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Another Millionaire Next Door lesson...

Submitted by Jonathan on February 29, 2008 - 14:24.

One major Millionaire Next Door lesson was that successful people do not subsidize their adult children in order to give the children a lifestyle that is beyond their economic means. My parents paid the lion's share of college for 3 out of their 4 kids, and that was only because one of us chose not to go. But that was it. No law school tuition, no car assistance, no regular supplements to our paychecks when we had crappy entry level jobs. I know only a handful of people in my Gen X age group who bought houses without substantial gifts from mom and dad. I will most likely have to ask for a loan, but it's only because I'm a few grand shy of covering 20% DP plus closing costs for a decent property and I will pay them back - I wouldn't even dream of asking if I had nothing in the bank and wanted to own a home.

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