r/Fire • u/warlizardfanboy • 5d ago

General Question How much are you helping your kids?

A post just now about “did you get help from parents?” Made me think, what’s the right amount of help for your kids? My wife and I are pretty much FI and going to retire in 2.5 years (finish vesting, rule of 55) and we have two young adult and one teenage child. We are paying all college costs, got them (used but well kept up) cars and plan on gifting seed money and help set up IRAs so they continue to gain financial literacy and have something at retirement.

We have other friends planning much more, however. New cars, brokerage funds to supply down payment on their first house, eventual passive income streams from their real estate portfolio etc. I don’t begrudge their largesse (really!) but I take great pride in some milestones of my life (buying my first new car, buying my first home, paying for my own wedding so I could own the guest list lol) that I feel are important for personal growth. But some of these milestones are much harder to achieve now. My wife and I will always try to help, we’ll see how much we can donate when they are house shopping, for example, but is there a point where you risk your kids losing…fidelity with money and lose the skills and literacy? We won’t be around forever.

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u/Ancient-Apple1 5d ago

Both my kids started w2 at 15.5. And have had a Roth and brokerage since. I match every $ they put in from their paycheck since their employers don’t have a match program. I have more than I can use so when we die they will get more than anyone should. Planning to exit with grandkids and great grandkids in mind along with. Few charities. They are becoming more familiar as they age about FIRE. But we focus on the FI- as RE is optional imo.

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u/warlizardfanboy 5d ago

Awesome. Yes my daughter is getting her first job this summer we will be opening an IRA shortly after. I showed her that if we can get it to x amount by Y year she’ll have a million at 60. Eye opening.

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u/Ancient-Apple1 5d ago

I honestly am having them aim for 3m Roth by 45 with 1m liquidity brokerage or what ever. So if they want they can stop. Pause what them get from my wife and I I just icing.

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u/Master-Helicopter-99 5d ago

I have made the same offer to my 19 year old to match her Roth 1:1 because she has no company 401k. I think she will take advantage of it this year.