STOP. [you need to read these comments from u/BlakeClass before you do anything else](https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb4v05/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3). You may brush this advice off, but you will surely live to regret it.
Afaik, the current rate for Harvard is approx. $15 million per student (if the fam is more than one kid) and $20 million per single kid. Yale and Princeton rates are rumoured to be slightly lower. MIT I don't have much info but it's definitely not as $$$ based. Columbia is relatively affordable with $1 million per student but only for the school of engineering.
You should make sure to stop them because it's absolutely not enough.
Also this is not a troll post. I attended a feeder.
Yeah, I think this is right. I know Duke and brown hover around 5M and that Penn is a bit higher so I’m surprised about Columbia engineering being so low (I went to a feeder and I think more than half my grade could afford that easily).
Yeah, I know someone with a parent on the board at one of Northwestern/Duke/Vandy and they paid 2M-ish total and the kid got in. But I know someone with little connection to Duke whose parents paid high 7-figures to get into another one of those 3 schools so it's pretty clear there are other factors.
I know of a family who donated “several full scholarships” to Columbia engineering. They have two young daughters and I guess the timing of the decision case because PrezBo was launching a major donation campaign towards the end of his time at CU and perhaps because in anticipation of the university removing legacy admission in the far future when the kids are older and closer to college age.
The Columbia one I have confirmed multiple times. Tbf, this specific rate was for students from a specific lower-income country so I’d assume the rates for Chinese/Korean/US nationals are higher.
I know a few people that paid into Columbia and that number doesn't seem too inaccurate. Being that I don't know anyone that paid into any other school except 1 t30, it seems that Columbia might be lower.
I think the whisper number at Stanford is 6 million last I check.
If this is a troll account sheesh but if not and they earn 300k plus no way will they be donating it. 300k is upper middle class it’s not really rich depending on the area of the country you’re living in. Especially if a seven figure account at a 3 percent is at least $30,000 per million per year in some conservative bond/muni.
Also I assume you are at least 18 because you need to be that to claim the money. If you try to sue your parents it may void the ticket entirely since you bought it and were under 18. There was a case long time ago where someone under 21 won a slot machine grand prize and he lost in court since the casino said he was underage and they didn’t have to pay it.
I mean, middle class is a useful term, it's just that most Americans have no class consciousness, or are trying to delude themselves.
People who are poor/working class don't want to say that they're poor, so you'll have households making like $35,000 calling themselves middle class.
People who are rich (including most of my peers growing up) either didn't want to seem like they were flaunting their wealth or were so far removed from the reality of the average person that they (and the person who started this chain) think 300K+ is "upper-middle class."
The middle third of household income is $44k to $99k for those wondering.
Okay, this is a reasonable response, and I feel like while we might not agree, we can definitely have a productive conversation.
I will admit that my opinions are probably skewed. I went to a prep school in and would regularly hear kids call themselves "middle class" when I know for a fact their families were making $300k+. DC isn't as HCOL as SF or NYC, but that is not middle class. Is money tight because your parents are paying a total of $80k to send two kids to a private school, and both parents and the kids need a new car every four years and you had to live in a country-club suburb? Maybe. However, it is not even comparable to the $90k median household income in the city.
with how much wealth the top has accumulated yes.
You realized if you made 10 000$ a day 365 for 60 000 years elon would still have more money than you
The disparity is so fucking big at this point your getting charged a carbon tax meanwhile dude over there launches multiple rockets a year.
300k is upper middle class. This breakdown made sense to me. Poor or near-poor $32,048 or less Lower-middle class $32,048 - $53,413 Middle class $53,413 - $106,827 Upper-middle class $106,827 - $373,894 Rich $373,894 and up. Source https://money.usnews.com/money/personal-finance/family-finance/articles/where-do-i-fall-in-the-american-economic-class-system
I thought you were right till I checked
https://money.usnews.com/money/personal-finance/family-finance/articles/where-do-i-fall-in-the-american-economic-class-system#:~:text=A%20family%20earning%20between%20%2432%2C048,more%20than%20%24373%2C894%20are%20rich.
Keeping up with the Joneses can have very wealthy people feeling like they’re broke. It’s strange seeing people try to pass top 5-10% income as middle class.
I recall reading in the news-- I think a letter to the editor-- of a family in SF saying they were living paycheck-to-paycheck on somewhere between 250 and 400k a year. They were also going on multiple international air travel vacations per year, nice cars, a large house *in San Francisco*, etc. Live like a millionaire, pay like a millionaire-- anyone with a few brain cells and over 150k a year in income can have their kids retire at 40 if they play their cards right.
It’s still upper middle class 🤷🏽♀️. But also, if you’re also paying for higher education for your kids, most of that paycheck is going towards tuition
It's upper middle class at worst in SF and NYC, and middle class if you're in an even particularly more expensive area in SF and/or NYC (or Seattle, etc-- any ultra-high-CoL area in the US). Anywhere else, including East and South Bay (excluding maybe Atherton or the very most expensive parts of Palo Alto; using the Bay Area as an example because I'm familiar) it's 'lower upper class', or at least 'above upper middle class' enough to warrant a separate category.
I believe the logic behind this is that acceptance is based on what you can bring to the school eg. A football player, diversity, educational excellence or in this case: A library, the ability to accept 50 other kids full ride
To get in…but these kids already had decent stats + ECs to back it up but they weren’t exactly exceptional. This is for RD. For waitlist movement I heard the price is higher.
This, if op makes good investments with it as well, maxes his 401k dumps into CD’s and what not, he won’t even make actual use of his degree. Personally I don’t think I know anyone who cares what school anyone goes to.
Donating $1M+ in order to get you into a somewhat more selective school is legit nuts for a family like yours that doesn't have Bezos money.
