I owe my father-in-law $7,500 from when he helped us buy our first house six years ago. We were supposed to be making payments to him, but we never got around to it. My financial life has changed quite a bit since we borrowed the money. I make roughly $40,000 more than I did then, and my wife
makes about $25,000 more. We’ve never had student loans or credit card debt. I’m in line for a sizable bonus, $11,000 after taxes, and my wife and I want to use it to move to a bigger house. We also need to get our retirement plan balances up to where they should be. Because of this, I’m not comfortable paying back my father-in-law just yet. We haven’t talked to him about this but, since we’re 33 years old now, I don’t really feel like we need to run all of our financial plans by our parents. Thoughts? — Trent from Atlanta 카지노사이트
Dear Trent: Congratulations on your recent success, Trent. Your investor is going to be thrilled with his investment. I know I would be. I know why you emailed me your question — it’s because you already know the answer and are hoping I tell you the opposite. Fortunately for your father-in-law, I’m not going to disagree with you. You know it’s time to pay him back, and I agree.
You certainly aren’t the first person to borrow money from your parents without a reasonable plan to pay it back. Like most people before you, you did have an unreasonable plan — to pay him back when you had more money. You’re probably wondering why I consider this plan to be unreasonable. For starters, you have significantly more money than you used to but, for some reason, it’s not enough to activate the payback mechanism.
I don’t know when you and your wife started making $65,000 more than you made when you bought your first house, but no matter when it was, your cash flow has significantly changed. You earn $5,416 more per month, than you used to. This isn’t my first rodeo, so I’m pretty confident in saying your expenses have significantly increased, too. But here’s what I can’t figure out: If your retirement balances aren’t great, you still live in your first house, and you need an $11,000 bonus for a down payment on your next home, where in the world is all of your cash going? 안전한카지노사이트
I have my guesses, and they aren’t pretty.
If you’re not saving money the way you’d like, you aren’t paying down student loan debt and you aren’t spending the higher amount you’d like to spend on housing just yet, then you’re consuming your increased income.
Peter Dunn, aka Pete the Planner, writes a weekly financial-planning column for “The Indianapolis Star” and Fox 59.
If you haven’t already, consider what that may look like from the outside. “Wow, Trent and Mrs. Trent must be doing really well,” an observer might note. You probably eat good food, wear nice clothes, drive nice cars, and vacation in lovely locales. Again, congrats on your success. By all outward appearances, you’ve built a wonderful lifestyle. It’s just the sort of lifestyle which would aggravate a person to whom you owe $7,500.
Pay your father-in-law back today. Don’t wait until you get your bonus. Write him a check for $500 or $1,000 today. Then pay him the balance, when you get your bonus. If you don’t get your bonus, pay him $1,000 per month until he is paid back. And if for some reason you’re considering playing the “he doesn’t need it, he’s loaded” card, save it. His wealth has nothing to do with your debt to him. Do banks have billions of dollars? Yes. Do you still have to pay them back? Of course. 카지노사이트 추천
I don’t think you wrote me expecting me to tell you that you’re at a crossroad, but you’re at a crossroad. You can either choose the path of personal responsibility, or you can choose the path which has you living it up on someone else’s dime.
Start making adult financial decisions.