Want to achieve financial independence quickly? While it’s tempting to do it all on your own, many find success by leaning on their parents financially. It’s a path well-trodden by those whose families can afford it. When I started my career in 1999, I was baffled by how my peers could afford expensive Manhattan apartments on our salaries. It turned out many of them came from wealthy families—some were even children of multimillionaires.
At the time, I shared a modest studio to cut costs, while some classmates were getting condos bought for them. This experience taught me there’s no single path to financial independence. If your parents can and want to help, it’s a valid option.
Consider a couple I know who gained financial independence with help from their parents to buy rental properties. Despite the unconventional approach, it worked for them, setting a solid foundation for their family’s future. In some places, like where they live, you can’t get a mortgage without traditional employment, so parental help was crucial for them.
Another reader shared how she saved $100,000 by age 25, thanks to a combination of hard work, frugality, and yes, significant financial gifts from her parents. These stories show that while self-made success is admirable, getting a boost from family is a legitimate strategy, especially in today’s economic climate.
The reality is, if you’re fortunate to have such support, it can be a powerful accelerator towards financial independence. Of course, this approach isn’t without its challenges. It can affect dynamics and expectations within the family. But if managed well, it allows you to advance significantly in building wealth and security.
So, whether you choose to go it alone or accept help, the most important thing is to work towards financial independence in a way that makes sense for your situation. After all, the goal is to secure your financial future, whether that’s through personal earnings, investments, or a familial leg up.
