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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
Their assets are in RE and the shares in the company they have with my uncles and friends. They don't have much liquid assets (stocks/bonds)... but through the RE holding, they generate a lot of cash... so, no asset had to be liquidated to fund the 500K. I consider them to be fairly affluent today, (they clear 600K net a year, over 1M in good times) so 500K wasn't a big deal to them.
IMO, let's say you have a good idea on how to invest any amount of money from your parent, you have to consider what kind of return they are getting.
If they have to liquidate good assets that are generating fair return, don't be stupid. It's hard to make a buck today.
borrowing to invest in "sound" investments like this is fine (although really, why not let them in on the equity, do a 50/50 deal, so you only borrow $250k in teh example above - i'm in that same situation, but it may be a cultural difference, however my situation is dif. to OP, as i have a good career & my own money, but again, RE opportunities as good as what we have now (not in BC) are rare, so you gotta take advantage of them)
borrowing to fund a lifestyle that you can't afford and don't deserve are actions of idiots, on both the creditor & debtor
I honestly think if your parents are well off and willing to, then use them as a resource. People can make fun of others for getting help from their parents but in the end its only because they didn't or don't have the same opportunity as you.
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I honestly think if your parents are well off and willing to, then use them as a resource. People can make fun of others for getting help from their parents but in the end its only because they didn't or don't have the same opportunity as you.
Sort of. I was taught to help myself, because my parents are not always going to be around. I would have been kicked out by now if I was still living with them. And this is coming from a Latin background, which has strong family ties.
However, given that OP works for the family, then that's different. Ask for the money. Just don't fucking go overboard. Get a condo in New West or Surrey, not a house in West Van.
Sorry, but you're a fucking douchebag, you don't even know jack shit about this guy.
to the OP: I think its okay granted that you use the money to actually get a career in place or start at least, as long as you make use of it and not leech off, afterall, your parents will always be there for you right?
Sorry, what i've just said is the truth.
its Year 2011, not 1960's.
I was not raised in the richest condition, so you may or may not understand.
For you to be nearing your 30, and have absolutely NOTHING accomplished, then you are considered complete garbage. To have no set path or direction paved out, what are your plans for the next following 5.. 10? 15 yrs?
Sure, if you have rich parents that will lend you a mill or 3, you are one lucky son of a bitch who doesnt know what a dollar is worth.
If your son is 30, and hes done jack shit in life.. would you not want to smack him up side the head and ask him wtfson?
People like you who think im completely wrong is the reason why we have retarded 20 yr olds running around in $300,000 cars speeding off on the hwy. People like you who think this is "okaY" is why we have so many lil honger./twanger boys thinking they are all pimped out in there daddy's bought ride. Those richmond boys probably doesnt even pay for their own gas for their 1/4 million cars.
I have no respect for people who lay their hands out flat asking for money when they haven't done a single thing right in their life, or have even tried.
People like you who think im completely wrong is the reason why we have retarded 20 yr olds running around in $300,000 cars speeding off on the hwy. People like you who think this is "okaY" is why we have so many lil honger./twanger boys thinking they are all pimped out in there daddy's bought ride. Those richmond boys probably doesnt even pay for their own gas for their 1/4 million cars.
Money can buy a lot of things, but it can't buy those richmond boys class.
seriously though, if you're making min. wage for the family and you're not seeing any future and being treated as slave labour, you can consider taking your skills gained working at this job for something more profitable for your future. that also might shine some light in their eyes that hey maybe we should give him some incentive to keep going and not treat him like slave labour, assuming you're an important cog in the machine that is the family business
Quote:
Originally Posted by MG1
Wow, people............ chill.
He's just asking for advice. Not asking to be judged.
If I had millions and one of my kids needed money to get started, I wouldn't flinch, 'cause I know my kids are not blood sucking maggots. It all depends on the person and the kind of relationship they have with their parents.
