Asians who don’t live at home and pay monthly to parents: How much do you pay your parents and how much do you make and pay for rent? Just curious. I pay 1k a month, make 165 base/ 200k incl bonus and pay 2k in rent. Parents looking to increase monthly contribution so feeling weird and wonder what others are doing

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Same boat as you. 165k base, 200TC ish.

Pay 1800 rent, give 1-2k to parents. They sacrificed a lot and I want them to be comfortable now. Always gave my siblings and I the best of the best, tons of opportunities, etc.

If my parents asked for money, I wouldn’t hesitate to give it to them. I pretty much give them access to my bank account. Then again, I trust my parents and have a good relationship with them.

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Wow! Almost the same situation. They have access to one of my checking accounts too. How do you decide if you do 1 or 2k that month?

Ask them what their bills are and where the money is going. You can say no

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I’m doing the same and roughly make the same.

But my parents never asked tho, I did it because I wanted to do it seems a bit weird on your part

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Same situation as you, but give a little under $1k since I only just got in to McK. Don't have the best relationship with them though.

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You can say no.

Then give them more, lol

funny

I think your parents are asking you to move out in a subtle way

Sounds like ur parents getting greedy. But if you can afford to go up on allowance and it doesn’t affect you then go for it.

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What kind of sacrifice did they do to help you get to McKinsey?

They’re both raised in poverty and worked their way to middle class. They gave me amazing education and prioritized my learning and travel experiences growing up so I can become more well rounded. They always put me and my sibling’s needs first— I truly had a great childhood and upbringing

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Are they retired or have any sources of income?

They’re both retired but have savings. I see my contribution not as a means to survival but improve their quality of living. The issue is that I want to, but I don’t want to give so much that I can’t meaningfully save… I also hate talking about money with them because it makes me feel like I’m trying to negotiate a good deal to people that provided me with such a good life and foundation. Does that make sense? 😩

Also, know that once something is given it's hard to take back. Are you ok with giving them 1k+ in perpetuity? What about if/when you have a family..not sure of your personal situation

Yes this is so true that’s why when they asked for an increase (with my salary increase) I’m a little hesitant to go higher given I wouldn’t go lower unless I have a major life change (ie kids)

What country are they living in (assume you are in US)?

What does the extra 200 or 500 mean to you vs them?

If they are in some low income country where their annual income is 5000-10000 USD, an extra 200 dollars a month can go a long way (assuming they are a good steward of family resources)

Whereas, 200 a month for you is literally 1 dinner less outside and maybe buying a grande coffee instead of venti

Keep it variable and state that it will vary depending on your financial situation and needs which change over time. Some months you can give a lot and other times not so much. That way they don't become reliant on your help to support their desired lifestyle. Also, don't share promotions/salary numbers/financials with them. They don't need to know.

Sharing is OK as it is also a chance to celebrate together. Don’t feel bad about it

I earn 185k, rent 2.6k, to parents 1.5k. I live alone in a tier 1 city. not sure about your spending habit but I’m still comfortable at this level

How did you decide on the amount?

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