine a house when he moved to C.S. last year for school. If he wants to live in C.S. after he graduates, I'd let him stay at least until younger brother (3 years behind) graduates and moves out. After that we'll probably sell it and give each kid half towards a down payment on their own house.

My kids don't act spoiled and are both hard working responsible young men with jobs and high GPAs. I'm fortunate to make more than I need so I'm going to give them a head start in life. I also managed to stay married to their mom, attended 90% of their functions, coached Little League, etc. Making money and being a good parent aren't mutually exclusive

Trajan88 said:

---

You should see what W. Plano high schoolers drive to school.

Then you'll understand what their parents do to top that those luxury cars/trucks/suvs once those kids graduate from college.

---

My high school was the same way. Wealthy suburb outside of SF. Blessed to have an Aggie dad who worked hard to provide that kind of upbringing for me and my sister. I drove a 97 4Runner and would park next to Porsches lol. Funny enough, the old money kids drove beaters while the new money drove fancy cars. My dad never really gave me money and made me work my whole life. Only time he gave me money was to help with closing costs on a house I bought a couple years ago. He only did that because I work my tail off and was doing very well at work. I credit being a top 5% salesman at a F500 company at age 27 to the values he and my mom instilled in me. There's definitely ways to provide extras to your kids without jacking up their worldview. Just have to find the appropriate balance. I hope to be able to help out my future children in the same fashion someday.

FrioAg 00 said:

---

I'm honestly curious:

If you had considerably more money than your own desired standard of living required, and your kids were in their mid 20's. Let's assume you thought they were doing great, working hard, high character, etc.

Would you not consider buying them a nicer house than they could afford?

If not, is it because you think it would hurt their sense of self reliance?

---

i think this brings up a good question. at the end of the day if you earned your money and it's your money you can do whatever you want with it and feel good about it. in a prefect world this would be the best case scenario.

Can I be adopted?

I could use a $1.1m infusion.

FIDO*98* said:

---

I jumped the gun and bought mine a house when he moved to C.S. last year for school. If he wants to live in C.S. after he graduates, I'd let him stay at least until younger brother (3 years behind) graduates and moves out. After that we'll probably sell it and give each kid half towards a down payment on their own house.

My kids don't act spoiled and are both hard working responsible young men with jobs and high GPAs. I'm fortunate to make more than I need so I'm going to give them a head start in life. I also managed to stay married to their mom, attended 90% of their functions, coached Little League, etc. Making money and being a good parent aren't mutually exclusive

---

My dad bought a house in CS in the summer of 95 that I lived in my last two years there and rented out three rooms to friends. He also put my name on the note and dumped it in my lap. I paid all the bills, mortgage, insurance, collected rents, maintained the house and yard, and ran it like a small business. As graduation was getting nearer, dad had me put it on the market and get it sold. Great learning experience for a young man in a lot of ways.

Good on you. This will be a great opportunity for your sons for some real world stuff and also a lot of fun.

Comparison is the thief of joy.

Picard said:

---

Wait until they discover the concept of property taxes! Should be fun.

---

Yep. Who's gonna foot the bill for that $40-50k kick in the dick every year?

Picard said:

---

Wait until they discover the concept of property taxes! Should be fun.

---

I bet they'll be ok

It's the young couple's business and that of their family.

Good for them for being in a position to do this.

I personally don't like to get upset, because people are being smart with their wealth, but seems to be prevalent on this thread. Building wealth with your family shouldn't impact the work ethic or drive of your children if you raised them correctly.

Like 2 Chainz said "you getting mad… while I'm getting rich"