For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.
Questions tagged [family]
98 questions
92
votes
19 answers
Are my parents ripping me off with this deal that doesn't allow me to build my equity in my home?
When I bought my condo with cash for $155k, I paid $40k of my own money and my parents lent me $115k. Our agreement was that when I eventually sold the condo, my parents would get 75% of the gross sales proceeds.
I pay my parents $500 every month…
ksjdalskndosd
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81
votes
11 answers
Dissuading my girlfriend from a scam
A significant portion of my girlfriend's family have fallen for, what seems to me, an obvious Ponzi scheme.
They take money, in cash, to a casino in the area. They give the casino the cash, and one month later get 150% back. This amount is always…
Omegastick
- 761
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75
votes
11 answers
Parent asking for money after I moved out
My parents are divorced and my dad has to pay to my mom financial support for everyone in the family. Because I moved out, my dad removed part of this financial support that he gives my mom. She is now asking that I give her the money that my dad…
crvswb
- 491
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57
votes
13 answers
Should a sibling pay rent to another sibling on a jointly owned house?
My sister and I own our parents' home. In July 2000, our mother became unable to live on her own. My sister and her husband didn't want to move in because the house was too small and too old. They most certainly didn't want to care for our…
Brenda L Godwin
- 491
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40
votes
4 answers
I am considering leasing a new car for my ex-wife. What can go wrong?
My ex-wife is a financial wreck and is about to lose her car (lease is over) in an area of the country where you can't get around without one. She can't get a new one because her credit is really bad (bankruptcy, 2 evictions, home foreclosure,…
NeedAdvice
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35
votes
3 answers
Should I pay myself back for paying family's rent out of our pool of money?
A few months ago, I paid the $1,500 rent on the house where my family and I lived. My siblings and I are in college and we work part time jobs to get by.
My father could not afford to pay the rent because he lost most of his money in bad…
user77796
32
votes
11 answers
Should I charge my children interest when they borrow money?
My children (both male, ages 25, soon to be married, & 32, married) have borrowed money from me and my wife on several occasions. They have yet to pay us back what they borrowed. We have never charged them interest on the money they borrow.
I'm…
Michael Riley - AKA Gunny
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31
votes
3 answers
What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
unknown
28
votes
6 answers
Loan to son - how to get it back
A few years ago, we loaned our son money to start a business, which did not flourish. Yep, we know now it was a bad idea. But now, we owe $54k on our equity line, which he is only paying interest on. Question: should we pay it down with savings…
Mike A
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25
votes
8 answers
Why do people take out life insurance on their children? Should I take out a policy on my child?
I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...?
If the purpose of life insurance is to replace a wage-earner's income in case of death, why would anyone purchase a policy…
Nat_Rea
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23
votes
10 answers
Someone asks you to co-sign a loan. How to reject & say "no" nicely or politely?
Hypothetical situation:
A dear friend or family member comes to you and asks you to co-sign for their loan. Let's say the reason they need the money is not a life-or-death type of situation. Perhaps they need something (a car, to get to a job) or…
Chris W. Rea
- 31,577
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22
votes
5 answers
Should you co-sign a personal loan for a friend/family member? Why/why not?
I know someone who was recently asked to co-sign a hefty loan by a family member. I don't know what I'd do if I was put in the same position as the one asked. What are the risks? What are things to consider? Would you recommend co-signing, and…
Nat_Rea
- 8,683
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20
votes
1 answer
Do I actually have to pay my daughter minimum wage for helping around the house?
I blogged about my discussion to this question.
When I mentioned that I paid my almost-six-year-old daughter $2 for a job that took an hour I had a commenter say that I paid her "below minimum." (The commenter smells like a troll but it still has…
mbhunter
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19
votes
13 answers
Considerations when providing money to one child now, and the other later?
I have two children. My oldest has a mortgage and pays interest on it. I have cash savings but do not earn significant interest on them. Since I don't need all of the money for myself, I would therefore like to pay off his mortgage and ask for…
user432
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17
votes
1 answer
How to handle a parent going through divorce asking to borrow money
Asking for a friend. The parents are currently going through a divorce and one parent is struggling a bit financially to pay for lawyer fees for example and needs to borrow money.
The problem is that the one parent has asked for money previously,…
Markus Tenghamn
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