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Thread: Economic Outpatient Care

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    Senior Member Ultralight's Avatar
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    Economic Outpatient Care

    In The Millionaire Next Door the authors talk about this very interesting phenomenon called "Economic Outpatient Care." The best example of this is when wealthy parents raise kids who are not capable as adults (for reasons like laziness and over-consumptive behaviors) of maintaining their wealthy lifestyle.

    So the parents step in and pay for all sorts of things for their adult kids -- anything from grandkids' private school or cars or "starting new businesses" and down payments on houses.

    Then this creates a negative feedback loop. The kids feel like they don't need to earn as much or save for retirement because they are always going to get paid by their parents. So the kids then don't earn or save much.

    Anyone doing this or know people who live this way? Thoughts?
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

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    Senior Member catherine's Avatar
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    Yes I do. He's living in my house. Not DH. Textbook example of what you're talking about.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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    Senior Member Ultralight's Avatar
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    Quote Originally Posted by catherine View Post
    Yes I do. He's living in my house. Not DH. Textbook example of what you're talking about.
    Is this what you were talking about in the other thread?

    I just found out two people I work with are really, really on the EOC plan. I was actually taken aback by it...
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

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    I don't know anyone like this.

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    Senior Member Ultralight's Avatar
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    I found out a woman that works in my building married a guy from a wealthy family. He is about 30 and he just got his first job this past year because he has been in college and graduate school. His parents paid a huge down payment on their $300k+ house. He also had been receiving a considerable allowance in cash to do has he pleased. This may or may not be getting cut off soon.

    So he is considering going back to school for another degree (he has two degrees in music). He wants another music degree. He might think if he goes back to school his parents will support him again.

    He is currently a music teacher (his first job ever) at an elementary school in a poor district (it was the only place that would hire him). They have a one year old child.

    I guess he complains endlessly about his job and does not help out much with childcare. She is thinking that maybe she can get a job to support them both, maybe with help from his parents, so he can go back to school again.

    She has urged him to be a history teacher because his job prospects would be better. He will not consider it.

    Together they probably make $85k or maybe $95k.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

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    She is married to a loser. She and his parents are enabling him. Ugh!

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    I know people who are lazy but that's more middle class than anything that would actually qualify as wealthy.

    But helping with downpayments on houses, I'm sure it's done by parents all the time and it's normal (it's how various ethnicities get ahead - they help family out etc.), how else would anyone get started with housing around here. I'm not saying all parents are doing it or can afford it, but then renters are a significant part of the population anyway.
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

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    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    She is married to a loser. She and his parents are enabling him. Ugh!
    Another woman in my building at work is in the same situation, but probably even worse.

    But I would not say these guys are losers. I think that might be a bit harsh, as they are educated and employed.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

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    Employed now but whining and looking to get a 3rd music degree so he won't have to work. If it quacks like a loser and walks like a loser.................

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    Employed but more often unemployed, but wow he has 1 year of employment in 30 years of living or something so impressive. Look I wouldn't judge if he lost his job or whatever. Hmpf, it happens. But stupid idiot is going to quit his job after one year with a one year old kid.

    although I do half imagine his wife's thinking: well if someone is going to go back to school, it should probably be him, as men make more over a lifetime ...
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

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