How would you tackle these Parent Plus Student Loans My wife and I decided to take on ownership of her student loans that her mother took out. I have $62,774.49 earning 4% in a HYSA I have a goal of having $60,000 in an emergency fund I can allocate $4,000 a month to savings The student loans… $16,682.66 at 7.9% (minimum payment: $301.40) $11,555.56 at 7.9% (minimum payment: $193.22) $5,650.80…

70-old parent has $9,000 in savings Okay, I know that more should have been done to date but I am looking for advice on how to shore up the finances of an aging parent. They have minimal expenses but minimum income and not much invested The parent is 70 years old, currently taking social security Income: ~1000/month from SSA after Medicare is taken out Checking+bank savings: ~$600…

Helping a parent financially My mother is turning 60 this year. She has made so many sacrifices for my brother and I in her life, which included financial support. I’m financially stable now. My brother still needs help at times. I know my mom hasn’t been able to save much at all for retirement. She told me she has about 20k in her current retirement account. (I’m not sure …

Living In The Shadow Of Your Parent Some people loom large. They have some quality about them. It could be money, fame, power, or things having to do with their character or their personality. Charisma, for example. But also a hard-core sense of control, or a violent nature, or many other things. If your parent is like this, it can be quite Source

How to prepare for your parent to be a financial dependent? TLDR: I just found out my mother has no retirement savings. I’m curious if there are any proactive steps we should take, or pitfalls to be aware of so that we can take care of her. My sister and I are in our late 20s and early 30s, doing relatively well financially. Context: During the 2008 financial crisis, my mother was laid off from her work…

Parent withholding payment I (19F) work at my parents’ restaurant. However we got into a huge argument where we are now not speaking to one another. This has also resulted in my mother scheduling me for awkward hours and not writing them down. Recently, paychecks came out and I was the only employee to not receive my paycheck, but this isn’t the first time. My mom typical…

Deceased Parent Debt My mom died Aug 26 2023, I knew she had a HELOC loan, and went to WellsFargo to show her death certificate and any information they needed including her loan account number, SSN, drivers license, my DL, my SSN so that I could find out what to do next. They told me I wan’t officially on the loan so they couldn’t give me any more information. WF o…

How Do I properly take Over My Parent’s Mortgage Hey there! So currently in the US, and I was asked to take over my family’s mortgage. It’s worth a total of 750, currently 450k paid off with 300k owed remaining. Effectively due to remarriage, my father is overleveraged and wants me to take over the remaining portion of the mortgage, otherwise there’s a high risk he has to completely sell and m…

Parent Plus loan in collections for deceased parent – should I dispute it? I finished undergrad in 2011 and have been paying on an unpaid balance with my school since 2012. The account is with Williams & Fudge and the original balance was almost $17.5k and a majority of it was a Parent Plus loan that my dad took out to help put me through college. He passed away in 2015 and I initially called to inquire if this debt be…

Tips for being your parent’s retirement plan I (26M – living in the US) recently found out how that one of my parents (64) has literally $0 to their name. My parents are divorced, and COVID basically knocked out this parent’s income streams, but they never stopped spending. They used to earn a lot of money (>$200K/year), and have continued spending $10K+ per month over the last 4 years and…

Parent PLUS school loans, understanding repayment options. Trying to understand the full picture and possible loan repayment strategies…. 2 parents and 1 child just starting her freshman year. After scholarships/grants/etc, I’m looking at an additional Parent PLUS loan in the amount of $13K per semester, $104K total over the next 4 years. Last year’s combined AGI = 125K, wife works in a school distri…

If children don’t inherit debt from a deceased parent, what’s to stop a parent from simply transferring/selling their major assets to a child before their death? One living parent. One living child. Parent sells/transfers house and other assets to child, paying any applicable taxes. Child manages living expenses and other things for parent. Perhaps the parent is in assisted living. If this is all done at the onset of a cancer diagnosis perhaps…parent racks up massive medical debt and/or credit card deb…

LPT: Tips in raising children as a single parent I’m a mother(30) of two children(8 and 12 yrs old) and my husband passed on some weeks ago after terrible accident. I have enjoyed his company and it has been a happy family. I have never imagined of being a single parent, but now i’m forced to. How do you cope up with this and ensure that the children are well raised. submitted by /u/swe…

Parent has been using my SSN for an MLM since I was 8 I just found out, through applying for a home mortgage, that I’ve been an employee of an MLM company for 20+ years. My parent has a history of signing up for MLMs. While confronting them, they gaslighted me and said they are doing it for my future financial security while simultaneously begging me not to report this as fraud …

Tricky house question with my parent/sibilings So my mom lives in a very nice house, built in 2005. My parents built the house, and the mortgage was in my parents names, the deed has my parents names and my 3 sibilings names on the deed. Well, my mom is getting to where she can’t afford the payments, and wants me and my sister to sign over the house so she can give it to my brother so he can…

Sick parent’s plan is relying on me – how can I protect myself / plan for the future? Hey all – any advice or thoughts on how to approach this would be greatly appreciated! Edited to add: I’m in WA, parents are in NC TL;DR: My mom’s plan for retirement and aging with a progressive illness is to have me + my siblings take care of her and her husband. This is not an option for any of us. If she has to be moved into an assisted livi…

What to Do When You’re Feeling ‘Touched Out’ As a Parent The early parenting years are a full-contact sport—and the chaotic mix of sleepless nights, tantrums, and physical neediness can often lead to parents feeling “touched out.” From the intensely physical experience of breastfeeding to just generally being seen as a personal jungle gym for your toddler or preschooler, par… Read more…

How to keep spending in check as a parent? My husband and I have always been very frugal. Almost everything we buy is used– we have one new piece of furniture in our whole house (a bed frame). But now that we have 2 kids (6 and 9) it is SO HARD to stop spending money. We live in a high-income area, probably the poorest people in a wealthy neighborhood. I want to toe the line between tea…

Livingroom at my parent’s house submitted by /u/Chickenator587

Advice for Parent with Cancer Will keep this short to avoid wordiness. Dad (only person employed in family) got Stage 4 Cancer 1.5 yrs ago, has been unemployed, and we are nearing the end of the money we have. I’m 17 years old going to college in 1 year Most of his money is from loans $60k in Private Loans $500k in Mortgage His checking account is ~ 20k My checking acco…