Go with Jade. Accept it graciously and put it in a high interest savings or CD’s and give it back to them when they need it someday. It will honor them to TAKE it.
This is exactly what I was thinking. Take it and put it somewhere that you will not even think of it as yours...that's mom and dad's account. Then if they ever need it you give it to them and if they don't need it, it's yours. I don't see this as a very serious problem.
My mom gave me an early inheritance that I knew she should probably keep for her later years, but she insisted I take it because my brother kept and spent his share. To make myself feel better, I put that money in an account and if the time ever comes that she needs it, I will have it available to give it back to her. If the day comes where she passes without needing it, I will consider it mine without guilt and continue to be grateful for it.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
'Rebecca Nassar Dunne’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
What John said...speaks volumes. This was incredible and you can even see how appreciative the caller was after hearing about the embroidery gift instead of the 20k. Even Jade smiling. What a great son they've raised. This is honestly so wholesome!
@@jimmymcgill6778 exactly. And it's not the caller's business to inquire into his parent's finances. So I would go with option 1. Accept the money graciously and be a good steward to it.
I’m not rich but I like to give to my adult children and grandchildren. Take the gift with a huge thank you and DON’T question if they can afford it, it will only make them feel that you think they’re poor and unsuccessful……speaking from my own experience.
My elderly mother is the same. She gifted me $100 for my birthday, I just took and bought her a $500 self-propelled lawnmower that she wanted. I refuse to lose this trade war😅😅
And when you make your first million you can buy your parents a house and help them to retire early. Because you have warmed my heart and you are going places with all of your kindness and good karma. Sounds like your parents are loving.
such a D idea ... you really think his wife would be okay with this, way to ruin a marriage also if he has kids do you expect him to help his parents instead of helping his kids, seriously PRIORITIES
I hope they accepted the gift! It will be such a blessing for them to do this for you! Don’t rob them of that, please! My in-laws won’t even take a glass of water from us when they would come to our home. It always hurt me. Sounds like a WONDERFUL young man! Many blessing to you and your new wife! 💕
Some people will starve to save for their kids. Im a single mother of 4 kids, low income. Each of my kids has a small savings they dont know about and im helping my oldest as much as I can with college
@@BabyT709spoken like many parents. I always made sure that everyone ate first. Once our kids were on our own, we gained weight. It wasn’t that we didn’t have enough, we had teenage boys who were always hungry. Suggested serving sizes were very small. I never wanted them to leaving the house hungry or going to bed hungry.
Well based upon where they live, they have more than he thinks. Yeah, it takes both parents to pay the bills, but I bet they have some savings. It might even be that they had this planned since he was a small child and had been stashing a $100 or so a month for this special day. It adds up quickly. Sounds like he has a great job and is doing well, so whatever they make is small compared to his salary so he thinks they are broke.
My parents cosigned a $10,000 loan for my brother. He never even made the 1st payment and never intended to. He STOLE the money. My folks pd off the loan and then gave each of us (5 kids) $10,000 and said this is your inheritance. Do with it what you will. I bought a lot on the river and later sold it for 35K (I was dead broke from the Great Recession). Accept the gift, young man. That's what your folks want. 😊
So you got 10k free money and he got 10k as a loan they held over his head... jesus... Say it with me... DONT. LOAN. FAMILY. MONEY. EVER!!!!!!!!!!!!!!!!!!!!!!!!!!! Either give money or don't no problem. Its really simple folks.
@@Mikael-jt1hkthat’s not fair to say. The parents wanted to make things “equal” among their children after the son who received the loan reneged on his obligations. I would have done the same thing (although I like to think I would have refused to co-sign & instead just given the $ if I had the resources to do so)
I am 100% wheelchair bound due to MS. There's nothing that can be done to change that. I am fortunate enough that I became debt free after years of working towards that goal with my financial advisor Abby Joseph Cohen even after I became fully disabled. I pray that like the caller's parent I'm able to attain more financial stability to give out more to my son on his wedding.
I know this FA, Abby Joseph Cohen Services but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@@SilhouetteMorganWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@SilhouetteMorganWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Perhaps take the 20k and logically invest it right now, separate from your family finances. Then if you need to take care of them in the future, there is money set aside that has these years to compound and grow. Could be a win win.
