Quote:
Originally Posted by srs123
If you can afford it, then do it. I never received anything from my parents and while I did good in my life , many of my friends who did receive help for weddings and home downpayment are well ahead of me on savings, investment portfolio and mortgage.
Not every child would squander such gift. And life is really expensive. It took me 6 years to pay off my student loans and then another 2 to save up for a 5% downpayment. At that time I was paying so much in rent and interest. 10k would have shaved a year off that time line for me. Am still not married cause weddings are expensive.
I plan on helping my kids with school weddings and if things are great maybe a portion towards their mortgage
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A very good summary of what help can do to get ahead. Probably even more applicable today with housing out of sight. We helped both kids buy their first homes. Got us great grand kids. We opened RESP's for them at birth. Paid off immensely as our gal had three in University this past year. All the boys worked and contributed. Oldest graduated with honors and is now completing his Masters. Middle guy graduated in April with all courses to be a future LEO. Youngest at UA playing football with Bears and just helped win the World Junior Football crown in Mexico. Our daughter appreciated the leg up and followed the same plan. When these guys buy into homes additional help will be there if we can afford it. As they say you can't take it with you. To all the young parents get into RESP's at the earliest opportunity. Start low if you have to but START. Get grandparents involved if possible.