Wednesday, September 15, 2010

My Financial Situation

I was reading a blog post by the sexy Katie Collins (Check out her blog here, and follow her because she's sexy and stuff) about the evils of credit cards and banks. It made me think of my current financial situation, which is something I don't really like to think about at all, and is kind of fucked. Then I read a reply to one of my posts from the sexy The Loon (Check out his blog here, may or may not be as sexy as Katie but you should still follow him anyway) "Wow, I'm not sure if your blog was supposed to have the concept of us deciding your life, but it's a fucking great idea."
A fucking great idea indeed!

Australian money is colourfull!
So here is the situation. As some of you may or may not already know, I am 24 and still live with my parents. Now I have never had a credit card, never been in dept, and generally spend very little money due to living at home, having no friends, and rarely going out. Because of this I have saved what I would consider (for me, personally) a lot of money, something like $45,000... most of which is now gone as you will see. Now my parents let me live at home with no rent but they are in quite a bit of debt. To help them out with this they have borrowed most of my money from me, over a fair bit of time, which I happily let them have.

How this happened was, originally they borrowed $30,000 and promised to start paying it back as soon as they were on top of the bills again. But instead of slowly paying me back, I have been slowly giving them more and more money to a grand total now of $42,000. The more money I save, the more I give to them.

Now just a few days ago my mum mentioned selling their house so they could pay me back, and I was shocked. I had never realised how far it had gone and how hard it will be for them to ever pay me back. I absolutely do not want them to have to sell their house for me. But at the same time, I want to buy a house of my own. I don't want to be still living with my parents in my late 20's. But the problem is, I need my money to buy a house, my parents need to sell their house to give me my money, I absolutely do not want my parents to sell their house that they have spent their entire lives working towards just for me.

So what is your opinion on this? What do you think I should do? I don't want my parents to sell their house but I don't want to get stuck living at home forever.

TLDR; parents stoled my moneys! wut do?

16 comments:

  1. First off, their money is really color isn't it!

    Second, how in debt are your parents? Can you convince them to setup an appointment with someone who could help them structure a plan so they can foreseeably get out of debt? I also wonder how your parents feel about having borrowed more and more of your money, I imagine they feel just awful, and it's extremely nice of you to lend it to them. You're a good son :).

    If it's extremely important for you to have the money soon then help them or schedule them with someone who can setup a plan to pay back their debt. Take a look at everything they owe and decide what the best way to pay it all back is.

    I'm sorry that I can't be more helpful, I really do wish the best for you and I know things will turn out well. <3

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  2. Wow, that is a really awkward problem. Seeing as you seem to be fairly happily living at home, single, buying a house probably isn't going to come up THAT soon. I would give them more time to try and raise the money. As they get older (depending if you have siblings) they'll probably want to move to a smaller house anyway.

    Just my two cents. I'm sure the real situtation is a lot more complicated than I'm thinking.

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  3. Do your parental units have a life insurance policy out on them? Knowutimsayin? ;)

    "Oh dear mum and dad, you seem to have fallen on something and busted your nugget Gary Coleman style. Let me call the ambulance after I play some vidya for a while."

    In all seriousness though. You are single, worry about a house later. Help your parents while they are still around. It is the noble thing to do. After all that woman carried you around in her womb for 9 months and probably spent 10 hours pushing you out of her sweet sweet love canal. Imagine pushing a baby out of your dick.

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  4. If that's the situation then you shouldn't be worrying too much about the fact that you still live with your parents. You are not some loser who can't and wont leave his parents home because he doesn't want a job or to be independent or is drowning in debt themselves. You're quite the opposite actually - working hard and even helping your parents financially. How many your aged people have the financial means to do that?

    Also what do you think about renting? You don't need to buy a house right from the get go. Maybe you should try renting, at least until your parents can pay you back.
    BTW this is also coming from someone, who lives with his parents:( and I have no job anymore, no savings.

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  5. banks are the worst, credit cards are the devil and ffs i wish i could live at home with my parents lol im 22 and have been on my own since 18 and it has sucked, bills suck, having to get a job sucks, paying rent sucks, u sir, are living the good life

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  6. Only use a CC if you've got the money in the bank to pay off the statement.

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  7. Sounds like moving out to an apartment first would be your best bet if you really want to move out. Resolving the debt issue will depend on the size of the debt and what interest rate. Are your parents still working? $42,000 borrowed is quite a huge sum.

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  8. showin some daily support, please do the same =)

    http://zergitup.blogspot.com/

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  9. If they stole your money, I only see one option here...

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  10. Woooaah, you're a really nice guy!

    I really don't know about this. $42 000 is a pretty huge amount of money in my opinion.

    If there really isn't any other options, then yes, they should look into selling their house.

    Even if it's a last resort, it's your money and they have to pay you back in order to not slow you're way on life, that's the last thing a good parent would do.

    They might never be able to pay you back if they don't do so.

    But then again, it's your life, I really don't know about this.

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  11. I agree with mostly everyone said.

    But if you really want a house thats going to be a burden

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  12. This reminds me of an episode in Everybody loves Raymond. When Ray bought his parents house. >_>
    Seems like it's going towards that.

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  13. My dad owes me a couple thousand...I'm never gonna see that money again and the amount magically keeps getting smaller every time I ask him. Ask your parents to fill you in on their financial situation so you guys all have a good idea of where you stand. Then see how they can find a way to stabilize themselves again and start to pay you back. List all possible options and make sure they're honest with you.

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  14. Well, I'm not sure if I will be helpful as I've never been in such a situation. There should be a way for your parents to earn back the money and stay out of debt. It's going to take a while to get you your money back, but at least you won't lose the house.

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  15. I agree with mostly everyone said.

    But if you really want a house thats going to be a burden

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  16. buena historia hermano!
    te sigo!

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