Easy answer - yes. Your parents want to do something nice for you to help you get on your feet. If you reject this and tell them “you can’t afford to give me this” they’ll resent you for it.
They obviously raised him well. ❤ I lile the idea of putting it where it can grow interest and then if he needs to help them later he can. If not, they have a nice little extra savings maybe for future children (if they are having any) college fund.
My parents gave my sister and I 60,000 each when we got an inheritance from my grandparents. It was a very generous gift and I decided I wanted to use it wisely so I used it to pay off most of my credit card debt and to help start a new business.
I had two sons get married last year. Gave them each $5,000. Gave my daughter $5k four years ago. I don't think they questioned it.😂 Heck, my one son asked for it months in advance so they could put it in a high yield savings account for a while.
I know as a parent if I gave my kids a hard earned $20,000 rather than having them give it back to me, what I would want most is for them to use it to get a head start on adult life. Use it as a down payment on a house or invest it wisely in your retirement account so that I would know that my kids future was bright and they were on track to build wealth and that some day when I’m not around knowing that they will be living the good life
IF THEY DON'T HAVE A great plan.....I would suggest, he save at least 1/2 and put it in a solid mutual fund for them and give it back at a later date. Jade's advice is brilliant!
ACCEPT IT…PUT IT ASIDE IF THEY NEED IT N THE FUTURE….MY 72 YEAR OLD VERY STRONG OPINION! ENJOY KNOWING YOU MADE THEM HAPPY…WHICH IS A GIFT TO THEM!❤️❤️❤️
What a nice gift. I would absolutely save the money and if the parents need it when they are older, I would give it back as they need it. It is really expensive to get old, medicine is crazy expensive if you have a heart problem, even with Medicare.
Some parents never disclose to their kids what they have. My father and my father-in-law are both like this. My father lives way below his means, like he is on the brink of homelessness, has been like this all his life, and doesn't like to talk about money. I know he is loaded even if he never told me. He doesn't spend on anything, he just hoards money. I learned this year that my father-in-law sold all his stocks and made a huge amount of money (my husband accidentally found documents about it on his computer) but he also never wants to tell his kids anything about it. Your parents may not be as poor as you think, so you may not need to feel so burdened by it, even though your feelings are completely understandable and honorable. Like everyone said, just put that money in funds and repay them down the line if they ever need it.
I'm all about not blocking people from blessing. Like, It can be hard but it's okay to let people be giving if they want. Having said that I think a $20,000 check when your parents openly talk about having to work until they die to pay their bills is a different situation and I think you can go to your parents and say "This is such a wonderful gift and I really want you to allow us to bless our lives but it would make me feel better if I knew that giving such a large amount of money would be a financially wise decision for you. Will you assure me that you are not compromising your future?"
This is all just a humble brag. Dude lives in Laguna Beach, CA one of the most expensive areas of the country. They probably live in a paid for multi million dollar home.
Jade's advice was great - they don't get offended and you grow the money for your parents future needs. The other guy just keeps talking enjoying his own voice.
Invest it for them if they need it, pull it out, pay the taxes, and give them the rest if they don’t ever need it. You have been investing it for your future.
Love John's option 3, easy way to skip out on having to come up wedding favor ideas and keep them included. And if they insist on giving the cash, take a $5K honeymoon, $7K into a Roth for you and wife, put the rest in a HYSA with the thought that you might use it for them down the line.
Ewell first they live in Laguna Beach, CA. Even little shacks are worth millions of dollars. If they want to give you the cash, take it. Thank them. Put the money into a high yield CD or other investments. If they, down the road have problems , you can help them out. He is a good son. They know that, and they want to help him as he starts his marriage. Edit: I feel stupid after listening to the end. Follow Jades advice. She is pretty sharp.
Tricky question. I would certainly NOT invest, but use it to set up a new life. I think it is rude to take money and invest. They probably want that couple to enjoy life. But I would wonder if any strings are attached. Because usually there are.
Another big fat L for Deloney. Embroider something for every wedding guest?!? That’s insane. “Hey dad! The 20k you saved for years isn’t good enough. How about you spend the next couple months embroidering something for 100+ guests.”
