Balancing public monetary assistance and private financial savings

precious eric

: I was given a perfect job, started making perfect cash ($55,000 to $81,000 per week), and moved out. My parents and two brothers, who are living together, keep asking me for help with bills and the loan, which is now owned by a lender.

They are afraid of losing their territory. Their rent is $8,500 per week. They are waiting for interest rates to get worse so that they can make lower payments. He also has an apartment that he was looking to sell for $1.6 million, however, disagreeing that consumers are offering it at a much higher price. One deal was for $1.3 million.

They hope to value cash again for their area to shop for and repay their outstanding money. I don’t know how they can mortgage their area to buy an apartment, the most effective is to promote the apartment to buy the house again.

I’m not willing to help because I’m ready to get my own playground. My parents say that once they wear out and no longer need the house, I’m entitled to a third of it. So, if I want a percentage of the house, I should support them in their goal of preserving it.

They also want me to move back in and pay them rent because at least I will get some of my refund when they bring the house to me.

I don’t manage the house on my own. I’m helping out with $500 to $900 a week, and I sometimes pay one of my brother’s bills because he’s a minor and I think it’s bad for him. Should I continue to hire them? The truth is, I wouldn’t save it every week.

– landlord hassles

Owner of an expensive house:

This is not a financially feasible plan for you or your parents. Or, as I really like to mention, mathematics is not mathematics. The envelope count of the year again! The general rule of thumb for a rental or loan at a fair value is that it should be equal to 30 percent of your unearned profit. (Caveat: This “rule” was developed in a different financial field in the last 60s and does not take into account student loan bills or major per month expenses like childcare or escape savings, not to mention cost of living.) Has been the place where you can be.)

Depending on your furnished space, your fair value rent, a lot more or less, is $1,375 to $2,025. When you’re paying your parents $900 for his or her fare, you’ll notice how little is left for your personal fare. How are you developing the reserve monetary base?

Families often go through unhealthy cash control practices. It is worth noting that you abstain from any part of this “inheritance”. His plan turns out to be a dizzyingly good decision that is made additionally challenging by his refusal to go down to the asking price for his apartment.

If the problems are so severe that they are taking up a quarter of your after-tax revenue source to avoid monetary weakness, this is the year for them to boost assets. This is, in part, what stuff is for!

Your parents should seek help from a debt counselor immediately. Not much time has passed yet. However it is not your position to resolve this. Additionally, life is such a nice looking gift to characterize any other time, the way they are laying it out for you seems akin to a pyramid scheme. Is it important to spend money on something you don’t need to deliver (with a little luck!) Get cash in a day? it. Not there. Mathematic.

Sit down with your parents and I’ll create a sunny boundary that is consistent with your financial truth. Your finances are not secondary to them. There are ways you can get them out of this jam, they want to value professional products and services, which are often available at sovereign or reduced prices. Depending on their debt situation, they want to set their own priorities.