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re: Friend gave his daughter $275k when she graduated college.
Posted on 1/14/22 at 8:17 am to tigergirl10
Posted on 1/14/22 at 8:17 am to tigergirl10
quote:
$275k is a starter home? Lol. Who is paying over a quarter of a million dollars on a home they’re barely at because they work?
Starter home yes, but a second or third home, I would say 275 is on a low end..
This post was edited on 1/14/22 at 8:18 am
1
Posted on 1/14/22 at 8:17 am to GoIrish02
that's a nice story but I'm not sure that I'd have given a 22 year old that chunk of change, our daughter(no pics,) never made less, than an A from K-12, valedictorian, blah, blah, we bought her the FL pre-paid for college but she wanted to go to an Ivy league that at the time was between $40-$50k/year just for tuition, I bought her a book of grants, scholarships, etc. to apply for, she worked three jobs during during college that paid her money and contributed towards tuition, when she graduated(some come loud,) she owed $16k, as a graduation present I picked that up and told her that learning how to manage her time and money was as valuable as anything she learned in those classrooms
Posted on 1/14/22 at 8:17 am to zippyputt
UGMA/UTMA from birth avoids any gift tax consequences, y'all are overcomplicating this situation. The account would transfer to the child at the age of majority and the only taxes would be capital gains if/as you sell the investments.
And it sounds like Dad didn't mention it to the daughter for about 20 years, so she's got an account at Fidelity/Vanguard/Schwab she never knew about.
If they're really smart, they won't sell investments (that earn way more than a house), incur capital gains tax and will get a mortgage instead.
And it sounds like Dad didn't mention it to the daughter for about 20 years, so she's got an account at Fidelity/Vanguard/Schwab she never knew about.
If they're really smart, they won't sell investments (that earn way more than a house), incur capital gains tax and will get a mortgage instead.
This post was edited on 1/14/22 at 8:27 am
Posted on 1/14/22 at 8:18 am to GreatLakesTiger24
quote:
kids need to build character and earn in themselves like we did! do they not care about being independent anymore?
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.
She did earn her own way homie. Her dad just gave her the actual dollar amount of what she earned in a lump sum payment. Pretty standup move by the dad, as some people like yourself would have selfishly spent that money instead of giving it to their kids.
Posted on 1/14/22 at 8:19 am to Oilfieldbiology
quote:
Private highschool is much closer to $10-15k
You may want to add a few more thousands to that, I know Newman and Country Day is around the 30K area.
Posted on 1/14/22 at 8:20 am to nikki6
quote:
Catholic schools cost like $7k a yr now.
I live in one of 2 or 3 tithing based tuition dioceses in the country. Very fortunate.
Posted on 1/14/22 at 8:21 am to LSUBoo
quote:
Talk about highlighting the absurd costs of private schools.
Private schools are pretty much all non-profits. All that money is reinvested in the school. The take away should be the abysmal failure of the public school system.
Posted on 1/14/22 at 8:22 am to Hangover Haven
quote:
quote:
Private highschool is much closer to $10-15k
You may want to add a few more thousands to that, I know Newman and Country Day is around the 30K area.
The poster was right in line with current catholic school costs. Sure you can spend double for Newman/CD etc, but you don't "have" to
Posted on 1/14/22 at 8:22 am to Hangover Haven
My bad. I should have said Catholic schools are closer to $15k.
Privates not associated with Catholic schools are $20k+
Privates not associated with Catholic schools are $20k+
Posted on 1/14/22 at 8:24 am to SlowFlowPro
quote:
At first I was like...
quote:
But now I appreciate this wholesome content on a Friday
Sounds like a good smart Dad and he raised a smart girl also. The education itself is awesome but man a free house on top of it. Talk about a incredible head start in life
Posted on 1/14/22 at 8:24 am to kywildcatfanone
quote:
Now if she blows it on coke and an entourage
Is she taking applications?
Posted on 1/14/22 at 8:25 am to nikki6
Amazing dad right there. Amazing kid as well. Hope her dad gives her some financial lessons so she doesn't blow it all in 1 year.
I also have to wonder if she has any younger siblings. They can't be getting the same prize money, right? Imagine she has a shithead little brother who wasn't nearly as good of a kid as she. He's going to get to age 22 asking dad, "so how much money do I get now after big sis got 275k". And dad's going to be like, "here's $100 gift card to Amazon. Don't spend it all at once"
I also have to wonder if she has any younger siblings. They can't be getting the same prize money, right? Imagine she has a shithead little brother who wasn't nearly as good of a kid as she. He's going to get to age 22 asking dad, "so how much money do I get now after big sis got 275k". And dad's going to be like, "here's $100 gift card to Amazon. Don't spend it all at once"
Posted on 1/14/22 at 8:26 am to tigergirl10
quote:
$275k is a starter home?
Depends on the city and area you live in. If you live in a major metro area, you are probably paying that amount for a townhouse. It’s really not the square footage - you are paying to live in a safer area.
Posted on 1/14/22 at 8:26 am to nikki6
Hopefully in the form of a protective trust of some kind and not a liquid cocaine checking account.
Posted on 1/14/22 at 8:29 am to GreatLakesTiger24
quote:
imagine basing where you live on the quality of government schools
Show me a county with exceptional public schools, high crime and poverty, and below median value real estate. Just one.
Posted on 1/14/22 at 8:32 am to TeddyPadillac
quote:
$7k/yr does not equate to $275k
you missed the part about SMU
Posted on 1/14/22 at 8:36 am to kywildcatfanone
quote:
she blows it on coke
She did go to smu
Posted on 1/14/22 at 8:39 am to nikki6
Even if I grew up that wealthy I'd at least tell my Dad to keep half of that. Your parents are supposed to help, not do everything.
Posted on 1/14/22 at 8:41 am to DarthRebel
quote:
The sad part of the story is you all choose to live somewhere you have to pay for private school.
My dad moved us to Baton Rouge from the midwest several decades ago. Two years later we were back in the midwest - precisely because the Baton Rouge schools were awful and he couldn't see paying for three kids to go to private schools. For people born and raised in an area with crappy schools it's a more difficult decision to pull up roots and leave.
Posted on 1/14/22 at 8:42 am to Dire Wolf
Is the OT we once knew and loved gone?
5 pages and not one person asked to see pics of a 22 year old college grad with $275K in the bank.
Instead we have had 100 posts debating whether a gift is taxable or not and/or the quality of public schools.
5 pages and not one person asked to see pics of a 22 year old college grad with $275K in the bank.
Instead we have had 100 posts debating whether a gift is taxable or not and/or the quality of public schools.
This post was edited on 1/14/22 at 8:45 am
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