(before watching) Imagine taking the $20k, investing it for his parents and in 5-10 years, coming back to them with the results of that (safe investments of course). That or holding it in a roth, gaining 5% and then gifting it back when they need it. And wedding budget of $17k is LOW...what is he talking about. Me and my wife spent less than $1500, hah.
I think Jade is on the right track with this. Personally, I would take it, invest half of it in something with relatively low risk and put the other half in a HYSA. If the parents ever need it, no big deal. If they do not, great.
From $9K to $35K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family
Financial education is what people needs most right now, for more than 70% of the society in the country as very few are literate on the subject. Thanks to Stacey Macken, the Woman that changed my financial life.
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well .
Stacey Macken is a retirement manager and investment/savings expert, in ranks with Cathie woods and Warren, has demonstrated expertise in investment strategies and has been involved in managing and providing financial guidance globally .
I agree with you.I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
Depends on the people who are in your family/circle. My family paid for my all inclusive honeymoon to Jamaica. Never asked for anything but to see the pictures after we came back. So, it's not really a law but a theory.
I've got a super hybrid Suggestion. Clearly, the parents want to help get this couple started and perhaps move them to a better future than what they themselves have planned for. I would tell the parents that you've decided to use some of it on the wedding, and then invest the rest for your future. Then take 500 to $1,000 of it and apply it to the wedding. Take another portion of it and buy a life insurance policy on the parents that will provide the value of their gift when one or both of them passes on. Then the remaining 10,000 or so, do a high-yield investment, and hopefully it will give them back their $20,000 or more later, when they really need it.
Question: why do weddings have to cost so much? Does the celebration have to be such a big party? A friend invited 30 people to the ceremony and to dinner afterwards. Another friend did something similar except it was lunch, That friend bought a second hand wedding gown. The events weren't less meaningful.
I feel like they're purposefully picking the videos where John is helpful for the RUclips because a lot of comments before said he wasn't usually helpful but recently he has actually been more helpful in these videos
A friend sold her house for 1M to a young couple. The buyers got 500K from her parents, because they want the future grands nearby. THAT is a gift. But not a burden from these seriously wealthy parents.
THAT is ridiculous in my opinion. I could not / would not accept it but then again, I am just a lowly middle-class person and don't have millions so maybe me accepting a gift of $5,000 is similar to a kid from a wealthy family accepting a gift of $500,000. The law of relativity, lol!!
@@GAFB1122 My guess is that the buyers earn well over 350K/year to be able to pay the taxes/upkeep on that home, and the parents who gifted them a chunk of change have a net worth well over 15 M. They could afford it.
@@Cathy-xi8cb A rule I have always lived by, just because I can, should I. --- Even that is relative I guess but as for me, my kid needs to earn what she has. No matter how much money I have, I would not violate that principle!! Some will pat those parents on the back for being worth $15M and giving their kid $500K. I AM NOT ONE OF THEM!
This guy was really beating around the bush here. Maybe he is worried he will become their retirement plan if he accepts this gift lol. If I were him I’d keep it and invest it then give it back for their retirement if they are struggling. Win win.
I'd take it and keep it so that I could give some back to them later if they needed it. My Mom fed me but we also fed my future husband. In her last years we took her hot meals all the time.
Accepting the money just to invest and gift back to the parents is not optimal from tax investment perspective. If this money is meant for their parents to use later in life it should be sitting in a retirement account like an IRA. Just accept the gift. The caller can always help them out later in life if need be.
They can invest it in a tax-managed ETF so the taxes will be minimal given that they won't be buying or selling any part of it until they're ready to give it back.
@@josephwolensky2685 ideally that's what they should have done, but now the money has already been given to the caller and it's too late for that. From this point forward, it would be wise for the caller to invest it in case the parents need it later, rather than spending it on a car or house.
Be gracious and take the gift, put it in a separate investment account and have it at the ready if the parents need it in future. If the parents saved $20k for you, they may not be in as bad a shape as you think. Living frugally as a lifestyle doesn't mean they're broke. Someday when your parents pass and you find out the truth of their financial situation, if they never needed that money, you can fund your children's (or grandchildren's) college funds with the money you stuck in that investment account.