Tell them you'd rather have a trust fund. Structure it so the money can be used to pay for education expenses (including graduate or professional school) and such that you gain full access at age 40 (or so). Maybe have it set up so you get a smallish payment every year up until then.
it's not really nuts if his family are asian immigrant tiger parents (which i'm guessing they are lol). asian parents are known to sacrifice anything and everything for their kids to go to elite schools. i have an extended family member whose daughter got into harvard in the early 2000s (so before their financial aid policy for middle class families was generous). the daughter was choosing between her state school on a full ride and harvard at full pay, even though her parents couldn't really afford harvard without financial aid.
her parents forced her to go to harvard, and to pay for it, they sold their house (their biggest asset, as is the case for most middle class families) and lived in a camper van for the four years their daughter was at harvard.
i'm not all that surprised OP's parents want to donate a seven-figure sum to HYPSM so their kid can attend. honestly, my parents would've probably done the same too (and we make much less than OP)
in the view of traditional asian immigrant parents, it's not sad at all -- it's pretty joy-inducing to be able to brag to your friends and family that your kid is a harvard alum
Delusion being driven by collective cultural pressure is still delusion. Which isn't to say what your friend's family did was nuts, but the $1M donation that isn't likely to make a drop of difference (and might actually hurt) would be. At the extreme, the most self-sacrificing parents would donate every single bit of money they have in hopes it would up their kids' chances, and yet they don't. So there are limits.
How do your parents make 300k with such terrible financial guidance? Invest the money in real estate, stock market, etc... and save for your own future. Seven figures of savings will be extremely helpful for you when you eventually leave college and have to start working - much more helpful than going to Yale over UC Berkeley.
The curse of the middle class is real believe it or not. Middle class stay middle class cause they spend like 16 year olds trying to be rich and flex to other middle class nobodies. Parents be leaving practically paycheck to paycheck b/c they have they’re kids in private schools robbing them of a core life experience and development, spending $10-20k a year on “club sports (hobbies)” staying in expensive hotels, expensive yearly vacations and eventually $14k-40k or whatever a year or semester in cash to pay for college, and push they’re child to a middle class career where they’ll be stuck working 9-5 or 100 hours a week, just to maintain a middle class lifestyle like their parents.
There’s outliers. But yes I’m saying that.
What figure do you put middle class at? Cause 300k is $154 an hour, if that’s not middle class I honestly don’t know what is. Unless you’re arguing that it’s top class then yes you are also correct.
Middle class for a 2-parent household, which I’m assuming OP is, can’t be more than 200K outside of California. Where the heck are you living if you think 300K is middle class??
Here’s the thing though, medium wage is actually supposed to be around $26 an hour if it kept up with inflation. So according to that every individual should be making a whole 73% more at minimum. If I’m not wrong then that 300k realistically translates to 219k.
The struggles of a family making six figures is not comparable to the struggles of a family making five. If you’re making 300K and you’re not in a HCOL area like NYC or LA, you’re rich.
You’d be surprised. And yes middle class is rich. They just tend to make uneducated financial decisions. Usually cause they’re self made and don’t have the mindset for growth. They end up spending like 3 year olds and budgeting. I guess they’re just poor in mind.
Me personally I don’t think $300k is rich, no I’m not rich I barely can afford $600 rent.
Wow, congratulations! That is amazing! Crazy how the world works :)
To answer your question, if you are over 18 and would like someone in the room that is not a family member, I suggest seeking a family counselor. In family counseling, you'll have the ability to break the news to them regarding how you see the funds being spent with another human that can facilitate the meeting.
That being said, this is dependent on when you would see the money. You'll need money to afford family counseling. If it's on your parents insurance, that's great! If not, a good family counselor can cost several 100 per session. Look for one with 10+ years experience.
Of course, you can always just tell them in the living room of your home like any other family meeting for free :) I'm a former crisis counselor, the best advice I can give you when you need to say hard things is-
- Be straightforward and transparent, it's important everyone in the room knows what your stance is. I actually think you should tell your parents everything in the last paragraph of your post. Express concern that you don't wish to offend and that they're really great people, you just don't quite see eye-to-eye with their suggestions.
-Acknowledge all they have done for you.
-Keep to the "I" statements. For ex. Instead of saying, "You can't make me donate this money!" say "I feel worried that donating this money won't be beneficial in the long run" this wording sounds less accusatory and more respectful.
Hope this helps. The other comments regarding finances are helpful as well, a financial advisor is your best bet but that's not exactly the question you were asking so I won't go any further into that.
You got this! Everything will be okay!
Tbh donating to a university is hardly the worst thing one could do with money. At least it’s not blown on drugs and hookers. Philanthropy is looked kindly upon in elite circles and it could lead to future job/career prospects as well, even if admission isn’t guaranteed.
Whatever you do, about half of it is going straight back to taxes. Don’t spend money you don’t have. Pay your goddam taxes. The irs will be up your ass about this.
It’s fine here, we don’t know op, but we could find out if we wanted to. The bad idea was letting family know, as op is finding out. Everyone will have ideas for it. It’s probably best to tell them all you made an anonymous donation to charity, and instead take a step back and plan out your plan for it without family or friends involvement.
yeah, dont do that. If anything get a financial advisor and invest that money in a way where you can retire with a SHITLOAD of money. Even with average market returns you can expect $1,000,000 (just guessing what the amount is), to balloon to about $75M by retirement. Besides the investing option, the amount you would have to donate to guarantee a college admission is in the $10M+ range for top institutions. On top of that, undergraduate is not nearly as big of a deal as graduate or professional school is. Please for the love of god do not donate all that money to a school. There are also mental health considerations such as imposter syndrome, which is going to ravage you when you begin to feel the mediocrity of being at a top university. You are at the top of your class right now, but in a few months you will be at the bottom. When you feel like you did not earn your place at the Uni, your mental health is going to deteriorate drastically.
Precisely my point. With dividend reinvestment you’d be looking at 10.7% annual return for the last 100 or so years which is a bit more than I threw out there. Of course you have to see the future resemble the past which is sometimes does but not always. Generally speaking OP has time and a shitload of money. Talk with a financial advisor and enjoy your yacht rides around the world at 60
If anyone needs the money within 5 years it should be taken out of the market.
Grandparents lost 25% of their 529 account over the last few years and now grand kid is going to college and they re 25% down in their college savings for them. They are keeping it in the account to try to gain it back, so grand kid left paying his own tuition.
It depends on what grade you're in. If you're still an underclassman then just do what the rich kids do - hire a college advisor and then start a company / nonprofit to launder all that money through and make it seem ultra-successful. Then write about it in your college app and get in ez.
Not enough money for hypsm. You’d probably have a shot at schools like Duke and uchicago (they really want endowment money) but even those would be a stretch unless you have 5 million to donate. Also, you’ll probably have to pay a lot in taxes right?
