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  1. #31
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    I'd genuinely love to be able to give my children financial freedom that will help them pursue their dreams.

    Sure, if they were irresponsible with money i wouldn't hand them piles of cash, but knowing the way I will raise them I doubt that will be the case.

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    Buttoneska  (19-06-2012)

  3. #32
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    Quote Originally Posted by Elijahs Mum View Post
    If we were loaded I would do what my friends FIL did with his 3 kids, they all had to save their deposits, get their mortgage approved and just before they signed the papers he asked them to show him the paperwork first, when they did he gave them a cheque for the full amount! He told each one not to tell the others so they all had no idea until the youngest bought his house! All were in their early 20,s and the average was about $300,000 ( this is 15 years ago!) they are now all successful business owners with bigger better houses
    I think that is a really good way to do it.

  4. #33
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    If they desperately needed help, and we were in a position to give it, then sure. But we wouldn't do it "just because".

    We gave agreed though, that if in a position to do so, we will help fund their first cars, in a 'you save as much as you can, and we'll match it' kind of way.

    *I can haz typos*

  5. #34
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    HugsBunny is offline Once upon a time there was a bunny.........
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    Quote Originally Posted by Elijahs Mum View Post
    If we were loaded I would do what my friends FIL did with his 3 kids, they all had to save their deposits, get their mortgage approved and just before they signed the papers he asked them to show him the paperwork first, when they did he gave them a cheque for the full amount! He told each one not to tell the others so they all had no idea until the youngest bought his house! All were in their early 20,s and the average was about $300,000 ( this is 15 years ago!) they are now all successful business owners with bigger better houses
    Wow, that's an awesome way to go about it if you were planning to pay off the mortgage for them

  6. #35
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    Buttoneska is offline Winner 2010- Most Community Minded Thread Award
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    tbh I don't get why ppl wouldn't help their kids out. A mortgage is such a burdon on someone and you are goign to get the money when your parents die if they have it now, why not give it to their kids.

    Im not saying pay there way through life - we have lived in our house for 4yrs and pay all our own overheads. Dad has helpt us out with improvements, but day to day we do it on our own.

    I would at a minimum give my kids the deposit for a house so they didn't have to rent forever (if I had the money). We were given funds for this - different amounts for each of us depending on how much we could borrow but it meant not having to rent and made all the difference to us.

    Now we have baby #1 on the way and to have a chunk out of mortgage if not it all, would be so wonderful.

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  8. #36
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    Quote Originally Posted by VicPark View Post
    To all the people saying you wouldn't pay off your kids mortgage. Would that change of you won $10 Million on lotto, and say the balance on your kids mortgage was $300,000?
    If we were to come into millions via a lotto win, then we'd absolutely share the love and do this kind if thing.

    *I can haz typos*

  9. #37
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    lambjam is offline Nitwit! Blubber! Oddment! Tweak!
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    Quote Originally Posted by Elijahs Mum View Post
    If we were loaded I would do what my friends FIL did with his 3 kids, they all had to save their deposits, get their mortgage approved and just before they signed the papers he asked them to show him the paperwork first, when they did he gave them a cheque for the full amount! He told each one not to tell the others so they all had no idea until the youngest bought his house! All were in their early 20,s and the average was about $300,000 ( this is 15 years ago!) they are now all successful business owners with bigger better houses
    I love this!

  10. #38
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    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    Quote Originally Posted by VicPark View Post
    To all the people saying you wouldn't pay off your kids mortgage. Would that change of you won $10 Million on lotto, and say the balance on your kids mortgage was $300,000?
    Hmm I don't know it would depend on if they had their heads screwed on straight.

  11. #39
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    Buttoneska is offline Winner 2010- Most Community Minded Thread Award
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    Quote Originally Posted by lambjam View Post
    I'm really not able to understand some of your responses... Perhaps they might relate to an 18 year old who needs to learn how to budget, save and develop a work ethic. But if your child was grown, had a family, had saved a deposit and was paying off a mortgage they hardly need you withholding funds to teach them how to handle money!

    If someone paid off my mortgage it wouldn't magically make me any less responsible or hard-working .
    Yeh this, I am stumpt too!?!? Plus you have to remember its a different era these days. For some hubbers who may have brought house is the 90s it wasmuch more affordable. For our parents it was certainly more affordable. For young ppl now its near impossible and its probably goign to get even tougher.

    We have great work ethic, but when an average mortage is well over $700 per week you are never really going to ahead. And where does this leave your children? The sooner our house is paid off the sooner we can redirect our funds to help out the next gneration.

  12. #40
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    No I wouldn't. I would help make it easier on them... help with a deposit or something like that, or if they were in trouble, in a heartbeat.


 

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