I don't agree much with the wife, but one thing is for sure, she did a good job of raising the kids. No amount of money can buy you great kids. I'm thankful.
Now, if only one of them can make me a grand dad..............
and father many like you have on RS?
i agree with you, as a father you should know your kids' character and if it is wise to put the $ in their hands, if not, then i would think you'd be forced to make arrangements to have it handled for them so it is not wasted on month-long binge of hookers 'n blow...or even worse, a couple of years of rent, fast food take out and junk food
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Sorry to be slightly thread jacking here. I am current in university, and while chatting with some friends, a lot of them are shocked when they find out I am paying for school by myself (with combination of loans and my own cash.) I told them that I believe the tuition is for my education and future, and should be my own responsibility. Most of them then told me their education is paid for by their RESP or trust fund. Some don't have jobs, the ones that do say they are for their personal luxury expenses(shopping, gas for cars, etc).
Maybe my family wasn't financially fortunate enough to save up for my university education ( which I believe they shouldn't be responsible for.) But is having complete (if not a majority of it) financial dependence on your parents even in your 20's the norm?
EDIT: Skip the italicized part if you lack the attention span to read a reason for my question.
Sorry to be slightly thread jacking here. I am current in university, and while chatting with some friends, a lot of them are shocked when they find out I am paying for school by myself (with combination of loans and my own cash.) I told them that I believe the tuition is for my education and future, and should be my own responsibility. Most of them then told me their education is paid for by their RESP or trust fund. Some don't have jobs, the ones that do say they are for their personal luxury expenses(shopping, gas for cars, etc).
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In Asian culture, there is an expectation of the kids taking care of the parents when they are old. Thus the parents feel it is their responsibility to get their kids to the point where the kids feel they are indebted to their parents.
In order to do that in this day and age, that often means paying for university and living at home after career until they can scrape enough together for a down payment. That second point is especially apt for Vancouver due to the housing prices.
So it all works out.
So when you hear about white kids being kicked out at 18 while the Asian kids is living at home until 30, now your know why.
It's cause the parents are investing into their future.
Or they just really spoil their kids.
IMO, parents made their fortune somewhere, somehow from ground up when they had the opportunity.
Fast forward 30 years later, if you are a really smart kid, you don't start at 0 again. The idea is to take it further. Let's say that your parents are millionaires by any given standard in their late 50s. If you could use their resource and become a millionaire too by the time you are in your early 30s, there's nothing to feel ashamed of.
I don't think it's an exact correct lesson to teach my kids to start from ground up if I am a millionaire. I'd ask them to figure their way out to become billionaires... not how to become millionaire on their own. They should be better than me, not become like me.
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Spoiler!
Quote:
Originally Posted by Grim
Sorry, what i've just said is the truth.
its Year 2011, not 1960's.
I was not raised in the richest condition, so you may or may not understand.
For you to be nearing your 30, and have absolutely NOTHING accomplished, then you are considered complete garbage. To have no set path or direction paved out, what are your plans for the next following 5.. 10? 15 yrs?
Sure, if you have rich parents that will lend you a mill or 3, you are one lucky son of a bitch who doesnt know what a dollar is worth.
If your son is 30, and hes done jack shit in life.. would you not want to smack him up side the head and ask him wtfson?
People like you who think im completely wrong is the reason why we have retarded 20 yr olds running around in $300,000 cars speeding off on the hwy. People like you who think this is "okaY" is why we have so many lil honger./twanger boys thinking they are all pimped out in there daddy's bought ride. Those richmond boys probably doesnt even pay for their own gas for their 1/4 million cars.
I have no respect for people who lay their hands out flat asking for money when they haven't done a single thing right in their life, or have even tried.
I have a friend whose bro was 30 and had only worked a few part time jobs and no school since high school. He asked for a pile of money and moved out. B4 he was 40 he became an MD. So far you are peanuts compared to him. Maybe be a little more civil to "loser" 30 year olds, your life might be in the hands of one some day.
