Hey kids, tweens, teens and young adults, there are things your parents wish you knew when you borrow money from them. There may even be some kids still asking for money from family in their 30’s, 40’s and 50’s. That’s sad but you need to hear this too.
So as a parent I’m nominating myself as spokesman for all parents worldwide. We want you to know what goes through our thoughts and feelings when the inevitable question comes up, CAN I BORROW SOME MONEY?
- As your lender, we want to be repaid. We worked hard for the little cash we have to lend and we’d like to get it back during this lifetime (ours, not yours). We are not so concerned with earning interest on the loan but we do want the principal back.
- Our retirement may hinge on your promise to pay. How do you feel about us moving in when we get old and you have to change OUR diapers? Payback the loan quickly please.
- We have a very difficult time taking the emotion out of the lending equation. We might know that the purpose for borrowing is sketchy, the likelihood of repayment is low and you are borrowing over your head. But we can’t get past the fact that you are a blood relative and we spoon fed you pureed peas and carrots long ago. You have an strategic advantage here that we don’t want to be exploited.
- We want you to grow into a responsible citizen. We hope to see you build trust by fulfilling your promise to repay the loan. The footprints you make with this loan will be the trail head of your financial legacy.
- We want you to stand on your own two financial feet and stop feeding at the trough of Mom and Dad’s Gravy Farm. You’ll have to do it because we are generally too weak-kneed to tell you no.
So we’d rather not have to respond to the loan request. We’d like you to call just to say hello sometimes. If you only call when you need something we might become more active call screeners. We want our relationship to be more than just about money. We crave something deeper and more meaningful.
For more information on borrowing from family go to The Wall Street Journal article about borrowing from family and the pitfalls from those micro loans.
Parents, did I paint an accurate picture? What else would you like to tell the kids about borrowing money from you? Kids, what would you like to tell your parents? Leave a comment please.
- Our Parents Did Not Teach Us How To Prepare For Old Age (brighthub.com)
- Don’t Let Your Kids Ruin Your Retirement Fund (money.usnews.com)
- Diary of a Recession Baby: Accept money from parents? Maybe not (marketwatch.com)
- A Guide to Personal Loans (creditloan.com)
- How do I tell my parents that I’m a terrible person? (ask.metafilter.com)