The hosts are being too complicated about this...the parents are broke. The son should simply turn down the gift. If it were me, I'd ask them how set they are for retirement. If they don't have ample retirement savings, don't accept the gift, it's that simple. If he takes the gift and then they have no money to retire, 10 years later this will turn into "we gave you a $20k gift, you are now our retirement backup plan and we expect you to support us in retirement because you owe us".
Evidently they aren’t broke. They managed to save $20k. Also, it’s none of the sons business what they do or do not have for retirement. Asking icy questions is rude af. They want to do this for their kids. Period.
@@whosaidthat9265 People don’t have to accept gifts if they don’t want to. Period. Especially if they suspect that it could come with emotional strings attached. I’d be interested in finding out if there will be strings attached, and if I couldn’t get that info I would turn down the gift. Unfortunately, manipulation is often cloaked with generosity, and that’s just reality.
Jesus is quoted in the book of Acts by Luke saying, "it is more blessed to give than receive".... It is still blessed to receive! Receive gifts with the same Grace they were given. peace
This $18,000 gift tax is confusing people, lol. The gift is coming from his parents who appear to still be married. That means it is Dad AND Mom and that is TWO people. His parents can give him a tax-free gift up to $36,000 ($18,000 from Dad and $18,000 from Mom). Look it up if you do not believe me.
I'm overjoyed and grateful to see God's blessings manifest in my family's life. We're happy once again, and I can now provide for my loved ones even in retirement, thanks to a remarkable weekly income of $67,000. It's a game-changer after facing many challenges.
Massive! Been trying to trade on my own for a while now, but it isn't going well. few months ago I lost about $8,500 in the trade. Can you please at least advise me on what to do?
Giving her my initial savings of $12,000 to invest in a brokerage account was a turning point in my life. It's been an incredibly rewarding experience and the best decision I ever made!
YES!!! That's exactly her name (Maria Angelina Alexander) so many people have recommended highly about her and am just starting with her from Brisbane Australia.
Go with Jade. Accept it graciously and put it in a high interest savings or CD’s and give it back to them when they need it someday. It will honor them to TAKE it.
This is exactly what I was thinking. Take it and put it somewhere that you will not even think of it as yours...that's mom and dad's account. Then if they ever need it you give it to them and if they don't need it, it's yours. I don't see this as a very serious problem.
Agree
They may have something you don’t know about put away
I agree. Go with Jade and bench Delany
Jade can carry this show solo
@@brandybarnett9953If they are still renters for 20 years, probably not.
My mom gave me an early inheritance that I knew she should probably keep for her later years, but she insisted I take it because my brother kept and spent his share. To make myself feel better, I put that money in an account and if the time ever comes that she needs it, I will have it available to give it back to her. If the day comes where she passes without needing it, I will consider it mine without guilt and continue to be grateful for it.
That's the best gesture from your mom and from you in reciprocation. Sign of a healthy parent-child relationship.
Your mom sounds awesome
You are wise. Great job
That’s very thoughtful on your part, RESPECT💯.
Thank you Dr John for bringing up the cultural aspect of this. These parents have been saving for this
They raised a great young man.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
'Rebecca Nassar Dunne’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
What John said...speaks volumes. This was incredible and you can even see how appreciative the caller was after hearing about the embroidery gift instead of the 20k. Even Jade smiling. What a great son they've raised.
This is honestly so wholesome!
Living in the same house for 20 years. Working the same job for 20 years.
That does not mean they are broke and have no money.
Renting for 20 years tho ouch. If they bought that house in Laguna 20 years ago they'd definitely be millionaires. Likely Multi.
@@jimmymcgill6778 exactly. And it's not the caller's business to inquire into his parent's finances. So I would go with option 1. Accept the money graciously and be a good steward to it.
Right. Boy these kids are dumb nowadays
@@AS-gf5jn Not everyone want's a house.
I have a funny feeling they own that house!
Chinese Buffett rehearsal sounds bomb honestly
Not in Springfield.
@@jimmymcgill6778 🤣🤣
@@axrod1990the cat eaters
The restrooms were never the same afterwards.
@@jimmymcgill6778😂😂😂😂
How rare that this is the money issue between parents and children. WOW!
I’m not rich but I like to give to my adult children and grandchildren. Take the gift with a huge thank you and DON’T question if they can afford it, it will only make them feel that you think they’re poor and unsuccessful……speaking from my own experience.