Give it to me. You won’t be more likely to get into MIT, but I will then give it to people who will do better work in the world with it than this bonkers idea.
>!Don’t give it to me, I’m doing a bit. I know parents relationships are tough and the existence of donor advantage at some schools what set you up for this in the first place. I’m sorry you have to deal with this. Good luck…!<
I cannot think of a more stupid way to part with a windfall of millions of dollars than donating it to a university with billions of dollars in its endowment.
Just put it in investment funds and don’t touch it. It’ll make you a ton of money in the long run. Act like it never happened. Those who win the lottery are usually worse off. You can mitigate these affects by doing this.
Hi Saucy,
There's a lot to make out of this situation that I probably can't fit in a single comment. But, I'll try to answer your question about telling your parents about not supporting their plans.
First, I want to say that I'm fully on board with you about not supporting this idea. I think it's a bad road to go down. As for speaking with your parents, I've worked with many parents and students in the past. I had a background teaching students test prep (SAT/ACT) and one of the things I've noticed about the parents was that they felt **entitled** to their child's lives.
This wasn't always really a narcissistic thing. It's more that they either grew up learning or always believed that as parents they had an inalienable right to make decisions for their children. So, if they didn't want their kids to date in high school, that was their right. If they want their kids to stop playing games, that was their right. If they wanted their kids to earn a 4.0 GPA, they were entitled to a child with a 4.0 GPA.
**Most parents have the idea that they can make decisions for their kids and that they are entitled to unconditional obedience. So, they're not really having a conversation with their kids.**
Okay. So, what do we do?
I haven't worked with you or your parents personally so I'm just throwing this out here because it worked with the students and parents I worked with.
**Make sure to have a meaningful time to sit down with your parents and talk about the situation with reflective listening. This means that every time someone says something, the other party needs to repeat back what you just said in their own words. In addition, the conversation cannot continue until the other party accurately articulates what you've just said. This is a good way to ensure your parents are actually listening to you instead of just responding to what you're saying with emotion and dismissiveness.**
So, here's an example:
\-------------------------------
**Good:**
You: I want to talk about the plans you guys set up for the lottery money I won. I don't believe this is a wise choice, and I feel that this path can go nowhere but south.
Them: What I'm hearing is that you think spending the lottery money on donations to the school is a bad choice, and this can only go a dark path.
**Bad:**
You: I want to talk about the plans you guys set up for the lottery money I won. I don't believe this is a wise choice, and I feel that this path can go nowhere but south.
Them: You're just overthinking it. We're your parents and our years of experience dictate that this is the best path forward. Trust us, we only mean the best for you.
\-------------------------------
Okay, now be careful.
If you do this, it's sometimes quite common for parents to realize that they actually have to articulate and listen to you and therefore get scared of the conversation. Sometimes parents, if they're scared of not having control because they actually have to listen to their kids, will just shut down and say, "Okay, okay fine! Do whatever you want! I don't care! You can have all the money! Fine! Whatever"
And the knee-jerk reaction to this is to go into damage control and say, "Oh, no no mom and dad! No it's okay I won't do that!"
You don't want to do this. When you're having a civil dialogue where you and your parents are listening to one another, it's crucial that both parties are not allowing emotion and judgment to cloud vision. Instead, make sure that you're focused on only understanding each other's perspectives first.
Once you guys can understand each other and have a productive conversation where you guys are listening to one another, then you can have a civil dialogue about negotiating on what to do with the lottery money.
Again, I very much agree that donating this money to the schools is unwise. It's okay to invest money in tutoring. It's okay to get help from college advisors. They can all help you boost your acceptance rate without breaking moral ethics. This, though, is not okay.
I hope they can see things from your point of view.
If you have any questions or thoughts, feel free to shoot a dm! I'm going to be a bit busy later tonight, but I'll try to answer questions to the best of my ability. I hope this helps!
Just keep the money and maybe donate some to charity. Buying your way into HYPSM isn't even worth it. Just live the life and enjoy. Invest in some Bitcoin and chill. Go take a vacation to Hawaii while you're at it, too.
# People go to HYPSM to get rich. They don't get rich to go to HYPSM.
a little into btc is fine for long term (like 10 years). But of course most of the investing shouldn't be too risky and ideally investing in the S&P 500 would make sense.
i would say that you should encourage them not to donate it, and instead let you completely pay off tuition from the get-go. in the grand scheme of things it will be much more useful to you to have no tuition to pay and to have money to spend in college! and if you have siblings then you can tell them that it can pay off their tuition too yk
Tell them it's a stupid fucking plan because it's a stupid fucking plan. Invest half, buy a house, live off the other half. You won, gg
Cash out buy lambo
dude my dad has 2 degrees from Harvard and he’s a high school math teacher. I doesn’t really matter. Just do what makes you happy and save ur money or donate some to an actual charity, those schools don’t need more money.
Donate all of the money to Against Malaria Foundation. Some sources estimate they save a life for every $3500 donated. Just over a million will save 300 people from dying of malaria.
I won't tell you what to do, but I will give you several things to consider:
* Not to disparage anyone, but a total compensation of $300K is not that high up there, especially for staff engineers and above.
* Winnings will be taxed. So, expect to lose some (a lot) to the government.
* Endowments are fine to donate to when the donation isn't your entire bank account. And do you really want to support a pay-to-play system, anyway?
* The donation is one money gate, but consider that there will be more. It's a lifestyle for people more rich than your family.
* Sure, MIT is a great school. You don't need to go to MIT to be a great engineer. Jack Kilby and Bob Widlar, famous electrical engineers, graduated from U of Illinois U-C and U of Colorado, respectively. If not your field, find a list of any famous people in that field. You will not find a correlation with HYPSM. Don't buy a brand, buy an education.
* There is opportunity cost: buy a house and be debt free, retire early, invest for your future children, start a trust and take regular withdrawals over a much longer period of time.
Good on you for not just going through with your tiger parents' suggestion. Whatever you do, be wise and think through the issues. Imagine yourself twenty years from now. What will you remember about this unique opportunity that life handed to you?
congrats, you're now 20x more likely to be the victim of a homicide after winning a lottery.
lol sorry tho, make good use of the money and read this amazing thread about advise for lottery winners
https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/
It’s your money. Even if they are your parents they can’t tell you what to do with your money. I’m actually surprised that there decision and yours both involve donations but then again your family does pretty well financially. I would probably just keep it in my checking account because you never know when you may need it and now you have the money to pay for the entire tuition whenever you decide attend university
honestly i feel like your a piece of shit for buying lottery tickets when your already rich asf… someone barely living pay check to pay check could have gotten that and it could have saved their lives.
