I bristle at the term 'allowance' if I'm being honest, but my middle class (public school teachers) parents have insisted on sending me money every month for years (I am 40). Their stance is: they have more than they need, and they'd rather my brother and I have an easier life now, than inherit a load of money (with taxes heavily taken out) when they pass. It makes them feel good that due to their gifts my brother and I are more able to afford a car payment, or save for the house down payment that we both managed to purchase our 30s. No one in our family lives extravagant lives, and we believe that money is best used to make our lives better, and be shared, so that's what we do. If they had a change and circumstance, and couldn't give us money any longer, I'm confident both of our families would adjust our budgets and be ok, but I sure do appreciate their generosity. It's like the middle class version of what rich people have been doing for generations.
That's wise (and generous) of your parents, Ruthie. I also think the term "allowance" was deliberately provocative by the WSJ. No one bats an eye at a modest inheritance after a parent passes away, but like you said the idea that middle-class people might start to do what wealthy people have done for generations seems like a surprising idea for a lot of folks. I'm grateful for what the book Die with Zero has done in furthering this bigger conversation. And I very much hope I can help with my kids as they grow up.
I hear you, and I'm sorry to not share a link that everyone can use. I just learned about a week ago that the WSJ gift link is only good for about 10 views, which is unfortunately a drop in the bucket for LC subscribers. But I get that it's annoying. I appreciate your readership nonetheless!
I bristle at the term 'allowance' if I'm being honest, but my middle class (public school teachers) parents have insisted on sending me money every month for years (I am 40). Their stance is: they have more than they need, and they'd rather my brother and I have an easier life now, than inherit a load of money (with taxes heavily taken out) when they pass. It makes them feel good that due to their gifts my brother and I are more able to afford a car payment, or save for the house down payment that we both managed to purchase our 30s. No one in our family lives extravagant lives, and we believe that money is best used to make our lives better, and be shared, so that's what we do. If they had a change and circumstance, and couldn't give us money any longer, I'm confident both of our families would adjust our budgets and be ok, but I sure do appreciate their generosity. It's like the middle class version of what rich people have been doing for generations.
That's wise (and generous) of your parents, Ruthie. I also think the term "allowance" was deliberately provocative by the WSJ. No one bats an eye at a modest inheritance after a parent passes away, but like you said the idea that middle-class people might start to do what wealthy people have done for generations seems like a surprising idea for a lot of folks. I'm grateful for what the book Die with Zero has done in furthering this bigger conversation. And I very much hope I can help with my kids as they grow up.
Some good references here but why not include a gift link? I’m not subscribing to a newspaper just to see the article from WSJ.
I hear you, and I'm sorry to not share a link that everyone can use. I just learned about a week ago that the WSJ gift link is only good for about 10 views, which is unfortunately a drop in the bucket for LC subscribers. But I get that it's annoying. I appreciate your readership nonetheless!