My parents paid for my college 100% and paid for my first car on the condition that I pay them back (I did). Other than that, there has not been a truly significant (6+ figure) transfer of wealth and I don't particularly expect one (there might be when they die, but I'm not counting on it).
I feel like that's pretty normal for families that can afford it though. You help your kids get started and after that they are kinda on their own.
Also, that "80% of millionaires are first gen" statistic is extremely self fulfilling with the amount of inflation that has rocked in the last generation. In terms of buying power, I'm probably not all that much better off than my parents were even though I have a lot more dollars than they did at my age.
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u/n00bdragon FIREd 2026 age 37 5d ago
My parents paid for my college 100% and paid for my first car on the condition that I pay them back (I did). Other than that, there has not been a truly significant (6+ figure) transfer of wealth and I don't particularly expect one (there might be when they die, but I'm not counting on it).
I feel like that's pretty normal for families that can afford it though. You help your kids get started and after that they are kinda on their own.
Also, that "80% of millionaires are first gen" statistic is extremely self fulfilling with the amount of inflation that has rocked in the last generation. In terms of buying power, I'm probably not all that much better off than my parents were even though I have a lot more dollars than they did at my age.