He's just asking for advice. Not asking to be judged.
If I had millions and one of my kids needed money to get started, I wouldn't flinch, 'cause I know my kids are not blood sucking maggots. It all depends on the person and the kind of relationship they have with their parents.
I don't agree much with the wife, but one thing is for sure, she did a good job of raising the kids. No amount of money can buy you great kids. I'm thankful.
Now, if only one of them can make me a grand dad..............
I have a friend whose bro was 30 and had only worked a few part time jobs and no school since high school. He asked for a pile of money and moved out. B4 he was 40 he became an MD. So far you are peanuts compared to him. Maybe be a little more civil to "loser" 30 year olds, your life might be in the hands of one some day.
Are you comparing me... to your friends bro?
Theres almost a 20yr gap difference. When I am 40, or whatever age I'm at, Im proud to announce that I at the every least did it with minimal help. I did not have to ask my daddy and mommy for a mill or 3. Overall, I may or may not be rich in the future, but at the very least I know I'll b living in a good condition, accomplished all by myself.
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Quote:
Originally Posted by Grim
Are you comparing me... to your friends bro?
Theres almost a 20yr gap difference. When I am 40, or whatever age I'm at, Im proud to announce that I at the every least did it with minimal help. I did not have to ask my daddy and mommy for a mill or 3. Overall, I may or may not be rich in the future, but at the very least I know I'll b living in a good condition, accomplished all by myself.
If that makes you feel better. I think you fail to realize that we are humans. We help our families. Or are you a turtle?
I have a friend whose bro was 30 and had only worked a few part time jobs and no school since high school. He asked for a pile of money and moved out. B4 he was 40 he became an MD. So far you are peanuts compared to him. Maybe be a little more civil to "loser" 30 year olds, your life might be in the hands of one some day.
Exceptions are not the rule.
I watched many of my friends blow through lots of their parents $$$ during and after university before finally settling into dead end jobs.
Then think about how many people are MDs, or any professional that makes a decent salary. I posted in another thread that < 10% of Canadians make more than $80K/yr. If you're 30 and haven't done much, odds are against elevating yourself into that small group - don't confuse that with cannot, just the odds say most won't.
Its the same reason that 70% of lottery winners squander their winnings. If you haven't prepared yourself to handle that kind of money, odds are you're going to make poor decisions with it.
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Quote:
Originally Posted by taylor192
Exceptions are not the rule.
I watched many of my friends blow through lots of their parents $$$ during and after university before finally settling into dead end jobs.
Then think about how many people are MDs, or any professional that makes a decent salary. I posted in another thread that < 10% of Canadians make more than $80K/yr. If you're 30 and haven't done much, odds are against elevating yourself into that small group - don't confuse that with cannot, just the odds say most won't.
Didn't appreciate his holier than thou art attitude and I asked him to take it easy on who he calls losers. ButI have to disagree with the last part of what you said. If you aren't smart enough, lucky enough and lack the resources to begin with, no matter how early you start, you will be unlikely to make it there. If you have all these attributes it doesn't really matter how old you are when you finally overcome your laziness or lack of confidence or whatever it may be.
Last edited by minoru_tanaka; 09-25-2011 at 06:35 PM.
Didn't appreciate his holier than thou art attitude but I have to disagree with the last part of what you said. If you aren't smart enough, lucky enough and lack the resources to begin with, no matter how early you start, you will be unlikely to make it there. If you have all these attributes it doesn't really matter how old you are when you finally overcome your laziness or lack of confidence or whatever it may be.
Lots here don't appreciate his attitude either, yet unfortunately statistically he's correct, and that probably bothers people even more than they let on.
You can disagree with my last statement all you want, yet you missed my point. I didn't say it cannot happen, I said the odds are against you and exceptions are not the rule. If you've been lazy or lacking in confidence for most of your life, odds are you're not going to break out of that. Some do, most don't.
Thus while your story is nice, sadly his example is far more common.
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