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I can't believe this would be a shock to anyone. How else does a first time home buyer come up with a 20% deposit on a $500,000 house? There are obviously excep

I can't believe this would be a shock to anyone. How else does a first time home buyer come up with a 20% deposit on a $500,000 house? There are obviously exceptions, but generally speaking that's where the money comes from. Money from inheritance and family grossly distorts the market. Anyone who takes money from family or inheritance should be ashamed of themselves unless that money is used for helping the less fortunate. Edit: I should add that I had access to family assistance financially and chose to not take it. Which made my life significantly more difficult. So this is something I feel very passionately about. Those who take the money know it is wrong, because most of them will never admit publicly they took any money.

manigandham 8y ago
Children should be ashamed to use their family's money to better their life? That's a rather extreme statement.
- kokokokoko 8y ago
  Yes, absolutely. It is wildly unfair to those who do not have access in a market economy.
  - MagicPropmaker 8y ago
    The compromise is to make sure this transfer of income is taxed like any other income.
  - okmokmz 8y ago
    Life isn't fair. Should we also all stop drinking potable water because it is unfair to those who do not have access?
  - manigandham 8y ago
    Unfair does not mean you should be ashamed. Life isn't and never will be fair anyway.
g_z_m 8y ago
I'm just curious since I'd be on the total opposite side of this argument. What makes you so vehemently against family helping their sons/daughters along the way? I come from a culture where this is fairly standard practice in families. What is so evil or disgusting about it?
- kokokokoko 8y ago
  Because in the US we have a market economy. Taking family assistance when others do not have it, distorts the market and also distorts the very concept of merit based rewards. Which is the fundamental device of the economic system in the US. I cannot speak for other economic systems.
  - SketchySeaBeast 8y ago
    How about all the non immediately monetary advantages? Neighbourhoods, schools, contacts, free time, travel, emotional support. All affect your market value as well. Did you feel safe while growing up? Did you live at home during college? That's not fair either and will have an effect on your earning. There's a ton of variables there, and you're trying to draw a hard line on a very fuzzy subject.
    - kokokokoko 8y ago
      Because it's an easy line to draw. Don't take the money. Problem solved. The other things you listed do not have such a simple solution.
      - SketchySeaBeast 8y ago
        So if my much-suffering parents leave me some money upon their deaths I shouldn't take it, and that in some way makes me equal to the kid who went to the ivy league school and had a job with a major firm due to father's contacts but took no money? Problem clearly not solved. I can see zero reasons, moral or otherwise, to not take my parents money.
  - 8y ago
hugey010 8y ago
1. Not everyone should live in a $500,000 house, and those that do aren't always paying a 20% deposit. 2. Taking money from parents or inheritance and purchasing things is exactly what helps stimulate economies which can help less fortunate people. Not taking advantage of these benefits increases your risk of becoming less fortunate yourself! Sitting on gobs of money and living on capital gains almost never helps the less fortunate. 3. You didn't need all of your mother's breast milk, or technically any, so she should have donated it instead of fed only yourself. You could have gone without shoes your whole life but you were too snobby to go barefoot. My points don't make any sense and neither does yours. 4. I'll happily admit any time my family has helped me with a month of rent, or a big purchase, or just dinner. I've helped them throughout my whole life just like they've helped me and we all plan to continue doing so.
screye 8y ago
Quick question, will you be taking inheritance when your parents inevitably die ? If yes, what's wrong with taking some of this 'inheritance' early, when you need it, rather than at 60 when you are practically retired. If not, will you be donating it ? Don't you think having that extra money today will allow you to grow your assets enough, to be able to donate more when the times come for it ? That money isn't just going to vanish....
okmokmz 8y ago
>Anyone who takes money from family or inheritance should be ashamed of themselves unless that money is used for helping the less fortunate. This is absurd >I should add that I had access to family assistance financially and chose to not take it Congratulations >Those who take the money know it is wrong, because most of them will never admit publicly they took any money. My parents assisted me financially to get through college, and I in no way feel that it was "wrong". We are not wealthy. Both my parents were in the Airforce until my mom retired to be a stay at home mom so my father was the sole earner. They began investing small amounts, which they could barely afford at the time, before I was born with the goal of helping me pay for college, and they were able to do so. There is absolutely nothing wrong with that
notanum 8y ago
Buffett has written several times of his belief that, in a market economy, the rich earn outsized rewards for their talents.[135] His children will not inherit a significant proportion of his wealth. He once commented, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing".[136] https://en.wikipedia.org/wiki/Warren_Buffett https://en.wikipedia.org/wiki/Warren_Buffett
- refurb 8y ago
  Yeah, but that amount is still ridiculous I assume. The rumor is that Bill Gates will leave his kids a small amount of his fortune - $10M each.

