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Same doubt I had. My father lent some money so I could buy my house, but I paid back, and I had lent money to my sister some years ago, so it is more like a "fa

by epx 10y ago

Same doubt I had. My father lent some money so I could buy my house, but I paid back, and I had lent money to my sister some years ago, so it is more like a "family cash flow management".

mamon 10y ago
About "family cash flow management": In my country it is quite common that parents first pay for a wedding and then help as much as they can with buying/building a house for newly married couple. It is considered parent's duty to help their children kick-start their own family. And because that usually means that parents won't save enough money for their own retirement then the children are supposed to take care of them when they do retire. Most of the time that helps maintain strong family bonds, but sometimes it does exactly the opposite.
Frondo 10y ago
That is absolutely help. Borrowing from the bank of Mom and Dad is something that was simply never an option for me, or most of my peers. Mom and Dad were struggling, too. When you're poor, and your family's poor, a lot of options are closed off to you. I know some people who were given old cars by parents; I always had to buy my own. That's just a couple thousand dollars for a used car, but that stuff adds up when it's not just a car, not just a loan for a house, but everything taken together.
jschmitz28 10y ago
Were you lent money at a better interest rate than you could get otherwise? If so that sounds like financial help. That said I agree with the overall point that the term is so vague/broad it's basically meaningless if not clearly defined. Does living at home after college count?
albedoa 10y ago
Before more people pile on, I thought I'd just ask: Do you not consider this to be help, or are you commenting on the article's failure to define it?
ChazDazzle 10y ago
Hopefully you disclosed this as a loan and not as an asset. Otherwise, boom Head Shot - http://davidsimon.com/kwame-brown-another-federal-case-another-head-shot/ http://davidsimon.com/kwame-brown-another-federal-case-anoth...

by epx 10y ago

Same doubt I had. My father lent some money so I could buy my house, but I paid back, and I had lent money to my sister some years ago, so it is more like a "family cash flow management".

mamon 10y ago

About "family cash flow management": In my country it is quite common that parents first pay for a wedding and then help as much as they can with buying/building a house for newly married couple. It is considered parent's duty to help their children kick-start their own family. And because that usually means that parents won't save enough money for their own retirement then the children are supposed to take care of them when they do retire. Most of the time that helps maintain strong family bonds, but sometimes it does exactly the opposite.

Frondo 10y ago

That is absolutely help. Borrowing from the bank of Mom and Dad is something that was simply never an option for me, or most of my peers. Mom and Dad were struggling, too. When you're poor, and your family's poor, a lot of options are closed off to you. I know some people who were given old cars by parents; I always had to buy my own. That's just a couple thousand dollars for a used car, but that stuff adds up when it's not just a car, not just a loan for a house, but everything taken together.

jschmitz28 10y ago

Were you lent money at a better interest rate than you could get otherwise? If so that sounds like financial help. That said I agree with the overall point that the term is so vague/broad it's basically meaningless if not clearly defined. Does living at home after college count?

albedoa 10y ago

Before more people pile on, I thought I'd just ask: Do you not consider this to be help, or are you commenting on the article's failure to define it?

ChazDazzle 10y ago

Hopefully you disclosed this as a loan and not as an asset. Otherwise, boom Head Shot - http://davidsimon.com/kwame-brown-another-federal-case-another-head-shot/ http://davidsimon.com/kwame-brown-another-federal-case-anoth...