You right, but how is it possible for a new grad to do what you did without assistance, in today's world?
If your kids graduated from college, and helped you pay a few bills while living with you, isn't that OK?
A Lot of (White) Millennials Get Significant Financial Help From Their Parents
- Thread starter The_King_of_Everything
- Start date
You right, but how is it possible for a new grad to do what you did without assistance, in today's world?
If your kids graduated from college, and helped you pay a few bills while living with you, isn't that OK?
ZoeGod
I’m from Brooklyn a place where stars are born.
as for me, I have been on my own since I was 22 and graduated college. but even when I was in college, I was on partial scholarship, and had a job that allowed me to pretty much pay most of my monthly bills (not tuition).
I lived off campus in a 4 BR apartment. that crib only cost $750 a month, so we were only paying $250 a month each for rent. we had a 4th roommate for a while that would pay us $200 a month to get that last BR.
over 10 years later, I have had ups and downs with shytty jobs and shytty cribs, but kept grinding, saving, and living within my means and getting better jobs. now, I'm bout to close on my 2nd house next wednesday and then have the current house I own rented out to my wife's cousin as an income property which I can use to subsidize my new house's mortgage. and yeah, I did it by myself.
all I need is the wife to step it up and get a new job cuz she's gonna be done with her ph d this spring, so we can really start living this black huxtable lifestyle. and of course I'll still be driving a 10+ year old car as well
4 bed for only 750!?
I got a homeboy in dyker heights brooklyn rooming with 2 other folks. 3 bed for 2gs. I need to leave this city.
h2o_proof
Thread Closed...As Usual
I've stated this many times, our mentality isn't "advanced" enough for many of us to make mature financial decisions that allow us to build and maintain wealth. Here are a few examples:
Lack of Self Worth
Many of our parents, sadly lack pride, self esteem and self worth. The root of most of this stems from not having a foundation. Simple things we've become accustom to like not sharing the last name as your father, not knowing anyone in your family who is successful or just not having a strong male presence in your life. In order to build wealth, your thinking has to be advanced, you have to look ahead and down the road sometimes generations ahead. Often times we don't do this, we're not thinking about our kids, or our kids' kids or about doing something that lives on and impacts generations. When you lack self worth its impossible to focus on your legacy and therefore your name, you, means nothing. This directly impacts your saving and spending habits because you look at money as "currency" meaning something temporary or something you give back to the economy. Instead we gotta look at money as an "exchange" meaning something you trade for something else of equal or greater value.
Valuing Money over Time/Energy
Many of us have been conditioned to value money above all else, and we're given extremely poor examples supporting this backward way of thinking. For example, most of us came up in the church which primarily focuses ONLY on the monetary aspect of the 10% philosophy, which is why the word "tithe" which basically means tax on earnings or produce is presented more than the word "offering" which means gift or contribution. Sadly this is the place where most of us first learn the backward concept of money over everything, "ministers" are valued over "ministries" and no one wants to be a "servant".
Another example, many of us grow up seeing our parents (or parent) working multiple jobs, or above 40 hours a week and we are conditioned to view this as a symbol of their dedication or utmost commitment to providing for us. The trade off, often times is these same parents miss games, recitals, teacher conferences or kids are left to be latch key, under-supervised and basically left to their own devices for long stretches of their day. That's just the physical aspect, from a mental standpoint there's a lack of attention, added stress of having to make critical decisions as a child and the potential for these things to culminate into a lack of respect for authority. I saw something that shows that minorities primarily work in the retail sector and work increased hours from June through December; during summer [to save up for 'back-to-school clothing] and during the holiday season to save up for Christmas gifts. Coincidentally, these are the times of year where we should probably be spending more time with our families.
When white people take vacations, the perception is they spend a ton of money doing so. The reality is they rack up frequent flyer miles, hotel points, and typically do inexpensive shyt like go hunting, camping, visit colleges, national parks and whatnot. They send their kids off to backpack in Europe, which contrary to how we perceive the notion, is relatively inexpensive. The time spent is more valuable than the money.
