A Lot of (White) Millennials Get Significant Financial Help From Their Parents

[Jhoon]

My wife and I have a college fund for my daughter. If she ends up getting a scholarship and gets school paid for, that money will go to buying her first home.

I was just having a conversation about this earlier today at work. I was trying to explain to them how we (my family works). The first couple cars I drove were given to me. The last couple cars I have purchased, when I was finished with it, I gave it away.

For my family, my daughter already has her state school tuition in the bank. In fact, citizens was offering a great savings plan for kids last month. She's not going to live on campus. When she figured out where she wants to go, I will buy a property near by and have her rent it out too.

For the people rolling their eyes, you too can do this for your child. But this is the generation that believes you need a half a million dollars to raise a successful child.

 

[Jhoon]

It's that pride breh. That cotdamn pride I slid right into my job a week and a half after I got my bachelor's, my first paycheck went to my first rent. Now I'm out here basically check to checkin it while fluctuating with some amount of savings. Fair amount of my check goes to rent, bills, insurance, etc. That's just part of this shyt in my opinion, I wasn't bout to go back home after I graduated. But it's taught me a lot about the world and myself, and some of the ways I've hustled or found a quick play to come up on some money in the past couple years have even impressed myself.

It's not pride. It's conditioning the populace to engage in consumption. If you get a place at 18, you can't successfully attend college to get a higher wage. You're forever stuck in a dead end job, which means more of your income goes towards consumption and taxes, and that's how the government likes you in this country. Because more than likely, if you're poor, you're too tired to complain but not enough to put your bible down.

 

[Grand Cru Boo]

I be try to tell cats we built for the battle but not the war. I can't be concerned about cacs getting the leg up, I know they not prepared for the race like we are. That why you see cacs committing that everytimw they get in a bind. They would rather off themselves than weather the storm. Our issue personally speaking is staying focus, building wealth, creating wealth, saving, investing,mets. What discourage a lot of folks is ignorance. Cats don't know the first step or take th initiative to open a book or Google finance. They would rather wait and see what happen ( which in turn yields the same results... Nothing).



Luckily my parent were very welcoming to the idea of me coming back to live with them after college. They want me to get on my feet and succeed it just that I'm use to living a certain way, being on my own two feet and all of that. We have to set our kids up for success but sadly look at it as a burden. I can see if you no really doing amthing and just getting by it may not be a alternative however for the cats hustling trying to make it it should always be about progress.

 

[Grand Cru Boo]

My ex is a doctor and her dad paid for her gas bill....



I'm over here paying my younger brothers' college fees

Salute

 

[Grand Cru Boo]

Mexicans clown on each other's clothes too. In Northern Cali, the Mexican kids who are straight from Mexico get clowned on by the 2nd+ generation Mexican kids for being broke and wearing different clothes.

Sounds familiar

 

[mamba]

I find you just have to have a strong mind and completely ignore what a lot of people will say. Go ahead and get a couple of roommates and live with them and then stack up a ton of money. Invest that money in your own business and then just enjoy life. There has to be a point where things change, especially in these economic times. Let those who would clown find out the hard way.

Honestly, it disappoints me when I see a baby with a collection of jordans and polo, knowing they will outgrow that in a half a year but the parents aren't putting anything towards that kid's education. Some parents treat their kid as a dress up action figure, and that misplacement of money will have big consequences of later. We simply can't go on with the mindset that a lot have had in the past. It won't get us anywhere.

Breh, I remember when I was in school. nikkas would come to school decked out in Polo, Jordans, etc. and wouldn't even have a pencil and paper.

Black children learn early on that how they look going to school is more important than how they perform in school.

 

[Jhoon]

Pretty much. The average cac is already born with half the battle won, all they have to do is stay in school and keep a straight path, and even if they do fukk up they'll have their community to back them up. Like mentioned before if you're Black once you're 18 good luck cause you're on your own.

That's not even remotely true. Their parents have assets. Assets they've used to get a second mortgage to get money to gamble a bit. You win some and you lose some in gambling. They take that money and gamble on the future of their child. More than likely the child will carve out a niche for himself.

I was lucky. Although I left my parents house at 18, i still had enough moxie to carve out my own lane. I went from a 1.1 gpa in high school to being a registered nurse in 2 years. I was able to buy a few properties, was unlucky to get really hurt at my job, and getting a settlement check that will allow me to grow and mature.

 

[JetFueledThoughts]

It's not pride. It's conditioning the populace to engage in consumption. If you get a place at 18, you can't successfully attend college to get a higher wage. You're forever stuck in a dead end job, which means more of your income goes towards consumption and taxes, and that's how the government likes you in this country. Because more than likely, if you're poor, you're too tired to complain but not enough to put your bible down.

I see what you're saying and you're correct about that. I agree with you that the government does aim for us to be simpleton consumers. We're talking about slightly different situations because I was 22 with a bachelor's but yeah just dipping out at she 18 to work a (most likely) remedial job is the perfect formula to spend your life in dead end servitude.

 

[Allergic2Latex]

Ain't this a bytch

Not close to the truth over here
I been taking care of my mom since I was 16
She's disabled and I'm all she really she got

 

[Jhoon]

I see what you're saying and you're correct about that. I agree with you that the government does aim for us to be simpleton consumers. We're talking about slightly different situations because I was 22 with a bachelor's but yeah just dipping out at she 18 to work a (most likely) remedial job is the perfect formula to spend your life in dead end servitude.

No, the governments job is its own survival. It's why although marriage rates are down, the tax rates are only beneficial to married families. You can't build wealth with a divided household. Consumption is the antithesis of marriage. But folks (this generation) are buying the tag line.

 

[JetFueledThoughts]

No, the governments job is its own survival. It's why although marriage rates are down, the tax rates are only beneficial to married families. You can't build wealth with a divided household. Consumption is the antithesis of marriage. But folks (this generation) are buying the tag line.

expand on this thought for me if you don't mind

 

[Jhoon]

expand on this thought for me if you don't mind

There's a tag line on this forum, GMB, or something that ridicules the idea of marriage. But without marriage (or its tax rate), you're not building anything of value. You're giving money to the government under the guise that you're saving money from the money grubbing exwife or child. If you were to do some quick math, you would see being single is a detriment to your assets at a certain point.

 

[Doomsday]

Another thread where posters try to justify being dependent on their parents forever.

 

[Jhoon]

Another thread where posters try to justify being dependent on their parents forever.

Wealth doesn't just happen. You're going to need financial assistance from somewhere at sometime from someone. This mythical American notion that one can work hard, and with the grace of God (and only God), you too will immensely successful.

 

[EndDomination]

Another thing I've noticed is a lot of Black kids also don't have cars during college.
When your already limited internship/job prospects are limited to just walking distance, things become even more difficult.
Of the commuters to my university, the majority are Black, and they take the bus.