You Can't Accept This Gift From Your Parents

Brought to you by the EveryDollar app. Start budgeting for free today. I have a total of $48,090.49 of total debt. I have some goals for myself I want in the next year or so, but I want to climb on all this before I can start doing those. What are those goals? I want to be able to buy a house. The house payment is kind of an interesting situation, family situation sort of. So I have really great parents who basically are giving me $300,000 for a house, and I want to be able to be secure and be able to be able to buy a home, but I want to get out of all this debt I have before I do any of that. What do you make? I make $77,000. My wife makes about $55,000. Very good. Okay, and so how much of the $48,000, what's the breakdown on that? It's $19,305 in student loans for my wife, $12,639 for one car, and $11,145 for another car. And then $1,545 on one credit card and $3,139 on another. So when the two of you sit down at the kitchen table with the television off and you put these numbers in front of you, what do they tell you? It's probably been living above our means. That's what it tells me. Okay, but what they tell me is, I mean, you make $125,000 a year. You have $48,000 in debt. I think you can attack this debt fairly rapidly. The $300,000, is this a cash gift from your parents? Yes. And where are you living now? I'm living outside of Portland. No, I mean, are you living in a rental? I'm renting. Yeah, I'm renting. Okay, and how much is your monthly rent? $1,470. Okay, and you're outside of Portland, Oregon, right? Yeah. What will $300,000 buy outside of Portland, Oregon? It won't outright buy anything. Oh, yes, it will. I mean, it would get close for sure. It won't buy something you like, but it'll buy something. It'll buy something, sure. Okay, that's what I asked. What will it buy? Small piece of property, probably need some fixing up at that price. Not too cheap up here, unfortunately. No, I mean, that would be reasonable because the median house price in all of America, and Portland's much more expensive than most of America, but the median house price is $400,000 right now. In the Midwest, I can't see that, you're flipping it. But anyway, it's like $400,000. $615,000 in the West. In the West, but that includes California. Well, it includes Portland too. Okay, anyway, that's the median. So you would be, but bottom line is you're going to be substantially lower than median. How old are you two? I'm 29, my wife's 30. It may not buy an outright house though, outside of Portland. Yeah, it will. It's just not a house he wants. Yeah, it definitely will. I mean, 100% will buy one, but I'm not sure that you want to live in it, I want to live in it, or he wants to live in it. I'm not saying it won't buy, I'm not going to say it won't buy a house. Definitely, you can find a property, 100% chance for 300 grand. None of us are going to like it, but we could find one. Okay. Okay, now that we've gotten that established, for real. Well, I mean, I'm still considering it, even if I don't like it. So one thing that's interesting about this money is my folks want it split in a certain way. They want a title a certain way when we do it. No, I'll pass. Why? No, I'll pass. Wait, wait, stop, stop. Cause some issues. Why? Attendance and common title is what they would want. I don't know what that is, I'm sorry, say it again. Why? It's attendance and common title. I know, why? So they could have it if something happened to you? No, between her and I. Between your wife? They don't like your wife. Oh no. I'll pass. So I mean, they've done this for all five of us. They have five siblings and their idea is that not that they think anything's going to happen, but if it was, you know, this is their nest egg they've worked for a long time to keep and have and giving it to us. If something was to happen between us, they wouldn't want some of that going towards, you know, in a divorce or something. I'm sorry. I completely disagree with them and I would turn that gift down. If it requires that. If that, if that's how, if that's a gift is contingent upon splitting you and your wife and to protect you from your wife and protect them from your wife. No, thank you. They are now interfering in my household. They came across my threshold. No, thank you. I'll have to pass. And then. I would not do that to Rachel and Winston in a thousand years. And if I did, Winston would bow up and he would be right. What if that happened to me? I feel like I'd be pissed. I'm like, yo, we just got married. Like, uh, I don't know. No, I don't like it. Nope. Nope, nope, nope. I have about 47,000 invested. Okay. In a brokerage account. And I just really want to get. If I were you, I would just start working my way out of that. Work your, work your baby steps. You guys need the two of you need to get on a budget together and you need to be on beans and rice, rice and beans. And let's start paying off these $48,000 worth of debt with 125,000 and then start saving towards the house. But I, you're, you're going to, you're going to do it unless your wife owes up and she should. But, um, but you guys are probably going to do this, but you shouldn't do it. This is bad medicine. Well, it's just bad relation, the whole relational side. Yeah. It's, it's not, it's not good. You're, you're insulting. You're inserting spiritual things into this. There shouldn't be there. These are, this is bad. And sorry, mom and dad, you don't get that level of control. Well, if you want my money, you have to do it that way. Okay. I'll pass on your money then. I'm not, you're not driving a wedge between me and my wife. Not a chance. You don't have, you don't have enough money to do that. And so because you don't have enough money to be generous, instead, you're still got your fingers and everything and you can't let go. Control people. No. And all my siblings did it. No, I'm sorry. Hey, you get to be the first one to say, well, all of the siblings didn't do it. I didn't. There you go. Oh man. Create your free every dollar budget today. The simplest way to budget for your life.