Don't give money to your kids early. You will need it when you're older
I'm with Jade- accept it with grace & save it in case they need it later in life
My elderly mother is the same. She gifted me $100 for my birthday, I just took and bought her a $500 self-propelled lawnmower that she wanted. I refuse to lose this trade war😅😅
Charity, wrapped in dignity. Honoring your parents in the best way possible.
Love this advice.
And when you make your first million you can buy your parents a house and help them to retire early. Because you have warmed my heart and you are going places with all of your kindness and good karma. Sounds like your parents are loving.
such a D idea ... you really think his wife would be okay with this, way to ruin a marriage also if he has kids do you expect him to help his parents instead of helping his kids, seriously PRIORITIES
The old hags will end up in senior home.
Agree with investing it, and 20 years later pay off their house.
Well, the caller said they've rented the house all his life, but yeah, I get your point.
I hope they accepted the gift! It will be such a blessing for them to do this for you! Don’t rob them of that, please! My in-laws won’t even take a glass of water from us when they would come to our home. It always hurt me. Sounds like a WONDERFUL young man! Many blessing to you and your new wife! 💕
I don’t think he knows his parents money like he think he knows. Very few ppl who are broke give 20k
I wouldn’t say that. Working in finance I’ve seen many people take loans to give money to family members or even scammers 😬
Some people will starve to save for their kids. Im a single mother of 4 kids, low income. Each of my kids has a small savings they dont know about and im helping my oldest as much as I can with college
@@BabyT709spoken like many parents. I always made sure that everyone ate first. Once our kids were on our own, we gained weight. It wasn’t that we didn’t have enough, we had teenage boys who were always hungry. Suggested serving sizes were very small. I never wanted them to leaving the house hungry or going to bed hungry.
Well based upon where they live, they have more than he thinks. Yeah, it takes both parents to pay the bills, but I bet they have some savings. It might even be that they had this planned since he was a small child and had been stashing a $100 or so a month for this special day. It adds up quickly. Sounds like he has a great job and is doing well, so whatever they make is small compared to his salary so he thinks they are broke.
My parents cosigned a $10,000 loan for my brother. He never even made the 1st payment and never intended to. He STOLE the money. My folks pd off the loan and then gave each of us (5 kids) $10,000 and said this is your inheritance. Do with it what you will.
I bought a lot on the river and later sold it for 35K (I was dead broke from the Great Recession).
Accept the gift, young man. That's what your folks want. 😊
So you got 10k free money and he got 10k as a loan they held over his head... jesus...
Say it with me...
DONT. LOAN. FAMILY. MONEY.
EVER!!!!!!!!!!!!!!!!!!!!!!!!!!!
Either give money or don't no problem. Its really simple folks.
sooo you all stole money equally now?
@@Mikael-jt1hkthat’s not fair to say. The parents wanted to make things “equal” among their children after the son who received the loan reneged on his obligations. I would have done the same thing (although I like to think I would have refused to co-sign & instead just given the $ if I had the resources to do so)
@@Mikael-jt1hkwhy so hateful.
I love Delony’s advice
I am 100% wheelchair bound due to MS. There's nothing that can be done to change that. I am fortunate enough that I became debt free after years of working towards that goal with my financial advisor Abby Joseph Cohen even after I became fully disabled. I pray that like the caller's parent I'm able to attain more financial stability to give out more to my son on his wedding.
I know this FA, Abby Joseph Cohen Services but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@@SilhouetteMorganWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@SilhouetteMorganWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Good woman she has been a blessing to me and my family
@MarineMaesterHow can i reach this Abby Joseph Cohen, if you don't mind me asking?
What an amazing son ❤
The most wholesome Ramsey call I've heard in a while
Accept the money. Refusing a gift is rude and awkward. Moreover, your parent's finances are their business.
Take it and Invest it and hold it for them in the future when they may need it😊
Perhaps take the 20k and logically invest it right now, separate from your family finances. Then if you need to take care of them in the future, there is money set aside that has these years to compound and grow. Could be a win win.
Jade gave Great advice; just accept the gift and invest it, leave untouched until when/if the day comes that they could use it.
