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Of course, there are rich parents/ kids everywhere. I didn't mean to say it was solely a LI phenomenon, just very prevalent here I'd say. The main question I posted was how common other's think this or a similar situation here, especially at the income level of my brother working 2 jobs to take home only $100K, which is on the low end here, not a rich family. So, I guess the real question here is at that income level, how many parents spoil their kids like this.
Quote:
Originally Posted by Namogel
This is purely anecdotal but where I went to college we had a handful of kids from Great Neck and Jericho....the graduation gifts these kids received ranged from new porsches to new mustangs. Really sweet cars.
Those areas usually have parents at a much higher income level, and yes, spoiling of their kids is very common there. If you had a higher income, I'd think it's fine to say to your kid, I'll buy you a new challenger, charger, mustang etc., if you pay all the insurance and gas by getting a job, that's all.
Does anyone know how much of this juvenile largesse is actually debt financed?
Probably a lot. I know a family that I have heard complain about money, have quite a few kids, and are off on vacations to Disney every year and numerous other places as well. I am sure it is only a matter of time before it all catches up to them. When it does, my house will be long paid off and I will sit back and feel better about myself for being smart.
Gag, your brother works two jobs to make six figures in order to live in a McMansion, to buy your niece iPhones and your nephew an Acura? Sounds like he's in over his head, but that's another story.
Thanks
Yea, he's now living paycheck to paycheck and not saving anything for retirement. I know he's working his electrician job long hours after Sandy hit. So, when it slows down I'll speak with him, not to criticize, but to try to help him understand.
Now the thing is, since the kid tasted the feeling of driving a brand new car, and a nice one at that, he will never be able to stoop low and buy a new Honda, or even a used acura/lexus/infiniti.
Looks like they grew up around material possessions, so most likely they will continue to do the same. Unless the deli gig or college gets him to where he's pulling six figs like his old man, he will just be another guy on the LIE, working to keep up his life style.
Nah, who am I kidding! he's going to live at home until he's 35 and drive an S-Class just like the other "kids" on LI.
Probably a lot. I know a family that I have heard complain about money, have quite a few kids, and are off on vacations to Disney every year and numerous other places as well. I am sure it is only a matter of time before it all catches up to them. When it does, my house will be long paid off and I will sit back and feel better about myself for being smart.
Probably true; however, my bro doesn't have much debt. His house is paid for since he's been there over 35 years, so it gives him a spending cushion. He may be pinched though as the taxes and flood insurance rise on his place. The home equity gravy train has gone away for most, but he could get one, so shoosh let's keep it quiet
I was listening to a bunch off parents complain that their 5th graders has too much homework and how its such a drag on family life! Then they start talking about how they (the parents) just do the homework for the kids!!! Furthermore, they were asking each other how to make it look like the kid did the homework!!!! One mom said that "its too hard to make the homework look like the kid did it" so she does not hide the fact that she does it!!!!!!
AAAAHHHHHHH!
I wish I was creative enough to make this up!
That is something I constantly hear about. Or when it's time to hand in their book reports, my DDs is the only one that looks like a 10 year old did it. I don't know what people think that is going to achieve, other than a 30 year old who can't find job and still lives at home with you?
I'm all about responsibilities. My kids do chores. If they forget something at home (past kindergarten), they know not to call me to bring it to them, because they should've done it themselves. If they're lazying about and don't do their homework, I write the teacher a note telling them so, and to punish them however they see fit. Kids need to learn real world consequences and how to deal with them on their own, because Mommy and Daddy won't be around to clean up your mess for the rest of your life.
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