manigandham 8y ago

Children should be ashamed to use their family's money to better their life? That's a rather extreme statement.

kokokokoko 8y ago
Yes, absolutely. It is wildly unfair to those who do not have access in a market economy.
- MagicPropmaker 8y ago
  The compromise is to make sure this transfer of income is taxed like any other income.
- okmokmz 8y ago
  Life isn't fair. Should we also all stop drinking potable water because it is unfair to those who do not have access?
- manigandham 8y ago
  Unfair does not mean you should be ashamed. Life isn't and never will be fair anyway.

g_z_m 8y ago

I'm just curious since I'd be on the total opposite side of this argument. What makes you so vehemently against family helping their sons/daughters along the way? I come from a culture where this is fairly standard practice in families. What is so evil or disgusting about it?

kokokokoko 8y ago
Because in the US we have a market economy. Taking family assistance when others do not have it, distorts the market and also distorts the very concept of merit based rewards. Which is the fundamental device of the economic system in the US. I cannot speak for other economic systems.
- SketchySeaBeast 8y ago
  How about all the non immediately monetary advantages? Neighbourhoods, schools, contacts, free time, travel, emotional support. All affect your market value as well. Did you feel safe while growing up? Did you live at home during college? That's not fair either and will have an effect on your earning. There's a ton of variables there, and you're trying to draw a hard line on a very fuzzy subject.
  - kokokokoko 8y ago
    Because it's an easy line to draw. Don't take the money. Problem solved. The other things you listed do not have such a simple solution.
    - SketchySeaBeast 8y ago
      So if my much-suffering parents leave me some money upon their deaths I shouldn't take it, and that in some way makes me equal to the kid who went to the ivy league school and had a job with a major firm due to father's contacts but took no money? Problem clearly not solved. I can see zero reasons, moral or otherwise, to not take my parents money.
- 8y ago

hugey010 8y ago

1. Not everyone should live in a $500,000 house, and those that do aren't always paying a 20% deposit. 2. Taking money from parents or inheritance and purchasing things is exactly what helps stimulate economies which can help less fortunate people. Not taking advantage of these benefits increases your risk of becoming less fortunate yourself! Sitting on gobs of money and living on capital gains almost never helps the less fortunate. 3. You didn't need all of your mother's breast milk, or technically any, so she should have donated it instead of fed only yourself. You could have gone without shoes your whole life but you were too snobby to go barefoot. My points don't make any sense and neither does yours. 4. I'll happily admit any time my family has helped me with a month of rent, or a big purchase, or just dinner. I've helped them throughout my whole life just like they've helped me and we all plan to continue doing so.

screye 8y ago

Quick question, will you be taking inheritance when your parents inevitably die ? If yes, what's wrong with taking some of this 'inheritance' early, when you need it, rather than at 60 when you are practically retired. If not, will you be donating it ? Don't you think having that extra money today will allow you to grow your assets enough, to be able to donate more when the times come for it ? That money isn't just going to vanish....

okmokmz 8y ago

>Anyone who takes money from family or inheritance should be ashamed of themselves unless that money is used for helping the less fortunate. This is absurd >I should add that I had access to family assistance financially and chose to not take it Congratulations >Those who take the money know it is wrong, because most of them will never admit publicly they took any money. My parents assisted me financially to get through college, and I in no way feel that it was "wrong". We are not wealthy. Both my parents were in the Airforce until my mom retired to be a stay at home mom so my father was the sole earner. They began investing small amounts, which they could barely afford at the time, before I was born with the goal of helping me pay for college, and they were able to do so. There is absolutely nothing wrong with that

notanum 8y ago

Buffett has written several times of his belief that, in a market economy, the rich earn outsized rewards for their talents.[135] His children will not inherit a significant proportion of his wealth. He once commented, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing".[136] https://en.wikipedia.org/wiki/Warren_Buffett https://en.wikipedia.org/wiki/Warren_Buffett

refurb 8y ago
Yeah, but that amount is still ridiculous I assume. The rumor is that Bill Gates will leave his kids a small amount of his fortune - $10M each.