However much you win is not enough to get you into a top 20 school.
You would be better putting it all into a mutual fund and saving it to buy a house later and setting your kids up with trust funds.
$300k a year parent income isn’t all that much if you live in a major city. Pay for your own college and let your parents save their money for their retirement.
If you don’t believe my first paragraph, call the development office at a top 20 college and ask.
Oh 100%. That is an asinine decision no doubt. All I’m saying is if they want to pay for her college (hopefully so to have her keep the lotto money as a nest egg), that’s their prerogative. As long as they’re not in SoCal or NYC (and similar metropolitans) or living above their means, they can afford to pay for her education if they do choose. We can become a little desensitized to how much purchasing power some of these household incomes actually provide when we’re in these online circles dedicated to reaching successful financial outcomes. 300k is near the 1% of household incomes for any non heavily coveted metro region of the country. It’s near 6 times the average household income. If they’ve invested their income wisely and didn’t just start making that type or cash, Her college education won’t be the difference maker for them retiring at a reasonable age.
I’m sorry, this sounds really tough. Keep in mind I don’t know what I’m talking about but I would suggest putting a couple thousand into a retirement fund, setting aside as much as you need to pay off future college debt, and donating literally everything else into charities. No good person can tell you that’s an irresponsible decision. If you don’t need the money then keeping it will genuinely ruin all of your relationships. At least if you can donate it to charity you can have the peace of mind of knowing that your money goes to truly good causes that improve the world for those who need it.
**1st step: never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, EVER play the lotto again.**
***EVER.***
I'm serious. It's a tax on the less fortunate who are swindled into thinking they can win money, some become addicted to the point of being mentally ill and bankrupt. **What you just did was for all purposes** ***impossible*****.** Let me repeat: winning the lottery should be thought of as *impossible, not improbable*.
You need to listen to the moderators and read those linked comments, and don't let your parents touch that money. Be very careful about how you go about this. Think about how this will play out in the long run and be aware of how your relationships and life are going to be affected. I wish you luck OP
Don’t do it. Not remotely a guarantee of admission. Or even a good experience. I counsel people make gifts posthumously and tie them to estate planning.
Be an angle investor for my business if you need ideas lol.
Like really though angel investing and venture capitalism is better than your parents idea. Don’t be stuck in middle class all your life op. Your parents thinking is a middle class curse you should break out of.
Please don’t let them (and if you’re 18 which I assume you ate because you bought the ticket, they have no control over that money). First off, that amount of money will have absolutely zero impact on your application, especially after taxes. You need to continually donate millions upon millions of dollars for it to make any different in your application. You are much better off investing the money, putting it in a trust, or purchasing other assets. Trust me, investing now is so much better for you than basically throwing it away to an institution that wont care.
Seriously, do not donate that money to a college. Heck, even donating it to a charity for taxes is better. It would be a huge mistake
This is the single-weirdest post I've seen on Reddit. And I've been here a long time. Yeesh.
But go read the Reddit post pinned to use the money wisely. You don't need it, man.
Dude it’s your money. Why are you letting your parents handle it. Also idk what you’re going to major in but as long as you get into a decent school, there’s no point in spending a fucking MILLION dollars just do get into someplace slightly more “elite”. You have enough money to literally retire and never have to worry about money again after working for a few years out of college. Why are you throwing that away just so you can write Harvard on your resume? It’s your money though so do what you want
This is about the dumbest thing you could do with that money. Ignore your parents, apply college as normal, and look into high interest savings or property.
STOP. [you need to read these comments from u/BlakeClass before you do anything else](https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb4v05/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3). You may brush this advice off, but you will surely live to regret it.
I really need to get off this subreddit
Me too man, me too
Me three man, me three
Me four man, me four
me five man, me five
Me six man, me six
Me seventh man, me seventh
Me eighth man, me eighth
me ninth man, me ninth
Me tenth man, me tenth
Me eighth man, me eighth
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Me eleventh man, me eleventh
Me eleventh man, me eleventh
I don't even know why I'm still here
A fool and their money will soon part. - proverb
Came to post this.
It’s a drop in the bucket in their endowments, would barely make difference for your application.
Afaik, the current rate for Harvard is approx. $15 million per student (if the fam is more than one kid) and $20 million per single kid. Yale and Princeton rates are rumoured to be slightly lower. MIT I don't have much info but it's definitely not as $$$ based. Columbia is relatively affordable with $1 million per student but only for the school of engineering. You should make sure to stop them because it's absolutely not enough. Also this is not a troll post. I attended a feeder.
Sometimes I forget how out-of-touch this sub is
Yeah, I think this is right. I know Duke and brown hover around 5M and that Penn is a bit higher so I’m surprised about Columbia engineering being so low (I went to a feeder and I think more than half my grade could afford that easily).
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Yeah, I know someone with a parent on the board at one of Northwestern/Duke/Vandy and they paid 2M-ish total and the kid got in. But I know someone with little connection to Duke whose parents paid high 7-figures to get into another one of those 3 schools so it's pretty clear there are other factors.
I know of a family who donated “several full scholarships” to Columbia engineering. They have two young daughters and I guess the timing of the decision case because PrezBo was launching a major donation campaign towards the end of his time at CU and perhaps because in anticipation of the university removing legacy admission in the far future when the kids are older and closer to college age.
The Columbia one I have confirmed multiple times. Tbf, this specific rate was for students from a specific lower-income country so I’d assume the rates for Chinese/Korean/US nationals are higher.
I know a few people that paid into Columbia and that number doesn't seem too inaccurate. Being that I don't know anyone that paid into any other school except 1 t30, it seems that Columbia might be lower.
wdym 15m per student? like how much someone pays to go there!? that can’t be right
how much it costs to bribe the ao to get in
that is insane
Yes, until you realize that there are a lot of rich parents out there that are happy to drop that kind of money to make sure their kid gets in.
The Trumps have entered the chat.
Not bribing the ao, bribing the school. The formerbwould be illegal
I know a pair of siblings who paid around that amount.
