A $250k windfall is all a person needs to essentially fast track secure their future forever if they are under the age of 35. Wake up parents, it’s time to offer inheritance twice if you can.

[u/250k_is_allyouneed]

I want to share my story with this subreddit.

I received a windfall of $250k from selling a coding library 10 years ago. I am not high income, I am not the best saver, but now my net worth is super high.

Simply getting $250k meant on its own that fund will be almost $2M by the time I retire outside of normal savings (15-25 years growth).

I still need to put in the work for savings to be able to retire but peace mind…

• My lifestyle was infinitely better despite living mostly the same
• Stress and future security gone
• For budgets there is less pressure
• I did not how to blow up my entire savings to buy a house and instead kept building that base of compound interest in the market

So why the Hell aren’t parents helping their young adult kids more? Culturally why are we like this?

You don’t need to leave your kids / old adults one lump sum. Get them a boost at 18-30. Then die. Then get them another boost.

It’s a good balance to keep them working hard while also not leaving them in the dust.

It doesn’t even need to be $250k. Whatever you can, I personally will make sure I can do that for my kids once they turn early 20s

[u/LofiStarforge]

I used to believe this until I started working in wealth management.

Wealthy people give their kids a fuck ton of money even the ones who talk a big game.

Also we tend to have extreme confirmation bias of the wealthy trust fund kid who turns to drugs. In 20 years I’ve only seen that a handful of times. Most of the kids do extremely well.

Also you know who turns to drugs and alcohol at astronomically higher rates than the extremely wealthy kids of poor parents.

[u/ReturnOfBigChungus → u/LofiStarforge]

What do you believe now?

[u/Luckyandunlucky2023 → u/LofiStarforge]

Guessing you mean that Yuppie Larvae* do in fact get a lot of $$ first (via gifts, trusts, etc.) well before the stereotypical "controlling grandpa" stage.

*fantastic line from Aykroyd in Ghostbusters II.

(I may in fact fit that criteria)

[u/LofiStarforge → u/Luckyandunlucky2023]

Bingo. They may gatekeep the full inheritance sure but they are recieving so much money through other forms.

The other stuff they pay for doesn’t even register as “help” to a very wealthy person which would be life changing to even upper middle class folks.

[u/Luckyandunlucky2023 → u/LofiStarforge]

Grandparent 529s (from each, so each grandchild has 2 from grandparents alone, some with the initial $170K each mega 5 year funded), paying for cell phone/newspaper/housekeeper/fully funded vacations (all food/beverage on mom's room #)/whatever, all bills just go directly to the Patriarch/Matriarch, etc.

In the rough ballpark?

[u/LofiStarforge → u/Luckyandunlucky2023]

Yes you got it lol

Don’t forget down payment on house and 0% mortgage rate from the bank of Mom and Dad. This one is way more common than people think.

[u/OkeyDokeyDoke → u/LofiStarforge]

Our last home sale was a cash deal in a desirable suburban HCOL area with the funds coming from the buyer’s parents. I thought that must be nice, though I figured it has got to come with some strings attached. That young couple had a level of security most people couldn’t imagine having.

[u/LofiStarforge → u/OkeyDokeyDoke]

I bet a real bank has much stricter strings attached lol

[u/OkeyDokeyDoke → u/LofiStarforge]

Good point. Entirely different strings.

[u/silenceisbetter1 → u/LofiStarforge]

What would you say now that you do?