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

[Idaeo]

i've lived in Los Angeles over 8 years and have met many trust fund, holding parent's "emergency credit card," don't pay their car note or rent types..

 

[Hiphoplives4eva]

This is more of a thing for hoodrats who have kids between 18 to 25 and want to be the cougar in the club. I'm black and I've never heard anyone's parents I know say this.

Exactly. I'm Nigerian and most parents I know take care of their kids long after 18. My sisters lives in my parents home rent free and she is an RN! Just stacking bread until she can save and by her own spot

 

[DrX]

I'm black and my parents pay for everything.

I guess it depends on how much money they have to give.

They don't pay for the little extra stuff that I want sometimes. They can, but they just don't want to. They don't think it's important or something that I need/should have. I'm going to pay for those things by myself. Then they're going to ask me what I'm doing with my money and be upset that I'm spending it. & maybe they'll pay for those things too. Idk. We'll see.

theyre setting u up for failure...once u leave the nest and get out here in this jungle...the vultures will be waiting

 

[StickStickly]

I could tell you so many stories from grad school and undergrad where my worldview clashed with my white peers or educators.

- internship supervisor couldn't understand why I wasn't getting a vacation gift when I graduated with my MA from my parents. He said everyone should travel after they achieve higher Ed. I looked at him like "nikka I have to work. If you want to pay my car bill this month I can think about going to Tahiti"

- white friend's white boyfriend couldn't understand why my parents wouldn't pay for a hypothetical wedding I could have. He actually said it was irresponsible for them not to pay . Tf kind of kid thinks their parents owe them like that? I asked him that too lol

- all my white peers are on vacation, not visiting family but actually in some tropical location or Europe and I'm working an overnight looking at their pics on Facebook

- they had the luxury of hobbies. I had work.
-white friends complaining that their inheritance is only 10k or their nepotism job only pays $45k a year

I pretty much had the face all through school. They don't realize that generational wealth or even having parents to fall back on, having family with financial knowledge or a nest of even $2k is a privilege.

 

[GrindtooFilthy]

You're lucky

My pops just asked me if he and his wife could move in for a month or so so they can save money.

this seems to be a problem with AAs more than anything else, i don't see africans and caribbeans doing this

 

[GunRanger]

Doing what they're supposed to be doing. People here complaining have the game all fukked up.


Another thing is why more black people don't have life insurance. Tax free money but people scared that someone is going to kill them as soon as they find out the policy

 

[Cabbage Patch]

whattt

What you mean, what. You white. You know damn well the OP is the truth.

That part about the homeowning burns extra. I think the problem with your people is you all assume everybody got what y'all got.

 

[Reality]

I'm black.

I won the lottery with my parents, straight up. Especially w/ my pops because he's the breadwinner. My mom's a nurse...decent bread, but not great. All in they probably make about $170-$180k a year.

I went to a PWI that costs about $250k for four years. I only had to pick up $17k in debt. Uncle Sam picked up some of that, but most of it was pops.

I'm now in grad school and guess what? He surprised me with another $30k. Paid for with a fund he started while I was in Kindergarten. He also gave me a no interest loan on top so I didn't have to ask for as much from the banks. #blackexcellence #blackfatherhood

I love my mom, but she really doesn't know a ton about investing. She just knows to follow my pops lead and save when he says save. She still has nice shyt though.

Hold up wait...

#GMB?

Anyway...

That's why I'm busting my ass at 5:30 in the morning right now. Unless I really fukk up, I should be making around what my pops makes at 57 when I graduate--at 27. If I really do well, I'll be making more than what they both make combined. I wanna show my parents that offer letter.

That's why the last thing I'm in a rush to do is go live in some expense city and blow the money I'll make on thots and gear. First priority is stacking my paper so that whatever happens with my parents, in 10 years, I can take care of them no questions asked. This expectation has never been communicated to me, nor do I have the impression its needed based on some of the stock trades my pops was talking about over Thanksgiving , but I wouldn't be worth shyt as a son if I didn't think like that anyway.

Also, my pops never sold out or became some 1%er corporate villain to do all this...he has a STEM background and has never had to manage anyone. The man's discipline and thriftiness is just out of this world.

All this is just to say...really, I got lucky.

We should all be doing our damnedest to make sure our kids get lucky too.

 

[Mr.Big Meat McGee]

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.

Explain please.

 

[Blessings]

its funny how many of them will gladly accept help from their parents then turn around and say "how do III benefit off of racism white supremacy" "i didn't own slaves"...pretending that this system doesn't provide them opportunities that don't exist for blacks

And say the only successful minorities are product of affirmative action

 

[Michael's Black Son]

Everyone needs to be better with money. How many of us eat out every day or turn up every weekend?

Progress starts from within.

This. There's even an adjustment you have to force yourself to make once you start making more money. I got a better job earlier this year and can pay my rent/bills for the month off of 1 damn check with some change left to play with. I've battled with buying the material bullshyt as opposed to falling back and not buying shyt. After a while you're spending just to spend and going out when you could cook meals at the crib and drink for cheap.

Being single with no kids and having a decent/good job can also be the gift/curse because you're having more $ available but then your family sometimes behaves like the $ is unlimited.

I dunno breh, but I sometimes in the back of my head live like the shyt can get taken from me any day and that stems from not growing up with shyt.

 

[ZoeGod]

Word those of us who aint got much we have to work hard so our kids dont go through what went through. I want to pass wealth to my future children. That is why my whole thing is making money cuz we are living in a harsh dog eat dog capitalistic world. Its not going to get any easier.

 

[Blessings]

shyt is fukked up. Smh my parents dont even have insurance so I dont even know how we will manage if either of them die before me and my lil bro start our careers. That is why im learning Forex and Binary Options cuz im gonna take a playbook of white folks. Struggling aint easy. That is why i keep saying being broke isnt fun because I know what it is like.

You're going to have to bring it up to them...no excuse for anyone in 2015 to not have life insurance

 

[JLova]

OK, we already knew this.

 

[TLR Is Mental Poison]

OK, we already knew this.

The thing is, people really don't. If you don't have or know about wealth, this kind of shyt is a legitimate surprise. The mistake people make is writing shyt off like it's a gift or w/e. Naw, the shyt takes hard work and discipline a lot of the people complaining can't even begin to understand.