Poor Financial Acumen
As strong as the Black Dollar is, we've yet to take ownership of it in a real way that positively affects future generations. When it comes to funerals, bailing people out of jail, adding a wing on to the church or simply getting your cake up to get the new J's the day they drop, BLACK PEOPLE ARE THE BEST FUNDRAISERS. And we do this in amazingly small cooperative groups in amazingly short periods of time! What we don't often connect the dots on though is the fact that this same concept is how corporations are formed, this is how government officials are elected, how lobbyists get bills passed, how you get sidewalks in your neighborhoods and new textbooks/computers at local schools. This is how you positively impact the lives of future generations.
You're a Statistic!
With all of that said, there are still many of us doing the right things and putting our legacies ahead of ourselves, we just gotta promote that more. Many of us are ignorant to statistics that positively influence decision making, instead you're told you'll be dead or in jail by 25, or you'll have kids out of wedlock, things like that. We have to do a better job of reinforcing positive statistics. For example as a child, when you know your parents have a college fund for you, you're more likely to pursue higher education. As a young woman when you know your dad is gonna pay for your wedding, you're more likely to pursue men who are "marriage material". As a young man, when you know your parents will provide the substantial down payment for your first home, you're more likely to pursue long term relationships, maintain adequate employment and avoid criminal activity. As a young adult, when your parents help you make financial decisions, YOU'RE LESS LIKELY TO MAKE BAD FINANCIAL DECISIONS
Lack of Self Worth
Many of our parents, sadly lack pride, self esteem and self worth. The root of most of this stems from not having a foundation. Simple things we've become accustom to like not sharing the last name as your father, not knowing anyone in your family who is successful or just not having a strong male presence in your life. In order to build wealth, your thinking has to be advanced, you have to look ahead and down the road sometimes generations ahead. Often times we don't do this, we're not thinking about our kids, or our kids' kids or about doing something that lives on and impacts generations. When you lack self worth its impossible to focus on your legacy and therefore your name, you, means nothing. This directly impacts your saving and spending habits because you look at money as "currency" meaning something temporary or something you give back to the economy. Instead we gotta look at money as an "exchange" meaning something you trade for something else of equal or greater value.
Valuing Money over Time/Energy
Many of us have been conditioned to value money above all else, and we're given extremely poor examples supporting this backward way of thinking. For example, most of us came up in the church which primarily focuses ONLY on the monetary aspect of the 10% philosophy, which is why the word "tithe" which basically means tax on earnings or produce is presented more than the word "offering" which means gift or contribution. Sadly this is the place where most of us first learn the backward concept of money over everything, "ministers" are valued over "ministries" and no one wants to be a "servant".
Another example, many of us grow up seeing our parents (or parent) working multiple jobs, or above 40 hours a week and we are conditioned to view this as a symbol of their dedication or utmost commitment to providing for us. The trade off, often times is these same parents miss games, recitals, teacher conferences or kids are left to be latch key, under-supervised and basically left to their own devices for long stretches of their day. That's just the physical aspect, from a mental standpoint there's a lack of attention, added stress of having to make critical decisions as a child and the potential for these things to culminate into a lack of respect for authority. I saw something that shows that minorities primarily work in the retail sector and work increased hours from June through December; during summer [to save up for 'back-to-school clothing] and during the holiday season to save up for Christmas gifts. Coincidentally, these are the times of year where we should probably be spending more time with our families.
When white people take vacations, the perception is they spend a ton of money doing so. The reality is they rack up frequent flyer miles, hotel points, and typically do inexpensive shyt like go hunting, camping, visit colleges, national parks and whatnot. They send their kids off to backpack in Europe, which contrary to how we perceive the notion, is relatively inexpensive. The time spent is more valuable than the money.