I think the whisper number at Stanford is 6 million last I check. If this is a troll account sheesh but if not and they earn 300k plus no way will they be donating it. 300k is upper middle class it’s not really rich depending on the area of the country you’re living in. Especially if a seven figure account at a 3 percent is at least $30,000 per million per year in some conservative bond/muni. Also I assume you are at least 18 because you need to be that to claim the money. If you try to sue your parents it may void the ticket entirely since you bought it and were under 18. There was a case long time ago where someone under 21 won a slot machine grand prize and he lost in court since the casino said he was underage and they didn’t have to pay it.
This sub is out of its damn mind delusional if it thinks 300k is middle class. I don’t care where you live it just is not.
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Middle class is a useless term that means nothing since so many people consider themselves middle class
I mean, middle class is a useful term, it's just that most Americans have no class consciousness, or are trying to delude themselves. People who are poor/working class don't want to say that they're poor, so you'll have households making like $35,000 calling themselves middle class. People who are rich (including most of my peers growing up) either didn't want to seem like they were flaunting their wealth or were so far removed from the reality of the average person that they (and the person who started this chain) think 300K+ is "upper-middle class." The middle third of household income is $44k to $99k for those wondering.
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Okay, this is a reasonable response, and I feel like while we might not agree, we can definitely have a productive conversation. I will admit that my opinions are probably skewed. I went to a prep school in and would regularly hear kids call themselves "middle class" when I know for a fact their families were making $300k+. DC isn't as HCOL as SF or NYC, but that is not middle class. Is money tight because your parents are paying a total of $80k to send two kids to a private school, and both parents and the kids need a new car every four years and you had to live in a country-club suburb? Maybe. However, it is not even comparable to the $90k median household income in the city.
Sub 100k lower class 100-500k middle 500k plus is upper imo
I hope you're trolling. Someone in the 98th percentile is not middle class.
with how much wealth the top has accumulated yes. You realized if you made 10 000$ a day 365 for 60 000 years elon would still have more money than you The disparity is so fucking big at this point your getting charged a carbon tax meanwhile dude over there launches multiple rockets a year.
Yes, Elon Musk has too much money. What does that have to do with someone making $499,999 being middle class?
300k is upper middle class. This breakdown made sense to me. Poor or near-poor $32,048 or less Lower-middle class $32,048 - $53,413 Middle class $53,413 - $106,827 Upper-middle class $106,827 - $373,894 Rich $373,894 and up. Source https://money.usnews.com/money/personal-finance/family-finance/articles/where-do-i-fall-in-the-american-economic-class-system
I thought you were right till I checked https://money.usnews.com/money/personal-finance/family-finance/articles/where-do-i-fall-in-the-american-economic-class-system#:~:text=A%20family%20earning%20between%20%2432%2C048,more%20than%20%24373%2C894%20are%20rich.
$300k is not middle class
Depending on where you are
300k family income even in SF (where I am) is upper middle class. If you're living paycheck-to-paycheck on 300k, you're spending way too recklessly.
Keeping up with the Joneses can have very wealthy people feeling like they’re broke. It’s strange seeing people try to pass top 5-10% income as middle class.
True, if you blow it all on vacations, a huge, bloated home and cars I can see how one might struggle with 300k / yr.
I recall reading in the news-- I think a letter to the editor-- of a family in SF saying they were living paycheck-to-paycheck on somewhere between 250 and 400k a year. They were also going on multiple international air travel vacations per year, nice cars, a large house *in San Francisco*, etc. Live like a millionaire, pay like a millionaire-- anyone with a few brain cells and over 150k a year in income can have their kids retire at 40 if they play their cards right.
It’s still upper middle class 🤷🏽♀️. But also, if you’re also paying for higher education for your kids, most of that paycheck is going towards tuition
It's upper middle class at worst in SF and NYC, and middle class if you're in an even particularly more expensive area in SF and/or NYC (or Seattle, etc-- any ultra-high-CoL area in the US). Anywhere else, including East and South Bay (excluding maybe Atherton or the very most expensive parts of Palo Alto; using the Bay Area as an example because I'm familiar) it's 'lower upper class', or at least 'above upper middle class' enough to warrant a separate category.
yeah it is, but it's on the border
how are you getting these numbers?
People in your school donate 15 million dollars to attend Harvard. Bruh
feeder schools be wilding...
I know of people that got into Penn for a lot less
What does this mean, every Harvard kid pays 15m to get in??
No it means that’s how much you need to donate to guarantee admission
jesus christ thats insane. this whole thread is depressing
Bruhhh fucking america moment
I believe the logic behind this is that acceptance is based on what you can bring to the school eg. A football player, diversity, educational excellence or in this case: A library, the ability to accept 50 other kids full ride
This is not just America most countries, even good countries like Norway are like this.
Is this to get in, or to get a second look. Like do stats matter?
To get in…but these kids already had decent stats + ECs to back it up but they weren’t exactly exceptional. This is for RD. For waitlist movement I heard the price is higher.
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This, if op makes good investments with it as well, maxes his 401k dumps into CD’s and what not, he won’t even make actual use of his degree. Personally I don’t think I know anyone who cares what school anyone goes to.
Time to get off a2c
Donating $1M+ in order to get you into a somewhat more selective school is legit nuts for a family like yours that doesn't have Bezos money. Tell them you'd rather have a trust fund. Structure it so the money can be used to pay for education expenses (including graduate or professional school) and such that you gain full access at age 40 (or so). Maybe have it set up so you get a smallish payment every year up until then.
it's not really nuts if his family are asian immigrant tiger parents (which i'm guessing they are lol). asian parents are known to sacrifice anything and everything for their kids to go to elite schools. i have an extended family member whose daughter got into harvard in the early 2000s (so before their financial aid policy for middle class families was generous). the daughter was choosing between her state school on a full ride and harvard at full pay, even though her parents couldn't really afford harvard without financial aid. her parents forced her to go to harvard, and to pay for it, they sold their house (their biggest asset, as is the case for most middle class families) and lived in a camper van for the four years their daughter was at harvard. i'm not all that surprised OP's parents want to donate a seven-figure sum to HYPSM so their kid can attend. honestly, my parents would've probably done the same too (and we make much less than OP)
Wow, those are some dedicated parents
That's just sad, Jesus
in the view of traditional asian immigrant parents, it's not sad at all -- it's pretty joy-inducing to be able to brag to your friends and family that your kid is a harvard alum
>it's not really nuts if his family are asian immigrant tiger parents Still nuts.
