Re:Why the “Self-Made” Success Story Is a Myth
by smt88 on Tuesday February 19, 2019 @12:07PM
(#19200533)
> I certainly got zero cash from family when I bought a home.
Crucially, this is not the least help your family can offer.
For many (most?) people in the world, their relatives are actually insecure and need financial support. This is a key reason the cycle of poverty can't be broken by one person getting a good job.
I know multiple people who would've easily had a down payment on a house if their parents hadn't lost pensions/savings in the financial crisis.
Several years later, that $100k they used to bail out parents would've grown to $300k+ in equity if they could've bought a house in a city between 2009 and 2012.
Crucially, this is not the least help your family can offer.
For many (most?) people in the world, their relatives are actually insecure and need financial support. This is a key reason the cycle of poverty can't be broken by one person getting a good job.
I know multiple people who would've easily had a down payment on a house if their parents hadn't lost pensions/savings in the financial crisis.
Several years later, that $100k they used to bail out parents would've grown to $300k+ in equity if they could've bought a house in a city between 2009 and 2012.