ITT: We're losers and ask family for money

[Joffrey]

Originally Posted by Davidko19

Anyone have to suck up their man hood and ask family members for a loan? How often, how much, how old were you and what was the reaction?


I need a few thousand and will have to ask mom for a loan. Ive done this twice before and she was happy to help, no questions asked, but its always humiliating having a full time job @ 27 and asking for money. I feel like a failure, even though I always pay back within 2-3 months.

Your experiences...

Thankfully not since becoming an adult (hitting 21). The last time was probably sophomore year in college when my sister paid my rent for me which was a pretty significant gift (she doesn't want any form of repayment from me). I think during my study abroad in college I had my mother put a few hundred dollars in my bank account. In both cases they were happy to help.

 

[Joffrey]

Originally Posted by Connemara

It comes with the territory.

I will probably ask for some loans in order to get a few bespoke suits, shirts, maybe some shoes.

I would've expected you to ask for loans to fund your drinking escapades at Third Edition and Gin & Tonic (when you get here you'll know what I'm talking about).

 

[NorCal]

Originally Posted by Davidko19

Anyone have to suck up their man hood and ask family members for a loan? How often, how much, how old were you and what was the reaction?


I need a few thousand and will have to ask mom for a loan. Ive done this twice before and she was happy to help, no questions asked, but its always humiliating having a full time job @ 27 and asking for money. I feel like a failure, even though I always pay back within 2-3 months.

Your experiences...

I don't see this as a problem. I've borrowed from and lent money to various family members. Helping each other out is part of being a family.
The idea that everyone should be so self reliant that they never need to ask for help is a laugh, particularly when you consider that the most successful are often the ones that had the most help.

 

[whiteslashasian]

Originally Posted by NorCal

I don't see this as a problem. I've borrowed from and lent money to various family members. Helping each other out is part of being a family.
The idea that everyone should be so self reliant that they never need to ask for help is a laugh, particularly when you consider that the most successful are often the ones that had the most help.

+1

I've had to borrow from my parents a couple of times. Most notably when I was just out of college and hadn't received my first paycheck or signing bonus, I needed cash to put down on an apartment (First, Last, and Security Deposit), work clothes, furniture etc. I paid them back immediately when I finally got that bonus check.

I've also helped out my brothers on many occasions. Sometimes with $100 here and there, or one time my brother needed a new computer for college (his old one was a hand me down) so I paid for the parts and built him a new one. That's what family is about; helping each other when in need.

There's no shame in it, as long as you're humble, don't blow the money on dumb crap, and make sure to pay back sooner than later.

 

[constant struggle]

Further question in this sort of discussion...
My family (parents) have money, enough money that they are comfortable for the rest of their lives...

My lease is coming up on my car, and my father insists that he contributes towards a new car. He gives me the argument: "look when i die, the government is going to tax it at 60% - so let me just buy you a car for you to drive"...

Now I myself I make a good amount for my age (25) relative to my peers, and I can afford a car on my own. Not a 'luxury' car... but you get the point. My father is insisting he helps contribute towards my car or buy me a car so I can continue to save my $. Part of me is like okay cool I can get a pretty nice car, the other part of me is no i want to pay for it all myself as then it is mine and the efforts of saving up money from my hard work. Regardless I am grateful for his offer. But I don't think I should take it - anyone else been in a similar situation?

 

[Threak]

Last month I was out a few nights before my rent was due, and when I used the ATM I realized I only had $54 left in my account. I'd only been using cash back so I hadn't been keeping track of the balance, and later I realized that when my dad paid me back in cash for some airline tickets I'd bought him I should have deposited the money.

Anyway, when I got home after a night of drinking I log onto my online savings account to initiate a transfer, but I accidentally get the banks reversed and charge money from the empty account instead of adding money to it

.

The next morning I realize that not only is my checking account at -$1000 now, but transfers from my online savings to my checking account take 5 days to clear, and that for whatever reason the automatic monthly transfers I had scheduled were at the 6th of the month, which doesn't coincide with the dates any of my bills are due. So I had to call my mom and have her go down to the bank to transfer money into my account to keep me from bouncing a rent check and paying overdraft fees. It was just for a week, though, while all my transfers cleared.

 

[Syl]

Well, it depends.
If you are asking because you were dumb with your money then your parents should probably say no.
But if you ran into some unexpected bills and are young and don't have it saved up, then sure, that's what parents are for.

 

[gdl203]

Originally Posted by whiteslashasian

I've had to borrow from my parents a couple of times. Most notably when I was just out of college and hadn't received my first paycheck or signing bonus, I needed cash to put down on an apartment (First, Last, and Security Deposit), work clothes, furniture etc. I paid them back immediately when I finally got that bonus check.
I had a similar experience when I went back to (grad) school. My parents tricked me though and never wanted to hear about being paid back what was supposed to be a loan.