Poor Financial Acumen
As strong as the Black Dollar is, we've yet to take ownership of it in a real way that positively affects future generations. When it comes to funerals, bailing people out of jail, adding a wing on to the church or simply getting your cake up to get the new J's the day they drop, BLACK PEOPLE ARE THE BEST FUNDRAISERS. And we do this in amazingly small cooperative groups in amazingly short periods of time! What we don't often connect the dots on though is the fact that this same concept is how corporations are formed, this is how government officials are elected, how lobbyists get bills passed, how you get sidewalks in your neighborhoods and new textbooks/computers at local schools. This is how you positively impact the lives of future generations.
You're a Statistic!
With all of that said, there are still many of us doing the right things and putting our legacies ahead of ourselves, we just gotta promote that more. Many of us are ignorant to statistics that positively influence decision making, instead you're told you'll be dead or in jail by 25, or you'll have kids out of wedlock, things like that. We have to do a better job of reinforcing positive statistics. For example as a child, when you know your parents have a college fund for you, you're more likely to pursue higher education. As a young woman when you know your dad is gonna pay for your wedding, you're more likely to pursue men who are "marriage material". As a young man, when you know your parents will provide the substantial down payment for your first home, you're more likely to pursue long term relationships, maintain adequate employment and avoid criminal activity. As a young adult, when your parents help you make financial decisions, YOU'RE LESS LIKELY TO MAKE BAD FINANCIAL DECISIONS
beenz
Rap Guerilla
I dont know. I guess I'll cross that bridge when I get to it.
my sister in law is 28. she graduated from undergrad at like age 21. then she worked with me at my old job for a few years as like an admin assistant getting shyt pay. she stayed with my inlaws during that time, but after like 2 years, she said fukk it and went back to med school. 3 years later, she's graduated and a resident anesthesiologist and will certainly CRUSH EVERYONE in the family as far as money goes when it's all said and done.
My mom lives with me. My brother lives with me. My girl lives with me. For a time I was the only one with anything that resembled a steady and moderate income. I was working seven days a week. Only reason I'm not now is because I've been put on a detail in a location where I can't pick up screening hours. My girl has a decent enough gig to take a bit of the pressure off but shyt I'm still the chief breadwinner. There's no other options. This is the reality of the black family. It's not financially strong at all. Sink or swim.
Cabbage Patch
The Media scene in V is for Vendetta is the clue
Gravy train stops when Daddy dies.she will never appreciate shyt, cuz she don't even have to work for it. she can afford to take "fun" jobs for little pay because she's so heavily subsidized by her parents. sounds like a good lifestyle if you can get it
She's a leech and leeches need men. How much longer can she play the sugar baby game for real daddy and fake daddies before the clock runs down?
ezrathegreat
Veteran
Not even mad.
I just wish the majority of black parents were in the same position.
I just wish the majority of black parents were in the same position.
Wink Beaufield
Superstar
Inheritance would be a boon for her though.
25YOUTHS!!
Superstar
I'm black and my parents have a similar mentality: Focus on your education/goals and we'll do everything possible to help you along the way. And they practiced it themselves from early on as African immigrants.
I remember living in public housing while my dad worked entry level manual labor jobs.
Moving to the middle of nowhere (literally population of < 5,000) b/c there was a college there that accepted my mom's African college credits and allowed her to test into/out of classes. Seeing my dad once every couple weeks during that time b/c his job was 4hrs away
By early 2000s we were living a lower middle class lifestyle (income-wise b/c we had to stretch it due to my large family). My dad had a stable non-labor job by this point and mom was a nurse.
My mom decided to go into business for herself while my dad held it down for like a year while the business took its lumps. Bought their first house for like $120K, moved us to the burbs
By 2005 my dad was able to quit his job to join my moms in the family business. Shyt grew (and continues to grow) exponentially. Bought a house for $530K while renting out the old one. Finished paying off the old house in a couple more years so the rent from it been passive profit income since then.