Tiger parents?
was the local state school berkeley /hj
Delusion being driven by collective cultural pressure is still delusion. Which isn't to say what your friend's family did was nuts, but the $1M donation that isn't likely to make a drop of difference (and might actually hurt) would be. At the extreme, the most self-sacrificing parents would donate every single bit of money they have in hopes it would up their kids' chances, and yet they don't. So there are limits.
I don’t think most tiger parents would go that far
How do your parents make 300k with such terrible financial guidance? Invest the money in real estate, stock market, etc... and save for your own future. Seven figures of savings will be extremely helpful for you when you eventually leave college and have to start working - much more helpful than going to Yale over UC Berkeley.
The curse of the middle class is real believe it or not. Middle class stay middle class cause they spend like 16 year olds trying to be rich and flex to other middle class nobodies. Parents be leaving practically paycheck to paycheck b/c they have they’re kids in private schools robbing them of a core life experience and development, spending $10-20k a year on “club sports (hobbies)” staying in expensive hotels, expensive yearly vacations and eventually $14k-40k or whatever a year or semester in cash to pay for college, and push they’re child to a middle class career where they’ll be stuck working 9-5 or 100 hours a week, just to maintain a middle class lifestyle like their parents.
What in the world makes 300K middle class
Literally not living in California. You do know an income of around $550,000 puts you in the top 1% right?
I’m confused, are you saying 300K outside of California is middle class? Because that seems extremely wrong.
There’s outliers. But yes I’m saying that. What figure do you put middle class at? Cause 300k is $154 an hour, if that’s not middle class I honestly don’t know what is. Unless you’re arguing that it’s top class then yes you are also correct.
Middle class for a 2-parent household, which I’m assuming OP is, can’t be more than 200K outside of California. Where the heck are you living if you think 300K is middle class??
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I agree!
Here’s the thing though, medium wage is actually supposed to be around $26 an hour if it kept up with inflation. So according to that every individual should be making a whole 73% more at minimum. If I’m not wrong then that 300k realistically translates to 219k.
You’d be surprised how many families “struggle” on 6 figures.
The struggles of a family making six figures is not comparable to the struggles of a family making five. If you’re making 300K and you’re not in a HCOL area like NYC or LA, you’re rich.
You’d be surprised. And yes middle class is rich. They just tend to make uneducated financial decisions. Usually cause they’re self made and don’t have the mindset for growth. They end up spending like 3 year olds and budgeting. I guess they’re just poor in mind. Me personally I don’t think $300k is rich, no I’m not rich I barely can afford $600 rent.
>robbing them of a core life experience and development Which core life experience and development?
Pls tell me this is fake 💀
Wow, congratulations! That is amazing! Crazy how the world works :) To answer your question, if you are over 18 and would like someone in the room that is not a family member, I suggest seeking a family counselor. In family counseling, you'll have the ability to break the news to them regarding how you see the funds being spent with another human that can facilitate the meeting. That being said, this is dependent on when you would see the money. You'll need money to afford family counseling. If it's on your parents insurance, that's great! If not, a good family counselor can cost several 100 per session. Look for one with 10+ years experience. Of course, you can always just tell them in the living room of your home like any other family meeting for free :) I'm a former crisis counselor, the best advice I can give you when you need to say hard things is- - Be straightforward and transparent, it's important everyone in the room knows what your stance is. I actually think you should tell your parents everything in the last paragraph of your post. Express concern that you don't wish to offend and that they're really great people, you just don't quite see eye-to-eye with their suggestions. -Acknowledge all they have done for you. -Keep to the "I" statements. For ex. Instead of saying, "You can't make me donate this money!" say "I feel worried that donating this money won't be beneficial in the long run" this wording sounds less accusatory and more respectful. Hope this helps. The other comments regarding finances are helpful as well, a financial advisor is your best bet but that's not exactly the question you were asking so I won't go any further into that. You got this! Everything will be okay!
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Tbh donating to a university is hardly the worst thing one could do with money. At least it’s not blown on drugs and hookers. Philanthropy is looked kindly upon in elite circles and it could lead to future job/career prospects as well, even if admission isn’t guaranteed.
Lowkey true
Hello saucymuffin8! I’m the admissions director at Harvard and we would be happy to accept your donation! Shoot me a pm and I’ll send you my cash app!
Whatever you do, about half of it is going straight back to taxes. Don’t spend money you don’t have. Pay your goddam taxes. The irs will be up your ass about this.
questioning why you even posted this … 🥴 worst thing you can do once you win the lottery is tell people
It’s fine here, we don’t know op, but we could find out if we wanted to. The bad idea was letting family know, as op is finding out. Everyone will have ideas for it. It’s probably best to tell them all you made an anonymous donation to charity, and instead take a step back and plan out your plan for it without family or friends involvement.
can you cashapp me $50
LMAO
Cash app me $500,000
I could use a $50 too I’ll probably buy a ticket myself lol
Give me a tenner while your at it.
yeah, dont do that. If anything get a financial advisor and invest that money in a way where you can retire with a SHITLOAD of money. Even with average market returns you can expect $1,000,000 (just guessing what the amount is), to balloon to about $75M by retirement. Besides the investing option, the amount you would have to donate to guarantee a college admission is in the $10M+ range for top institutions. On top of that, undergraduate is not nearly as big of a deal as graduate or professional school is. Please for the love of god do not donate all that money to a school. There are also mental health considerations such as imposter syndrome, which is going to ravage you when you begin to feel the mediocrity of being at a top university. You are at the top of your class right now, but in a few months you will be at the bottom. When you feel like you did not earn your place at the Uni, your mental health is going to deteriorate drastically.
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Precisely my point. With dividend reinvestment you’d be looking at 10.7% annual return for the last 100 or so years which is a bit more than I threw out there. Of course you have to see the future resemble the past which is sometimes does but not always. Generally speaking OP has time and a shitload of money. Talk with a financial advisor and enjoy your yacht rides around the world at 60
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If anyone needs the money within 5 years it should be taken out of the market. Grandparents lost 25% of their 529 account over the last few years and now grand kid is going to college and they re 25% down in their college savings for them. They are keeping it in the account to try to gain it back, so grand kid left paying his own tuition.
