- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Friend gave his daughter $275k when she graduated college.
Posted on 1/14/22 at 7:20 am
Posted on 1/14/22 at 7:20 am
I was talking to a buddy who's 22 yr old recent college grad just bought a house. I commented that her first job must be paying really well. He said it was b/c he gave her $275k when she graduated college. I was like what?!? This guy does alright, but not $275k laying around alright.
He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.
I actually think this is an awesome idea if the parents' can swing it. Catholic schools cost like $7k a yr now. College, even state schools, aren't cheap.
What a great gift to his kid.
He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.
I actually think this is an awesome idea if the parents' can swing it. Catholic schools cost like $7k a yr now. College, even state schools, aren't cheap.
What a great gift to his kid.
64
Posted on 1/14/22 at 7:23 am to nikki6
quote:
He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.
What an amazing dad. Awesome.
Posted on 1/14/22 at 7:23 am to nikki6
kids need to build character and earn in themselves like we did! do they not care about being independent anymore?
Posted on 1/14/22 at 7:23 am to nikki6
Talk about motivation to succeed!
Posted on 1/14/22 at 7:23 am to nikki6
Yeah, sounds like he managed it well, and got fortunate with her abilities and had a great gift for her.
Now if she blows it on coke and an entourage, then he made a bad move giving her cash.
Now if she blows it on coke and an entourage, then he made a bad move giving her cash.
Posted on 1/14/22 at 7:23 am to nikki6
I would want that money working for me in a different way, but to each their own.
Posted on 1/14/22 at 7:23 am to nikki6
Also good that she used the money for something worthwhile with a long term mindset. A lot of 22 year olds would blow that on stupid short term stuff or depreciating assets like cars.
Posted on 1/14/22 at 7:24 am to nikki6
quote:
Friend gave his daughter $275k when she graduated college.
At first I was like...
quote:
He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.
But now I appreciate this wholesome content on a Friday
Posted on 1/14/22 at 7:24 am to nikki6
Talk about highlighting the absurd costs of private schools.
Posted on 1/14/22 at 7:24 am to nikki6
Great idea, but going to be one hell of a tax bill. Hope he talked to an accountant about how to do this over the entire time period to reduce the taxes
Posted on 1/14/22 at 7:25 am to nikki6
Ours were in the magnet system but they wanted to go to catholic school.
I can see how someone could better save without that tuition.
I can see how someone could better save without that tuition.
Posted on 1/14/22 at 7:25 am to nikki6
Maybe CPAs on here can address this, but would he have to pay a gift tax on every dollar over $15k?
Posted on 1/14/22 at 7:25 am to nikki6
He’s paying his room and board for when he’s old and doesn’t want to be placed in a nursing home.
Posted on 1/14/22 at 7:25 am to TigerV
quote:
Great idea, but going to be one hell of a tax bill.
I think the daughter can just basically put this towards her inheritance and deal with it during the succession. You just have to fill out a form.
Posted on 1/14/22 at 7:25 am to nikki6
Our oldest just got accepted into magnet program. It will save us $56k over the next four years vs Catholic school tuition.
Posted on 1/14/22 at 7:26 am to nikki6
quote:
Catholic schools cost like $7k a yr now
Not high schools
Posted on 1/14/22 at 7:26 am to Ash Williams
quote:
Maybe CPAs on here can address this, but would he have to pay a gift tax on every dollar over $15k?
If he was slowly over 20 years putting into an account in her name, maybe not?
Posted on 1/14/22 at 7:28 am to nikki6
Wonder how he saved that money (e.g., savings account, investments, and/or a 529).
Wife and I debated 529 account a lot. Like what if the kids gets a full ride and we have to eat the penalties for withdrawing it.
Wife and I debated 529 account a lot. Like what if the kids gets a full ride and we have to eat the penalties for withdrawing it.
Posted on 1/14/22 at 7:29 am to nikki6
Their white privilege is showing
Posted on 1/14/22 at 7:29 am to nikki6
The sad part of the story is you all choose to live somewhere you have to pay for private school.
That is a Southern thing that has always been weird and you accept it.
That is a Southern thing that has always been weird and you accept it.
Page 1 of 9
Back to top
Follow TigerDroppings for LSU Football News