Easy answer - yes. Your parents want to do something nice for you to help you get on your feet. If you reject this and tell them “you can’t afford to give me this” they’ll resent you for it.
They obviously raised him well. ❤ I lile the idea of putting it where it can grow interest and then if he needs to help them later he can. If not, they have a nice little extra savings maybe for future children (if they are having any) college fund.
My parents gave my sister and I 60,000 each when we got an inheritance from my grandparents. It was a very generous gift and I decided I wanted to use it wisely so I used it to pay off most of my credit card debt and to help start a new business.
Aww. John, you got me chocked up brother. ♥️
Is anyone else always distracted by how beautiful Jade is? She is seriously stunning.
I had two sons get married last year. Gave them each $5,000. Gave my daughter $5k four years ago. I don't think they questioned it.😂 Heck, my one son asked for it months in advance so they could put it in a high yield savings account for a while.
Accept the money and move on its your parents choice
I know as a parent if I gave my kids a hard earned $20,000 rather than having them give it back to me, what I would want most is for them to use it to get a head start on adult life. Use it as a down payment on a house or invest it wisely in your retirement account so that I would know that my kids future was bright and they were on track to build wealth and that some day when I’m not around knowing that they will be living the good life
Yes accept it . Next
They saved the 20k just for his wedding. Obviously his parents keep track of their money. Accept it. Be grateful.
IF THEY DON'T HAVE A great plan.....I would suggest, he save at least 1/2 and put it in a solid mutual fund for them and give it back at a later date. Jade's advice is brilliant!
Sounds like a good guy. But I’ll bet that they have saved up over many years for the gift and it hasn’t hindered them in the way he thinks
Im not crying, you are
ACCEPT IT…PUT IT ASIDE IF THEY NEED IT N THE FUTURE….MY 72 YEAR OLD VERY STRONG OPINION! ENJOY KNOWING YOU MADE THEM HAPPY…WHICH IS A GIFT TO THEM!❤️❤️❤️
And some people stay in the same house for 20 years because they don't need a new, bigger place. Maybe they like things as they are.
Take the money and let them bless you.
What a nice gift. I would absolutely save the money and if the parents need it when they are older, I would give it back as they need it. It is really expensive to get old, medicine is crazy expensive if you have a heart problem, even with Medicare.
Regifting it back sounds great.
They raised him well!!
This clip made my day 😊
Some parents never disclose to their kids what they have. My father and my father-in-law are both like this. My father lives way below his means, like he is on the brink of homelessness, has been like this all his life, and doesn't like to talk about money. I know he is loaded even if he never told me. He doesn't spend on anything, he just hoards money. I learned this year that my father-in-law sold all his stocks and made a huge amount of money (my husband accidentally found documents about it on his computer) but he also never wants to tell his kids anything about it.
Your parents may not be as poor as you think, so you may not need to feel so burdened by it, even though your feelings are completely understandable and honorable. Like everyone said, just put that money in funds and repay them down the line if they ever need it.
🚨I am your dad: just because we live like peasants doesn’t mean you know our finance 😂😂😂. Millionaire in disguse
That’s what I’m thinking very few people have 20k to give that’s living check to check
I'm all about not blocking people from blessing. Like, It can be hard but it's okay to let people be giving if they want.
Having said that I think a $20,000 check when your parents openly talk about having to work until they die to pay their bills is a different situation and I think you can go to your parents and say
"This is such a wonderful gift and I really want you to allow us to bless our lives but it would make me feel better if I knew that giving such a large amount of money would be a financially wise decision for you. Will you assure me that you are not compromising your future?"
I like Jade's idea
Take it and hold it for them
This is all just a humble brag. Dude lives in Laguna Beach, CA one of the most expensive areas of the country. They probably live in a paid for multi million dollar home.
right lol. parents have definitely not been renting the same house for 20 years. give me a break
Jewel's advice is correct.
Did you mean "Jade?" Her name is Jade.
Jade's advice was great - they don't get offended and you grow the money for your parents future needs.
The other guy just keeps talking enjoying his own voice.
I can only take so much John delony but it’s because I’m verbose like him
Invest it for them if they need it, pull it out, pay the taxes, and give them the rest if they don’t ever need it. You have been investing it for your future.