Put me and 3 of my siblings thru college. Even though 3/4 of us got practically full ride academic scholarships, they still had to throw down like $4-5k/semester for room and board for each of us. Plus living expenses. I got a workstudy job my sophomore year and then a great paying gig as an independent contractor interpreter. It was a ridiculous amount of $$ for working 3 days/week and my parents helped me save 90% of it. They still paid for my school expenses (basically room and board) and the only thing I had to worry bout was daily expenses, gas, phone and $ for chillin, bottles etc.
Went in on a townhouse with me during the housing recession (2011).They put in 30K, I put in 40K. After a lil more than 2 years of renting it out (mostly college students and one small family) it was all paid off AND they signed it all over to me. According to the last property tax evaluation its valued at 130K
Plus they're paying off the student loans for my younger sis who just graduated.
With a foundation and example like that losing is not an option brehs
I wanna be able to give my children iA "a small business loan" of $1million
I remember living in public housing while my dad worked entry level manual labor jobs.
Moving to the middle of nowhere (literally population of < 5,000) b/c there was a college there that accepted my mom's African college credits and allowed her to test into/out of classes. Seeing my dad once every couple weeks during that time b/c his job was 4hrs away
By early 2000s we were living a lower middle class lifestyle (income-wise b/c we had to stretch it due to my large family). My dad had a stable non-labor job by this point and mom was a nurse.
My mom decided to go into business for herself while my dad held it down for like a year while the business took its lumps. Bought their first house for like $120K, moved us to the burbs
By 2005 my dad was able to quit his job to join my moms in the family business. Shyt grew (and continues to grow) exponentially. Bought a house for $530K while renting out the old one. Finished paying off the old house in a couple more years so the rent from it been passive profit income since then.
Put me and 3 of my siblings thru college. Even though 3/4 of us got practically full ride academic scholarships, they still had to throw down like $4-5k/semester for room and board for each of us. Plus living expenses. I got a workstudy job my sophomore year and then a great paying gig as an independent contractor interpreter. It was a ridiculous amount of $$ for working 3 days/week and my parents helped me save 90% of it. They still paid for my school expenses (basically room and board) and the only thing I had to worry bout was daily expenses, gas, phone and $ for chillin, bottles etc.
Went in on a townhouse with me during the housing recession (2011).They put in 30K, I put in 40K. After a lil more than 2 years of renting it out (mostly college students and one small family) it was all paid off AND they signed it all over to me. According to the last property tax evaluation its valued at 130K
Plus they're paying off the student loans for my younger sis who just graduated.
With a foundation and example like that losing is not an option brehs
I wanna be able to give my children iA "a small business loan" of $1million
My aunt always told me if you want to get to where the white man is a black man gotta work 3 times harder
- blackierobinson
- blackierobinson
WaveMolecules
Superstar
This is common sense. I feel like this isn't news.
And im not jealous of them. Good for you, whatever.
Im more upset about the fact that most white families have the financial intelligence passed down, where minorities dont. We are conditioned to struggle, not saving, not being frugal and not reinvesting in ourselves.
I only recently woke up, im still very much stuck in the rat race unfortunately.
And im not jealous of them. Good for you, whatever.
Im more upset about the fact that most white families have the financial intelligence passed down, where minorities dont. We are conditioned to struggle, not saving, not being frugal and not reinvesting in ourselves.
I only recently woke up, im still very much stuck in the rat race unfortunately.
mcdivit85
Superstar
Peeps in here on some "mommy and daddy need to help me be grown" 
As a dude, with nuts and pride, I always pushed to be independent from a young age. From the time I could start working, I was making money one way or another. Even as a teen, I stopped looking to mom for clothes and spending money. I just wanted to be the kid that was doing more than the other kids. As I grew, this feeling only became stronger.
I can understand the sentiment of wanting parents to be a safety net. And I agree that they should be that. But paying bills consistently and financing a lifestyle is a bit much. Adults need to be adults.
I plan on leaving assets behind for my future children, but they will be expected to make their own way in this world. Sure, I will help them get their first place, but they will be paying the rent and expenses month to month. I will help them get a foundation, but they will have to maintain it on their own. I plan on helping them build, but they won't be 33 years old living in my basement.
