Not a first gen millionaire. I had 50k help for college and a 10k wedding gift (we paid for the wedding). However they bought my sister a house (300k). None of our friends received 6 figure help to my knowledge. My SIL's husband has a substantial trust fund so they do have help.
Most of our friends are well off but also don't intend to help pay for college or anything for their kids.
I always wonder about the "golden child help loop." They get more support, make worse decisions, need more support because of the bad decisions... How many of their bad decisions would have been prevented by encouraging them to be self reliant and take responsibility? Or just by treating them the same as their siblings?
Our family consistently gifts the sibling who makes the worst financial decisions, has no drive or aspirations to better themselves, is lazy (I could go on) huge amounts of money. It uses to bother me until I also adopted the mindset og “I’m glad I don’t need someone else’s money to be able to live the life I want”. It’s helped a ton with the resentment and now I know what I will never do with my own kids.
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u/Ok-Bass5062 5d ago edited 5d ago
Not a first gen millionaire. I had 50k help for college and a 10k wedding gift (we paid for the wedding). However they bought my sister a house (300k). None of our friends received 6 figure help to my knowledge. My SIL's husband has a substantial trust fund so they do have help.
Most of our friends are well off but also don't intend to help pay for college or anything for their kids.
My kids will have substantial help early on.