Questions tagged [family]

For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.

Filter by
Sorted by
Tagged with
92
votes
19answers
31k views

Are my parents ripping me off with this deal that doesn't allow me to build my equity in my home?

When I bought my condo with cash for $155k, I paid $40k of my own money and my parents lent me $115k. Our agreement was that when I eventually sold the condo, my parents would get 75% of the gross ...
77
votes
11answers
22k views

Dissuading my girlfriend from a scam

A significant portion of my girlfriend's family have fallen for, what seems to me, an obvious ponzi scheme. They take money, in cash, to a casino in the area. They give the casino the cash, and one ...
75
votes
11answers
18k views

Parent asking for money after I moved out

My parents are divorced and my dad has to pay to my mom financial support for everyone in the family. Because I moved out, my dad removed part of this financial support that he gives my mom. She is ...
56
votes
13answers
13k views

Should a sibling pay rent to another sibling on a jointly owned house?

My sister and I own our parents' home. In July 2000, our mother became unable to live on her own. My sister and her husband didn't want to move in because the house was too small and too old. They ...
40
votes
4answers
13k views

I am considering leasing a new car for my ex-wife. What can go wrong?

My ex-wife is a financial wreck and is about to lose her car (lease is over) in an area of the country where you can't get around without one. She can't get a new one because her credit is really bad ...
35
votes
3answers
12k views

Should I pay myself back for paying family's rent out of our pool of money?

A few months ago, I paid the $1,500 rent on the house where my family and I lived. My siblings and I are in college and we work part time jobs to get by. My father could not afford to pay the rent ...
32
votes
11answers
11k views

Should I charge my children interest when they borrow money? [closed]

My children (both male, ages 25, soon to be married, & 32, married) have borrowed money from me and my wife on several occasions. They have yet to pay us back what they borrowed. We have never ...
31
votes
3answers
3k views

What are the pitfalls of loaning money to friends or family? Is there a right way to do it?

What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
28
votes
6answers
10k views

Loan to son - how to get it back

A few years ago, we loaned our son money to start a business, which did not flourish. Yep, we know now it was a bad idea. But now, we owe $54k on our equity line, which he is only paying interest on....
25
votes
8answers
8k views

Why do people take out life insurance on their children? Should I take out a policy on my child?

I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...? If the purpose of life insurance is to replace a wage-earner's income in ...
23
votes
10answers
23k views

Someone asks you to co-sign a loan. How to reject & say “no” nicely or politely?

Hypothetical situation: A dear friend or family member comes to you and asks you to co-sign for their loan. Let's say the reason they need the money is not a life-or-death type of situation. ...
22
votes
5answers
8k views

Should you co-sign a personal loan for a friend/family member? Why/why not?

I know someone who was recently asked to co-sign a hefty loan by a family member. I don't know what I'd do if I was put in the same position as the one asked. What are the risks? What are things to ...
20
votes
1answer
3k views

Do I actually have to pay my daughter minimum wage for helping around the house?

I blogged about my discussion to this question. When I mentioned that I paid my almost-six-year-old daughter $2 for a job that took an hour I had a commenter say that I paid her "below minimum." (...
19
votes
13answers
13k views

Considerations when providing money to one child now, and the other later?

I have two children. My oldest has a mortgage and pays interest on it. I have cash savings but do not earn significant interest on them. Since I don't need all of the money for myself, I would ...
17
votes
1answer
5k views

How to handle a parent going through divorce asking to borrow money

Asking for a friend. The parents are currently going through a divorce and one parent is struggling a bit financially to pay for lawyer fees for example and needs to borrow money. The problem is that ...
15
votes
5answers
2k views

What do you do when a family member won't pay you back?

What do you do when a family member won't pay you back?
13
votes
6answers
4k views

Buying a home with down payment from family as a “loan”

First time here, so please be gentle! I am thinking of buying a home, and have enough steady income to comfortably afford the monthly payment on the loan. However, I will need help with the down ...
13
votes
4answers
1k views

Where can I find an example of a really basic family budget?

It's about time that I took my family's finances seriously and built a budget. I'd rather not start from scratch, and am thinking, "surely, I can benefit from someone else's work?" - can someone ...
13
votes
2answers
1k views

How do I prevent my ex from making bank and credit card accounts using my son's SSN?

As you may see from the history of my questions, my ex-wife is a financial disaster. Forever out of money, forever on the edge of crisis, forever not wanting to hold down a normal 9-5 job. But show ...
12
votes
6answers
2k views

How can small children contribute to the “family economy”?

As part of children learning the value of money, I believe it is important that they learn to earn their own money. While I could assign arbitrary monetary values to household chores such as cleaning,...
12
votes
3answers
13k views

If I pay someone else's property taxes, can I use it as a deduction on my income tax return?

I'm planning on paying the property taxes of a home my mother-in-law owns. She owns the house, but I live there. As part of the bargain, I agreed to pay the property taxes. If I write the check ...
12
votes
2answers
853 views

Do my parents need to pay me minimum wage?

Next summer I am going to work for my parents. They own the company. Do they need to pay me minimum wage? I'm 14. It is a gas fitting company. And I live in Canada. BC
11
votes
3answers
3k views

How should we deal with money during my spouse's maternity leave?

I recently realised that my partner is more anxious than I suspected about what we're going to do about money. Principally, she feels guilty for spending money on herself, and is worried about the ...
9
votes
2answers
373 views

How do you make sure your child's birthday party doesn't break the bank?

I've been to childrens' birthday parties that clearly cost in excess of $500 when the price of the venue, activity, food, cake and loot bags are factored in. I don't want to spend a lot in order to ...
9
votes
1answer
413 views

How much does it cost to raise a child for the average American family?