Exactly what I was thinking. My parents do not understand investing
Love John's option 3, easy way to skip out on having to come up wedding favor ideas and keep them included. And if they insist on giving the cash, take a $5K honeymoon, $7K into a Roth for you and wife, put the rest in a HYSA with the thought that you might use it for them down the line.
Ewell first they live in Laguna Beach, CA. Even little shacks are worth millions of dollars. If they want to give you the cash, take it. Thank them. Put the money into a high yield CD or other investments. If they, down the road have problems , you can help them out. He is a good son. They know that, and they want to help him as he starts his marriage.
Edit: I feel stupid after listening to the end. Follow Jades advice. She is pretty sharp.
You have to let people be generous.
My mom said she hoped I wasn't expecting her to offer anything for my wedding.
I’m sorry
Clear communication is a blessing
I believe he said his parents are still renting. They need to spend it on their home to buy.
Take the $20,000 put it away and leave it there just in case your parents ever need it. You could be doing something great back for them.
Good son God bless you
Tricky question. I would certainly NOT invest, but use it to set up a new life. I think it is rude to take money and invest. They probably want that couple to enjoy life. But I would wonder if any strings are attached. Because usually there are.
Hahah, I’m sure the finance will gladly go shopping with that money!!! Some finance is vile!!
Another big fat L for Deloney. Embroider something for every wedding guest?!? That’s insane. “Hey dad! The 20k you saved for years isn’t good enough. How about you spend the next couple months embroidering something for 100+ guests.”
Exactly my thoughts 😅. If i was his dad I rather give the money than all that work!
If I listened to Deloney for advice I absolutely would've ruined every relationship in my family. Hes SO over the top.
(before watching) Imagine taking the $20k, investing it for his parents and in 5-10 years, coming back to them with the results of that (safe investments of course). That or holding it in a roth, gaining 5% and then gifting it back when they need it. And wedding budget of $17k is LOW...what is he talking about. Me and my wife spent less than $1500, hah.
Could always just hang on to it just in case they need it in the future.
I think Jade is on the right track with this. Personally, I would take it, invest half of it in something with relatively low risk and put the other half in a HYSA. If the parents ever need it, no big deal. If they do not, great.
Use the cash to pay for the wedding in cash so there is no debt. And the rest of it to start your new life or invest it.
From $9K to $35K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family
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Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well .
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I agree with you.I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
Accept it. Move on!
Law 40 of 48. Anything offered for free is dangerous. It usually involves a trick or a hidden obligation.
Depends on the people who are in your family/circle. My family paid for my all inclusive honeymoon to Jamaica. Never asked for anything but to see the pictures after we came back. So, it's not really a law but a theory.
Costco samples are free and not dangerous
I feel sorry for you!
@@neededtobesaid4275 pictures of what? consummation of the marriage?
@@neededtobesaid4275pictures of what? Bikini beach pics?
A person with acute need can be helped. A person with chronic need cannot.
Wow what a great son
Take it and invest it for them... if they are not great with money or financially burden then you could return it to them with growth.
I've got a super hybrid Suggestion. Clearly, the parents want to help get this couple started and perhaps move them to a better future than what they themselves have planned for. I would tell the parents that you've decided to use some of it on the wedding, and then invest the rest for your future. Then take 500 to $1,000 of it and apply it to the wedding. Take another portion of it and buy a life insurance policy on the parents that will provide the value of their gift when one or both of them passes on. Then the remaining 10,000 or so, do a high-yield investment, and hopefully it will give them back their $20,000 or more later, when they really need it.
Well it’s tax free if they gift within the limits for the year. I believe it is around 12k.
Question: why do weddings have to cost so much? Does the celebration have to be such a big party? A friend invited 30 people to the ceremony and to dinner afterwards. Another friend did something similar except it was lunch, That friend bought a second hand wedding gown. The events weren't less meaningful.
Because the amount spent is tied to people's pride. People don't want to spend $1000 and be seen as cheap, so they spend $25000.
@@megalodon1726 So sad.
YES.
He's calling from Laguna Beach, that's chump change for them...