Parents should help you out of the nest and teach you how to fly. Not build the entire nest, hatch the eggs and raise the chicklings for you.
Peace
As a dude, with nuts and pride, I always pushed to be independent from a young age. From the time I could start working, I was making money one way or another. Even as a teen, I stopped looking to mom for clothes and spending money. I just wanted to be the kid that was doing more than the other kids. As I grew, this feeling only became stronger.
I can understand the sentiment of wanting parents to be a safety net. And I agree that they should be that. But paying bills consistently and financing a lifestyle is a bit much. Adults need to be adults.
I plan on leaving assets behind for my future children, but they will be expected to make their own way in this world. Sure, I will help them get their first place, but they will be paying the rent and expenses month to month. I will help them get a foundation, but they will have to maintain it on their own. I plan on helping them build, but they won't be 33 years old living in my basement.
Parents should help you out of the nest and teach you how to fly. Not build the entire nest, hatch the eggs and raise the chicklings for you.
Peace
everyone knows white people have more money on average than black or Latinos.Giving money to your kids is not at all surprising, its just what people do when they have extra money. It has nothing to do with race. Black/Latino families just don't have as much (or none) extra to give.
The question is what do you do about the unfairness of racial inequality? The solution of using the government doesn't fix anything in the long term. If you try to use the government to do this (Income redistribution), then eventually racists regain control of the government, undo everything you did, and get more kinds of discrimination.
The solution is to virtually eliminate government and drastically cut taxes
-No property taxes = affordable rent/ can afford to buy property of your own.
-Lower capital gains tax = better economy... anyone can invest in stocks
-Lower income tax = more jobs, and better paying jobs available... and once you move out of poverty, you keep what you earn, instead of throwing it back to the government so you barely escape poverty at all
-Lower sales tax and payroll tax = food, gas, utilities, cost less; all wages in all wage jobs increase.
In general, all government programs do is keep people in poverty, it doesn't ever help them get out of poverty...
The question is what do you do about the unfairness of racial inequality? The solution of using the government doesn't fix anything in the long term. If you try to use the government to do this (Income redistribution), then eventually racists regain control of the government, undo everything you did, and get more kinds of discrimination.
The solution is to virtually eliminate government and drastically cut taxes
-No property taxes = affordable rent/ can afford to buy property of your own.
-Lower capital gains tax = better economy... anyone can invest in stocks
-Lower income tax = more jobs, and better paying jobs available... and once you move out of poverty, you keep what you earn, instead of throwing it back to the government so you barely escape poverty at all
-Lower sales tax and payroll tax = food, gas, utilities, cost less; all wages in all wage jobs increase.
In general, all government programs do is keep people in poverty, it doesn't ever help them get out of poverty...
I don't see the problem, here.
Isn't it everyone's goal to be able to provide for their family? Aren't we supposed to inherit wealth from our parents, build on it and pass it onto our children?
Am I missing something? When was this a"white " thing?
Isn't it everyone's goal to be able to provide for their family? Aren't we supposed to inherit wealth from our parents, build on it and pass it onto our children?
Am I missing something? When was this a"white " thing?
h2o_proof
Thread Closed...As Usual
I don't see the problem, here.
Isn't it everyone's goal to be able to provide for their family? Aren't we supposed to inherit wealth from our parents, build on it and pass it onto our children?
Am I missing something? When was this a"white " thing?
Its a white thing because they got like a 400 year head start bro. We're not only battling the late start, but we're also battling conditioning. Many of us are doing the right things, but that's only those of us who know better. There's still so many of us that are ignorant to how to build and maintain wealth. I don't think there's necessarily a problem, as you pointed out, more so we fail to spread this type of information. Its naive to assume this is "everyone's goal" because so many still don't know, but you're a smart brother so I'm sure you empower and educate as many people as you can on this topic so I salute you.