We should be alarmed at a generation of “give it to me” adult children who have no concept of what standing on their own means. I think the scientific term is “titty babies”.
My father offered to loan us money to buy a house. My sister had already married and bought one or two by then. My oldest brother was military so no need.
I was sort of surprised. I ended up buying a modest ($38,500) house in a so-so neighborhood, taking over an existing mortgage at the then unbelievably good interest rate of 8%. The remainder of the purchase price was my savings (not much, just out of college) and a loan from him. All done with paperwork and signatures etc. I think it was the same %, eight.
Paid him off in 10 years or so. I think the loan was set up for 15 years.
I also feel the need to say I paid for my own college education with no help from parents so not like I was already very financially independent when he made the offer.
We should be alarmed at a generation of “give it to me” adult children who have no concept of what standing on their own means. I think the scientific term is “titty babies”.””’
All those ‘PARTICIPATION TROPHIES’ don’t look so shiny NOW, do they?
I think it’s okay for families to decide for themselves how they’re going to allocate wealth between generations. At least if you put some of your wealth into helping your children get established, the government can’t take it from you.