Subsidized in the City

Don't we already know that adulthood does not mean financial independence for "rich kids?" What Melody talks about is nothing new to Generation Y. Rich kids usually have the luxury of mommy and daddy's money for their entire lives, in one way, shape, or form, whether it is a fancy education, elaborate wedding, vacations, rent, whatever. So Melody chose not to accept gifts from her rich parents, and that makes her feel good about herself. Yeah for her. A more interesting and admirable perspective would be from that of a first generation college graduate who pays her rent on her own, and paid for her own public education, etc.....

This is not only a common epidemic among twentysomethings living in metropolitan areas. Unfortunately, I see this on a daily basis as a thirty something living in suburbia! It seems that there exists a general refusal to grow up and take responsibilty for oneself both financially, and otherwise, in America these days. I have never had the "luxury" of relying on my parents to support me(once I hit adulthood), and while I once thought of that as a disadvantage, I am now extremely thankful that they didn't. I have learned the value of hard work, the value of a dollar and developed a great appreciate for everything I do have. Many of my "peers" do not.

I wish someone could give me some good tips on how to motivate some so called adults. One is 19 and pregnant living with her mother. No money, no job. She thinks pregnancy is a disease, I think. She will not get out to find a job. The other one cannot keep a job over 3 months max. Always finds something wrong with the job. Either quits or gets fired. I think she is allergic of work. Anyway no ambition. No nothing. Still begs for money from Mother, Father, and Me the mean step-mother. Help, any advice

This is only a problem in the rareified world that Ms. Serafino inhabits. For many of us, we've had to manage our own finances from the age of 18. For me, that meant working multiple jobs to put myself through a public university and graduate school. I have a hard time giving Ms. Serafino the pat on the back she evidently feels she is entitled to knowing that she finished school with no student loan debt and a free place to live. I am also curious how, as a new college graduate, she was able to save enough money in three months to afford to live on her own in NYC and travel the world.

sprees or buys fancy cars. When they both graduate they will be able to support themselves. No one asks for money or is ungratefull. They know they are not the norm. Yesterday I received a plant from them that said "Thanks for making our dreams possible". That's all the thanks I need. Signed: Italian Mom.

I'm 35 - living with my parents. I don't own a vehicle, and depend on them for transportation. I didn't think I would ever be living at home with my parents at this age but after a traumatic injury and a handful of surgeries, I know I couldn't have made it through without their support. However, even when I was laid up and receiving unemployment benefits, I was still expected to pay rent, help with household expenses, gas for transportation, etc. Now that I am working full time (and now that my Dad is winding down to his retirement in a few short years), I am starting to see a shift in roles. My parents have not planned for their retirement (very scary) and I can see that as the only single child without children, my role will be as the caretaker. Even with me adding to their income, they are still struggling to make ends meet because they don't know how to manage money. And of course, the stigma is all on me - 35 years old and living with mommy and daddy - yet things would be pretty tough for mom and dad financially if and when I decide to move out.

My parents paid for my college education and half of my rent when I was 20. I am now doing the same for my children. Their dad and I have paid for their bachelors degrees and now I am paying for my son's Podiatry school and my daughter's physical therapy doctorate. Why? Because I can and they deserve it. They have both worked since they were 13 years old. They are good students and responsible. No one goes on spend

I'm 35 - living with my parents. I don't own a vehicle, and depend on them for transportation. I didn't think I would ever be living at home with my parents at this age but after a traumatic injury and a handful of surgeries, I know I couldn't have made it through without their support. However, even when I was laid up and receiving unemployment benefits, I was still expected to pay rent, help with household expenses, gas for transportation, etc. Now that I am working full time (and now that my Dad is winding down to his retirement in a few short years), I am starting to see a shift in roles. My parents have not planned for their retirement (very scary) and I can see that as the only single child without children, my role will be as the caretaker. Even with me adding to their income, they are still struggling to make ends meet because they don't know how to manage money. And of course, the stigma is all on me - 35 years old and living with mommy and daddy - yet things would be pretty tough for mom and dad financially if and when I decide to move out.

I was ever so pleased to read your story. We have raised 3 children, all of whom are financially independent with their own jobs, houses and bills. When I listen to so many people say they are supporting their children, I feel the same way you do, it is so sad to think what will become of them. I know you know have made your parents proud just as my children have.