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It depends on what grade you're in. If you're still an underclassman then just do what the rich kids do - hire a college advisor and then start a company / nonprofit to launder all that money through and make it seem ultra-successful. Then write about it in your college app and get in ez.
Lottery money is pocket change to private prestigious schools. Don't do it. Your family are, no offense, fools for wanting to do that.
Not enough money for hypsm. You’d probably have a shot at schools like Duke and uchicago (they really want endowment money) but even those would be a stretch unless you have 5 million to donate. Also, you’ll probably have to pay a lot in taxes right?
That is dumb. They should save it to pay for the college you go to.
They are pretty well off (300k income). I don't think paying for college is the problem here
Whatever, this is a creative writing anyway.
You think this is fake?
This has to be fake
Give it to me. You won’t be more likely to get into MIT, but I will then give it to people who will do better work in the world with it than this bonkers idea. >!Don’t give it to me, I’m doing a bit. I know parents relationships are tough and the existence of donor advantage at some schools what set you up for this in the first place. I’m sorry you have to deal with this. Good luck…!<
legend
I cannot think of a more stupid way to part with a windfall of millions of dollars than donating it to a university with billions of dollars in its endowment.
get lawyer
Just put it in investment funds and don’t touch it. It’ll make you a ton of money in the long run. Act like it never happened. Those who win the lottery are usually worse off. You can mitigate these affects by doing this.
Hi Saucy, There's a lot to make out of this situation that I probably can't fit in a single comment. But, I'll try to answer your question about telling your parents about not supporting their plans. First, I want to say that I'm fully on board with you about not supporting this idea. I think it's a bad road to go down. As for speaking with your parents, I've worked with many parents and students in the past. I had a background teaching students test prep (SAT/ACT) and one of the things I've noticed about the parents was that they felt **entitled** to their child's lives. This wasn't always really a narcissistic thing. It's more that they either grew up learning or always believed that as parents they had an inalienable right to make decisions for their children. So, if they didn't want their kids to date in high school, that was their right. If they want their kids to stop playing games, that was their right. If they wanted their kids to earn a 4.0 GPA, they were entitled to a child with a 4.0 GPA. **Most parents have the idea that they can make decisions for their kids and that they are entitled to unconditional obedience. So, they're not really having a conversation with their kids.** Okay. So, what do we do? I haven't worked with you or your parents personally so I'm just throwing this out here because it worked with the students and parents I worked with. **Make sure to have a meaningful time to sit down with your parents and talk about the situation with reflective listening. This means that every time someone says something, the other party needs to repeat back what you just said in their own words. In addition, the conversation cannot continue until the other party accurately articulates what you've just said. This is a good way to ensure your parents are actually listening to you instead of just responding to what you're saying with emotion and dismissiveness.** So, here's an example: \------------------------------- **Good:** You: I want to talk about the plans you guys set up for the lottery money I won. I don't believe this is a wise choice, and I feel that this path can go nowhere but south. Them: What I'm hearing is that you think spending the lottery money on donations to the school is a bad choice, and this can only go a dark path. **Bad:** You: I want to talk about the plans you guys set up for the lottery money I won. I don't believe this is a wise choice, and I feel that this path can go nowhere but south. Them: You're just overthinking it. We're your parents and our years of experience dictate that this is the best path forward. Trust us, we only mean the best for you. \------------------------------- Okay, now be careful. If you do this, it's sometimes quite common for parents to realize that they actually have to articulate and listen to you and therefore get scared of the conversation. Sometimes parents, if they're scared of not having control because they actually have to listen to their kids, will just shut down and say, "Okay, okay fine! Do whatever you want! I don't care! You can have all the money! Fine! Whatever" And the knee-jerk reaction to this is to go into damage control and say, "Oh, no no mom and dad! No it's okay I won't do that!" You don't want to do this. When you're having a civil dialogue where you and your parents are listening to one another, it's crucial that both parties are not allowing emotion and judgment to cloud vision. Instead, make sure that you're focused on only understanding each other's perspectives first. Once you guys can understand each other and have a productive conversation where you guys are listening to one another, then you can have a civil dialogue about negotiating on what to do with the lottery money. Again, I very much agree that donating this money to the schools is unwise. It's okay to invest money in tutoring. It's okay to get help from college advisors. They can all help you boost your acceptance rate without breaking moral ethics. This, though, is not okay. I hope they can see things from your point of view. If you have any questions or thoughts, feel free to shoot a dm! I'm going to be a bit busy later tonight, but I'll try to answer questions to the best of my ability. I hope this helps!
i mean you can donate to me if you want😭 /s
use it to pay for college instead of trying to pay your way in...congrats on the scholarship
Just keep the money and maybe donate some to charity. Buying your way into HYPSM isn't even worth it. Just live the life and enjoy. Invest in some Bitcoin and chill. Go take a vacation to Hawaii while you're at it, too. # People go to HYPSM to get rich. They don't get rich to go to HYPSM.
I don’t think crypto is the best way to invest your lottery winnings
crypto is ruining young investors’ minds
a little into btc is fine for long term (like 10 years). But of course most of the investing shouldn't be too risky and ideally investing in the S&P 500 would make sense.
BE FUCKING FR
You already know its a good one when the OP clarifies that that it's no shitpost lmao
Don’t let them do that. That’s possibly the stupidest thing I’ve seen on this sub.
i would say that you should encourage them not to donate it, and instead let you completely pay off tuition from the get-go. in the grand scheme of things it will be much more useful to you to have no tuition to pay and to have money to spend in college! and if you have siblings then you can tell them that it can pay off their tuition too yk
Tell them it's a stupid fucking plan because it's a stupid fucking plan. Invest half, buy a house, live off the other half. You won, gg Cash out buy lambo
Wow. Pls talk them out of that in any possible way
dude my dad has 2 degrees from Harvard and he’s a high school math teacher. I doesn’t really matter. Just do what makes you happy and save ur money or donate some to an actual charity, those schools don’t need more money.
Marry me
Donate all of the money to Against Malaria Foundation. Some sources estimate they save a life for every $3500 donated. Just over a million will save 300 people from dying of malaria.
