Thursday, November 25, 2010

Be Thankful That This Isn't Your Mom

Marie asks:

I loaned my daughter $10,000 four years ago with a repayment plan of $100-200 a month no interest. I came into a large inheritance and offered to loan her the money so she could pay for her tuition for college. She has paid back about half, but now I lost my job and need my money back. She is unable to pay more than our originally agreed amount but when we made the agreement I was gainfully employed. Sure, I made some frivolous purchases that ate up a large chunk of my savings but that never seemed like my daughter's business. She said that I should not have made certain purchases, and that if I were not able to taker her repayment deal I should not have agreed. Now I have only $6k left, no job, so now I need her to pay me back faster. How can I ask her to double her monthly payments? She claims she cannot take a personal loan to give it to me in one lump sum.

Your daughter. You have a contract, and she's honoring her end of the deal. Poor planning on your part does not constitute an emergency on hers.

And honestly, if you have no job and only $6,000 to your name, you're focusing on the wrong thing. Even if your daughter could give you all the money back in one payment, how long would it last you? A month? Two weeks? You've already demonstrated that you're not good at handling money, and asking your daughter to go into further debt to bail you out is just plain selfish.

Go get a job. Plenty of retail stores are hiring for the holiday season. Use the money you earn to pay for necessities (food and shelter). Take whatever's left over and SAVE IT. Then, take the $1-200 per month that your daughter is paying you back and SAVE IT.

Then maybe, just maybe, the next time you find yourself in a similar situation you'll be able to take care of yourself.

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