I am 27 years old and have had most things handed to me on that ???silver platter???. And I still do take things from that platter. But my parents made sure they taught me how to take care of myself when the "real world" decides to hit. It???s about character, you can still be given things and in the clutch be independent and take charge. But what I want to know is why this girl (and I call her girl because the story sounded completely childish) was given the opportunity to write about 20-somethings and her "struggle"? All she did was stop taking her parents handouts. Why doesn???t Newsweek have someone like one of my friends (or one of the people commenting below) who have never had handouts or the opportunity to fall on their parents to write an article. That might be something more interesting and meaningful to read.

Wake up call! Many of "generation y" may soon find the tables turned & supporting their folks. My father's illness took most of my parent's life savings. As an only child, I tried to supplement my mom's income after he passed, but as a single parent, it soon became impossible. I was forced to move her in with me, take a 2nd job, and be constantly reminded that I cannot support her in the "style she was accustomed to." It's rather irritating to me as most people in our neighborhood actually believe that I live with her! I fixed up the basement, me & my kids live there & she lives upstairs in the master suite. In her embarrassment at not planning for her own "golden years" she tells family & friends that she supports me, raises my kids, pays all the bills and takes care of everything else. Ain't dementia grand! Statistics show that an increasing portion of our population will be depending on their kids rather than the princess view of the reverse. It is commendable that she takes pride in supporting herself, as very few young people do when given the choice.
cas

I am 27 and have been financially free of my parents for 9 years. I got a job at 16, got student loans to pay for college, worked 32 hours a week during college and never had to ask my parents for a dime. I bought my own home 4 years ago, own my car, pay my own bills, have 25k in savings and 50k in my 401k. I am proud of myself and in a better financial place than most of my friends because my parents made me do it on my own. Thanks Mom and Dad for teaching me that being financially responsible is imperative for my well being and balance in life. I hope all of those parents out there that feel guilty for not being able to pave the way with money for their kids read this and feel better. I also hope the parents/grandparents out there that enable their children to be jobless and pennyless without a handout take a step back and re-evaluate the type of person they are creating.

I agree with the other comments. Thanks Serifino for generalizing all Gen Y based on your rich friends. You say you are independent, but your parents shelled out your private education costs...for 10 years you say? I'm 25, paying rent, paying for my car, paying off my undergrad and grad loans. I love reading these stories...so ridiculous. Maybe you should write a story about "real" Gen Y's and not about your little clique of Paris Hilton wannabes.

You have got to look at it from this angle: If an ADULT over the age of 21 is still relting on his / her parents for Financial support then the Parents are the ones who failed. C'mon, let's get real here!! As parents, which my wife and I are of two, you are supposed to prepare your kids for adulthood. That means taking full charge of their lives and taking responsibility for thier finances by age 20. Ok, maybe a little financial boost when they start out on their own but after that, they are on their own. My sister is 46 years old and still lives with my parents. She gambles almost weekly and doesn't have a single plan to move out again on her own. She has saved nothing in 2 years. I know it is expensive to live but was it any different for us when we started out. I'm 36 and have been married for 15 years. We STRUGGLED in the early years but that's what couples do. If your single, Struggle alone! It will help build your Character. STOP LIVING OFF YOUR FAMILY AND TAKE OWNERSHIP OF YOUR LIFE. You only get one ride here on Earth. Make it a good on.

i dont think her intention is to illuminate her plight of living outside her parents dime...i think she wants to show the benefits of living outside her parents dime

lots of people can claim that her life is harder than theirs but look at the big picture and compare that life in america is better than life in any third world country to gain some perspective

Who helped you get your job...dad, mom, a relative...in a sense are you still on your dad's dime...it's just that the checks for elitist children come from the same source (Dad) but from a different 'bank'. Who are you kidding...independence? No, I think that you are patting yourself on the back because someone gave you the impression that you strong...probably daddy...

I question Serifino's basic premise that she is financially independent...how did she really get her job...most likely, from contacts that one of her relatives knew...she may be, in a sense, still on her father's dime...get real most people are not nearly as independent as they think. As a parent, I want my children, to feel good about their accomplishments...and be mostly independent...but no one really is truly independent.

Just wait until you get to support them!