A few people have asked how much money they should plan to put aside in order to raise a child given their specific financial situations, but I can't find any information here on average childrearing ...
9
votes
3answers
2k views

Are there countries where children are forced to inherit their parents' debts?

Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs? In the UK and USA, it seems to be well understood that if the deceased's estate is ...
8
votes
4answers
390 views

How do you save money on clothes and shoes for your family?

I feel like I'm constantly buying clothes, shoes, boots, jackets, hats, etc. for my kids, because they grow so fast! I try to re-use via hand-me-downs, but are there other ways I could be saving ...
8
votes
3answers
212 views

What are some ways your family has saved money via resource-sharing or hand-me-downs?

For instance in our family, baby items - from the big (cribs, changetables) to the small (clothing, bottles, toys) - are constantly passed around from brother to sister to cousin and back again. It ...
7
votes
4answers
548 views

Would it be better to borrow money from an elderly relative than from a bank?

Would it be better to borrow money from an elderly relative than from a bank?
7
votes
3answers
225 views

Emergency and Community Fund for families

We are about 20 families with common background and roots living in Massachusetts, closely related. We organize a reunion once a year. We also try to help each other financially when we can. To ...
7
votes
1answer
201 views

How does taxation change when I have a child?

My wife & I currently both work full-time (in Australia) and I'm curious what changes would take place to our income taxation when we move from 2 incomes & no dependents to 1 income with 1 non-...
6
votes
2answers
331 views

How to deal with variable income in the budget

We have a budget planned out for various categories, and in order to make ends meet we count on child support for my wife's child from a previous marriage. However, lately we have not been receiving ...
6
votes
3answers
1k views

What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month?

My grandfather owned a large and successful bookstore company. My father became was the manager of this company. Due to political reasons, my father was kicked out this family business. (He was pro-...
6
votes
1answer
958 views

Family/divorce lawyer wants large retainer before taking on case. Is this normal?

My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
6
votes
3answers
8k views

Where/Who do I have to notice the family status (after marriage) change to in Germany?

I live in Germany, and I have recently gotten married. Since this change affects my income taxes - I need to notify Finanzamt (tax office). Do I do it by some letter or by coming in and filling in ...
5
votes
2answers
220 views

Family, ie. relatives, Debt consolidation Plan

My extended relatives had an idea to have all of us share each other's debts, in order for all of us to get out of dept faster. The idea is the same as you would for your own personal finances: pay ...
5
votes
6answers
431 views

How to plan my Finances when about to have a baby: What are some considerations to be aware of?

I would like some insight into the process for financially planning to have a child. Outside of the obvious upfront medical expenses, what are some important financial considerations that I should be ...
5
votes
2answers
13k views

Will my father still be eligible for SNAP if I claim him as my dependent?

My income is over $50K/year. I am 30 years old. My father's income from ALL sources is $0/year. My father is 55 years old. I give $1,000/month via online banking transfer to my father. He also gets $...
4
votes
3answers
658 views

What is today's price of €15.000 given 15 years ago?

15 years ago my father gave about €15.000 to a family member in exchange for her share in an inheritance (not materialized to this day). Now this family member has changed her mind and she wants to ...
4
votes
2answers
191 views

Investing for family

I have a personal investing style which nets me exceptional returns for small investments (under $600k) and 2% - 8% better than index funds (annualized) on larger investments. Let's say my parents ...
4
votes
3answers
230 views

Is there any “Personal” Finance app that allows 2 administrators?

I'm an advocate of marriage meaning together in everything. Sometimes even work. But i've had some trouble finding a "Personal" finance app that would allow me to make shared budgeting and allow ...
4
votes
2answers
1k views

How to fairly divide a jointly owned house (not with a spouse)?

So I am looking at buying a house jointly with my cousin. I have a higher income and better career prospects, they have a larger proportion of the deposit. Neither of us would be able to break into ...
4
votes
2answers
500 views

What to consider when loaning parents $50k to pay off investment property

I am looking for the potential pitfalls I could be about to fall in, and ways to mitigate them. I live in Australia. My fiancee and I have roughly $100k in savings, which we want to use to buy a ...
4
votes
3answers
227 views

Beginning investment

I'm 24, live in Australia, married (no kids) and renting. My wife studies and works a well paying, flexible job. I work in an unskilled government job that pulls in $50k-$60k per year. Currently we ...
4
votes
1answer
211 views

IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)

My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
4
votes
2answers
52 views

Criteria for commercial loan so that interest is deductible?

A family member wants to lend me money for a business venture. I want to be able to deduct the interest I pay him as a business operating expense. However, I understand that the IRS is often skeptical ...
4
votes
2answers
263 views

Proper/best way to loan money to a family member

If I want to loan money to a family member so that they can pay off student loans quicker, I have a few questions. Is it inevitably taxed by the government? What is proper documentation procedure (or ...
3
votes
5answers
10k views

How do we share vacation costs between families for lodging and food?

If you are taking a vacation with several other families, some with kids and some without, how do share the costs for lodging and food? In my situation we are renting a house were we will all stay. ...
3
votes
3answers
798 views

How to protect your parents if they never paid Social Security?

I am helping a friend with some financial advice, but his situation is very unique. His mother (US Citizen) married a foreign national. He worked all his life as a merchant or in a restaurant he ...
3
votes
1answer
605 views

loan taken on my friends name for someone else

My friend has taken out loan for his brother in law, and is a guaranteer for two other loans taken on his friend's name. Now he is not paying his EMI, and debt collectors are troubling us. Is there ...