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Old 06-10-2019, 09:55 AM
Railer13 is offline
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Join Date: Nov 2017
Location: Kansas
Posts: 2,024
Quote:
Originally Posted by digs View Post
*For everyone here, at the very least, make sure your child knows that your financial bailouts are LOANS. They get much better at handling their own finances if they know they'll have to pay them back.

Our daughter didn't have enough money for grad school and car repairs, so we lent her a couple thousand. She took it upon herself to write up a cute little contract, and she uses Venmo to automatically send us over a hundred each month.
Thanks to the generosity of grandparents (and a little help from their parents), all of my kids graduated from college with no student loans or debt. All of them asked us for money to aid in the purchase a car after graduation. We lent them the money, settling on an interest rate halfway between the going rate on our bank's saving account and the best rate that we found for an auto loan. We drew up a contract on each loan, and all of the loans have been paid back in full.