I think it's better to teach your kids to handle any amount of money wisely, big or small, than to give them a dollar amount. This writer could have done the same demonstration with 100 $1s. I say this as someone who has NO IDEA what my parents make. I'm sure any estimate I would have come up with as a kid was WAY OFF, but at a $1 allowance a week anything above, $1000 a month would have seemed enormous (and yet now I know, insufficient).
I'm totally fascinated by places like this; I almost moved into one when I went to NYC (but ended up lucking into an apartment last-minute). Who are your fellow residents, from the ones you've met so far?
@allreb wow, props to your sister for helping you out too! I hope my siblings would feel comfortable coming to me in a crisis or when money is otherwise tight.
@calamity I worry much more about my mom due to her years out of the workforce, for this reason.
@deb of last year my parents have told me that they would have not been able to afford to pay for my college without help from grandparents and other family members. My familial expectation, at least from one side of the family, is that my parents will help with my (hypothetical) kids' education and I will pay it forward by helping the next gen. Obviously that has a hell of a lot of privilege with it and I see your point that the readership of the Billfold is probably not statistically representative of all college-goers in the country. Most of the people I know have student loans to some degree.
I'm a single working professional in the Midwest making $68,000 a year. I consider myself financially independent now, but have had a large amount of help over the years. My parents paid my college tuition and living expenses which was a HUGE gift. They also paid for my living expenses over the summers so I could take unpaid internships -- I worked about 10-15 hours/week in college, but that could never have covered everything. They have also paid for me to join them on 2 family vacations after that, 1 in 2009 (when I had just been laid off) and one in 2013. I tried to pay them back but they wouldn't take it. The first 3 years out of college they would also reimburse me for flights home (I was living further away than I do now). I quietly stopped asking for that after getting on my current career track where I feel I am financially secure enough that I cannot accept. I know my parents are well off, I don't really know the details. When my father was laid off a few years ago, I offered to help and was told "We'll be OK." I know I would not be allowed to move back in; I have been told that if I am ever in a crisis and cannot pay rent, they can lend me the money, but moving home isn't an option. Luckily I have never been in either situation so far.
@Crystal Kopp@facebook @cjm To me, paying rent or paying for housing is part of being an adult. We can swing the pendulum the other way and say that it's just as bad when adult children have their rents totally paid for. The problem is the same: You're not learning to fend for yourself, to cover your own needs, and yeah, to sometimes give up things like trips and concert tickets in order to save money and give yourself a better financial footing. I wouldn't want to date someone like that because I think, if we eventually settled down in a more permanent way, we would disagree on our goals and the way to reach them. Until I have children, I will not be in the business of teaching an adult how to take financial responsibility for himself. Obviously there are times of familial crisis where it makes the most sense to move in with relatives. But it sounds like the author made the decision to "live and work for me" by living at home rent free till, uh, whenever she decides she wants to save money. With no deadline, the goal becomes just a dream.
@SnarlFurillo I think there's a substantial difference between accepting help from your parents in a difficult or financially challenged time (as it sounds like you did) and deciding that "living and working for me" is a better deal than paying rent.
If this is a transatlantic flight, I would pay more so I didn't get a middle. (Aisle if it's during the day; window if it's overnight.)
I need to get into this Drink Tank thing!