I feel like they're purposefully picking the videos where John is helpful for the RUclips because a lot of comments before said he wasn't usually helpful but recently he has actually been more helpful in these videos
A friend sold her house for 1M to a young couple. The buyers got 500K from her parents, because they want the future grands nearby. THAT is a gift. But not a burden from these seriously wealthy parents.
THAT is ridiculous in my opinion. I could not / would not accept it but then again, I am just a lowly middle-class person and don't have millions so maybe me accepting a gift of $5,000 is similar to a kid from a wealthy family accepting a gift of $500,000. The law of relativity, lol!!
@@GAFB1122 My guess is that the buyers earn well over 350K/year to be able to pay the taxes/upkeep on that home, and the parents who gifted them a chunk of change have a net worth well over 15 M. They could afford it.
@@Cathy-xi8cb A rule I have always lived by, just because I can, should I. --- Even that is relative I guess but as for me, my kid needs to earn what she has. No matter how much money I have, I would not violate that principle!!
Some will pat those parents on the back for being worth $15M and giving their kid $500K. I AM NOT ONE OF THEM!
I'd be cool to keep the money if my child didn't want it. That's something to be proud of, too.
put the money in a ETF and dont touch it, then gift it back to them on retirement
Yes, accept the money….and forward it to me….
This guy was really beating around the bush here. Maybe he is worried he will become their retirement plan if he accepts this gift lol. If I were him I’d keep it and invest it then give it back for their retirement if they are struggling. Win win.
"We will have to work until we die" really does not sound like secret millionaires. I don't think I could take that money, not so much anyway.
I'd take it and keep it so that I could give some back to them later if they needed it. My Mom fed me but we also fed my future husband. In her last years we took her hot meals all the time.
Whats wrong with Chinese buffet?
Obviously take the money, as they arent very good with it!
Accepting the money just to invest and gift back to the parents is not optimal from tax investment perspective. If this money is meant for their parents to use later in life it should be sitting in a retirement account like an IRA. Just accept the gift. The caller can always help them out later in life if need be.
They can invest it in a tax-managed ETF so the taxes will be minimal given that they won't be buying or selling any part of it until they're ready to give it back.
Vs taxs on the gains being zero if the parents stashed it in a Roth IRA 😂
@@josephwolensky2685 ideally that's what they should have done, but now the money has already been given to the caller and it's too late for that. From this point forward, it would be wise for the caller to invest it in case the parents need it later, rather than spending it on a car or house.
Be gracious and take the gift, put it in a separate investment account and have it at the ready if the parents need it in future. If the parents saved $20k for you, they may not be in as bad a shape as you think. Living frugally as a lifestyle doesn't mean they're broke. Someday when your parents pass and you find out the truth of their financial situation, if they never needed that money, you can fund your children's (or grandchildren's) college funds with the money you stuck in that investment account.
Is Jade pregnant?
The hosts are being too complicated about this...the parents are broke. The son should simply turn down the gift. If it were me, I'd ask them how set they are for retirement. If they don't have ample retirement savings, don't accept the gift, it's that simple. If he takes the gift and then they have no money to retire, 10 years later this will turn into "we gave you a $20k gift, you are now our retirement backup plan and we expect you to support us in retirement because you owe us".
Evidently they aren’t broke. They managed to save $20k. Also, it’s none of the sons business what they do or do not have for retirement. Asking icy questions is rude af. They want to do this for their kids. Period.
@@whosaidthat9265 People don’t have to accept gifts if they don’t want to. Period. Especially if they suspect that it could come with emotional strings attached. I’d be interested in finding out if there will be strings attached, and if I couldn’t get that info I would turn down the gift. Unfortunately, manipulation is often cloaked with generosity, and that’s just reality.
Bad take.
Jesus is quoted in the book of Acts by Luke saying, "it is more blessed to give than receive".... It is still blessed to receive! Receive gifts with the same Grace they were given. peace
Hopefully Dave doesn’t hear Jade telling him to buy an index fund lmao
This $18,000 gift tax is confusing people, lol.
The gift is coming from his parents who appear to still be married. That means it is Dad AND Mom and that is TWO people.
His parents can give him a tax-free gift up to $36,000 ($18,000 from Dad and $18,000 from Mom). Look it up if you do not believe me.
You are exactly right
How nice
He could take the money and save it for them later on.
Don't give money to your kids early. You will need it when you're older
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