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Started By
Message
1
Posted on 4/5/16 at 10:40 am to Boudreaux35
In fact, the more I read the OP, the more I think the FIL is just trying to help him, using the guise of a better return so the OP won't see it as charity.
Given this statement:
I doubt he really cares about a 2% return.
Given this statement:
quote:
This cat has quite a bit of money. Said his money isn't making him shite in his credit union..
I doubt he really cares about a 2% return.
Posted on 4/5/16 at 10:46 am to thejudge
(no message)
This post was edited on 4/8/19 at 11:40 pm
Posted on 4/5/16 at 10:48 am to N2cars
(no message)
This post was edited on 4/8/19 at 11:40 pm
Posted on 4/5/16 at 10:50 am to WallsAllAroundMe
quote:
1099-INT
C'mon, man.
Posted on 4/5/16 at 11:03 am to 777Tiger
quote:
if you're paying >2% why not? it's only money/bidness
Posted on 4/5/16 at 11:27 am to thejudge
Swallow your pride! Pay it, it goes back to your pocket in the long run.
Posted on 4/5/16 at 11:33 am to Golfer
quote:
quote:
Should father-in-law be expected to treat it as "just business",take a judgment and execute on his daughter's assets in the event of a default?
No.
Then they aren't on equal footing. The debtor is in an inferior position to the lender. It is not the position I would want to be in vis-a-vis my father in law.
It's not just a matter of swallowing ones pride to take advantage of a wise financial opportunity.
Posted on 4/5/16 at 11:35 am to Aux Arc
quote:
Then they aren't on equal footing. The debtor is in an inferior position to the lender. It is not the position I would want to be in vis-a-vis my father in law.
Again. Only if you look at it like this.
Like I said earlier in this thread. You can tell who has normal, trustworthy, adult relationships with their family members.
Posted on 4/5/16 at 11:58 am to Golfer
Hmmm. Wonder who in this thread may owe their in laws some money?
Posted on 4/5/16 at 11:58 am to Golfer
quote:
Like I said earlier in this thread. You can tell who has normal, trustworthy, adult relationships with their family members.
Reading the responses in this thread reinforces the appreciation I have for the relationships in my family and in-laws. Those against it keep mentioning superior/inferior positions in a family and no one in my family thinks that way. We all lean towards helping each other any time we can and in many respects, money is a tool like any other that can be loaned and borrowed responsibly.
Posted on 4/5/16 at 12:06 pm to Golfer
quote:
Like I said earlier in this thread. You can tell who has normal, trustworthy, adult relationships with their family members.
It's not about not having a current trustworthy or healthy relationship. It's about the additional risk of not being able to pay back a family member if something unforeseen happens.
All the examples of people in this thread borrowing/lending money to friends & family with positive outcomes show that it can be done, and if you are confident you can quickly pay back the debt without much stress/worry then go for it.
..but the family dynamic can change very quickly when money is involved. That's what a bunch of us in here are cautioning against.
Posted on 4/5/16 at 12:36 pm to thejudge
quote:
Offered to lend me money at 2%.
Damn, inflation is more than that; that's better than free money. Your FIL offered you a heck of a deal. You're lucky to have family willing to look after you like that.
Posted on 4/5/16 at 1:10 pm to lilsnappa
quote:
..but the family dynamic can change very quickly when money is involved. That's what a bunch of us in here are cautioning against.
Yep, and anyone that doesn't understand that is pretty naive. Happens all the time (even to really good, upstanding families) when parents die without a will in place, thinking that they will just let the kids sort out the inheritance.
Posted on 4/5/16 at 1:12 pm to Golfer
quote:
Again. Only if you look at it like this.
Like I said earlier in this thread. You can tell who has normal, trustworthy, adult relationships with their family members.
It's not about anyone's perspective on the relationship. It is about the reality of how things play out if repayment becomes a problem. And if you can have enough foresight to grasp that scenario, then you see the lender is doing more than merely substituting for the bank.
I have a great relationship with my in-laws. I would hate to do anything that would jeopardize that.
Posted on 4/5/16 at 1:12 pm to Bullfrog
If he was my SIL, I'd loan him money. He works pretty dang hard, AFAIK.
Obviously, if OP has a poor relationship w/ his FIL then this probably is not a good idea.
Obviously, if OP has a poor relationship w/ his FIL then this probably is not a good idea.
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