Everyone has been given money, services, or goods at some point in their lives. Usually the main givers are parents. In most cases they at least provide food, shelter, and clothing until the age of 18, at a minimum. In addition, some parents even provide vacations, private music lessons, college education, inheritances, house down payments, cars, investing lessons, and passed down heirlooms. Everyone’s situation is different, but does that mean any one way is “more right” or “more wrong” than the other?
I am a big fan of reddit. In the Financial Independence subreddit there are over one hundred thousand subscribers, many of which share invaluable stories and information which help thousands of other people get ahead financially and reach their FIRE goals. Some people ask advice about how to start on the path to FIRE. Others share how they FIRE’d at 35 years old. Others ask what to do with a recent windfall.
Time and time again I’m shocked at the responses people receive if they received a leg-up financially. Parents paid for college? That is cheating on the path to FIRE! Aunt Ada worked as a secretary until she was 70, always saved money, and left all her grand nieces and nephews $30,000? Well those grand nieces’ and nephews’ financial accomplishments from then on aren’t earned. I don’t know where this negativity stems from. Maybe it is jealousy or it is just internet trolls who have nothing better to do.
I honestly could care less how you got to the financial position you are in? What people have to realize is everyone’s family and upbringing are different. So inherently their financial lives are going to have different paths than yours. In my mind, someone who was taught about retirement accounts and saving half their income growing up will be much better off than the person who received a free college education and $30,000 gift coming from a family that didn’t talk about money.
From growing up in a very rural town, to working in Manhattan, to now living in the Midwest, I’ve seen all sorts of financial situations. Some friends have fully supported themselves since 16, others are in their late 20’s and receiving large amounts of parental financial support such as Manhattan apartment down payments from their parents.
Personally my parents provided the necessities (and more) until I was 22. They would of done it longer but I wanted to act like a grown up and move out on my own. My family covered a little over one year of college and I footed the rest of the bill. Does that mean I’m better than my peers who had all four years paid for by mom and dad? Do my financial accomplishments matter more? HECK NO!
I know that if anyone was to hand me a check for ANY reason, I would put a huge smile on my face and say THANK YOU! Does that make me wrong? I sure hope not.
What is your take on being subsidized financially? Do you receive all gifts (even monetary) with open arms? Why the stigma?