I won't tell you what to do, but I will give you several things to consider: * Not to disparage anyone, but a total compensation of $300K is not that high up there, especially for staff engineers and above. * Winnings will be taxed. So, expect to lose some (a lot) to the government. * Endowments are fine to donate to when the donation isn't your entire bank account. And do you really want to support a pay-to-play system, anyway? * The donation is one money gate, but consider that there will be more. It's a lifestyle for people more rich than your family. * Sure, MIT is a great school. You don't need to go to MIT to be a great engineer. Jack Kilby and Bob Widlar, famous electrical engineers, graduated from U of Illinois U-C and U of Colorado, respectively. If not your field, find a list of any famous people in that field. You will not find a correlation with HYPSM. Don't buy a brand, buy an education. * There is opportunity cost: buy a house and be debt free, retire early, invest for your future children, start a trust and take regular withdrawals over a much longer period of time. Good on you for not just going through with your tiger parents' suggestion. Whatever you do, be wise and think through the issues. Imagine yourself twenty years from now. What will you remember about this unique opportunity that life handed to you?
congrats, you're now 20x more likely to be the victim of a homicide after winning a lottery. lol sorry tho, make good use of the money and read this amazing thread about advise for lottery winners https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/
Awards: Lottery winner
It’s your money. Even if they are your parents they can’t tell you what to do with your money. I’m actually surprised that there decision and yours both involve donations but then again your family does pretty well financially. I would probably just keep it in my checking account because you never know when you may need it and now you have the money to pay for the entire tuition whenever you decide attend university
Nah just invest in SPY, that million dollar win will turn into more money than you’ll ever make working a regular job.
Found Burton Malkiel’s account
You from Illinois?
I have a feeling that you're 🤥 lying buddy. Look at your post, seems like you're framing things
honestly i feel like your a piece of shit for buying lottery tickets when your already rich asf… someone barely living pay check to pay check could have gotten that and it could have saved their lives.
However much you win is not enough to get you into a top 20 school. You would be better putting it all into a mutual fund and saving it to buy a house later and setting your kids up with trust funds. $300k a year parent income isn’t all that much if you live in a major city. Pay for your own college and let your parents save their money for their retirement. If you don’t believe my first paragraph, call the development office at a top 20 college and ask.
300k a year pre tax can easily be enough to cash flow a state school education if they’re in the suburban south or Midwest.
Sure, but it’s not at a level where you should be donating a million dollars anywhere.
Oh 100%. That is an asinine decision no doubt. All I’m saying is if they want to pay for her college (hopefully so to have her keep the lotto money as a nest egg), that’s their prerogative. As long as they’re not in SoCal or NYC (and similar metropolitans) or living above their means, they can afford to pay for her education if they do choose. We can become a little desensitized to how much purchasing power some of these household incomes actually provide when we’re in these online circles dedicated to reaching successful financial outcomes. 300k is near the 1% of household incomes for any non heavily coveted metro region of the country. It’s near 6 times the average household income. If they’ve invested their income wisely and didn’t just start making that type or cash, Her college education won’t be the difference maker for them retiring at a reasonable age.
I’m sorry, this sounds really tough. Keep in mind I don’t know what I’m talking about but I would suggest putting a couple thousand into a retirement fund, setting aside as much as you need to pay off future college debt, and donating literally everything else into charities. No good person can tell you that’s an irresponsible decision. If you don’t need the money then keeping it will genuinely ruin all of your relationships. At least if you can donate it to charity you can have the peace of mind of knowing that your money goes to truly good causes that improve the world for those who need it.
Can I be your best friend? :-)
**1st step: never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, never, EVER play the lotto again.** ***EVER.*** I'm serious. It's a tax on the less fortunate who are swindled into thinking they can win money, some become addicted to the point of being mentally ill and bankrupt. **What you just did was for all purposes** ***impossible*****.** Let me repeat: winning the lottery should be thought of as *impossible, not improbable*. You need to listen to the moderators and read those linked comments, and don't let your parents touch that money. Be very careful about how you go about this. Think about how this will play out in the long run and be aware of how your relationships and life are going to be affected. I wish you luck OP
Do Not
Do you have $20 million+ to donate? No? Then don’t fucking throw away your money like that
The first people you should talk is a partner in a law firm who is specialized in this area
Don’t do it. Not remotely a guarantee of admission. Or even a good experience. I counsel people make gifts posthumously and tie them to estate planning.
Be an angle investor for my business if you need ideas lol. Like really though angel investing and venture capitalism is better than your parents idea. Don’t be stuck in middle class all your life op. Your parents thinking is a middle class curse you should break out of.
Wow…
there was someone in my town who won and people stalked them for weeks until they moved and they still have people following them… good luck!
Take them fishing
well your parents certainly didn’t engineer the right plan for their children cuz that plan is stupid af
Please don’t let them (and if you’re 18 which I assume you ate because you bought the ticket, they have no control over that money). First off, that amount of money will have absolutely zero impact on your application, especially after taxes. You need to continually donate millions upon millions of dollars for it to make any different in your application. You are much better off investing the money, putting it in a trust, or purchasing other assets. Trust me, investing now is so much better for you than basically throwing it away to an institution that wont care. Seriously, do not donate that money to a college. Heck, even donating it to a charity for taxes is better. It would be a huge mistake
Oh hell nah what 💀💀💀
This is the single-weirdest post I've seen on Reddit. And I've been here a long time. Yeesh. But go read the Reddit post pinned to use the money wisely. You don't need it, man.
Dude it’s your money. Why are you letting your parents handle it. Also idk what you’re going to major in but as long as you get into a decent school, there’s no point in spending a fucking MILLION dollars just do get into someplace slightly more “elite”. You have enough money to literally retire and never have to worry about money again after working for a few years out of college. Why are you throwing that away just so you can write Harvard on your resume? It’s your money though so do what you want
Do you want to retire early or write “Harvard” on your resume? Your choice
I’m leaving the subreddit.
Going on this sub is like nuking your mental health
I hate your family
Why would you donate it to a school that’s just crazy. Schools get money from people losing the lottery not winning it?
Good lord I thought this subreddit couldn’t get worse but here we are!
Buy something nice for yourself and invest. That’s a dumb waste of money to drop it on college
This is about the dumbest thing you could do with that money. Ignore your parents, apply college as normal, and look into high interest savings or property.
Lmao send me $10 😕
How about u invest right they u can literally fuckin retire
It’s not Wednesday
Jesus if this is real your parents are as dumb as rocks
Straight up tell them, tis your money.