Comments on: My Secret Loan From Mom & Dad (True Story)

By: J. Money

J. Money — Thu, 22 Sep 2011 20:10:36 +0000

Ouch. Sorry to hear.

My parents actually had the money sitting in a money market making close to nothing, and is there for helping out their kids or anything else that came up. Obviously if they needed it back at any point I could have done so.

True about ventures not being 100% solid. Since I got the $18,000 back and then some though, it’s already a done deal. Everything forward is extra. It was a risk I was willing to take, and my parents happily wanted to help out — if I had lost the money, I would have still paid them back every single last penny as I promised (and wrote in the contract) for them. They wouldn’t lose a thing either way – except for the miniscule % from being out of the money market.

Sorry to hear you feel this goes against everything I preach – I do the best I can to keep this site as real as possible. And I think I’ve done a pretty good job over the 3+ years so far. Not sure how long you’ve been reading for, but I do appreciate it either way :)

By: K

Thu, 22 Sep 2011 19:04:50 +0000

I think it was wrong for you to take advantage of your parents generosity and robbing them of money they should be investing for their retirement, especially when you had other resources available.

Even though the venture is making money now, perhaps it won’t in the future – there is no such thing as a “sure thing” anymore. If you didn’t feel comfortable enough to put your own money/credit on the line, you should have passed.

I also think that this goes against everything you have been preaching on this blog and I am unsubscribing.

By: J. Money

J. Money — Sat, 17 Sep 2011 14:15:01 +0000

@Natalie @ Mango – Thanks Natalie :) Yes, they are proud for both going out on a limb and taking on another business, but then also for paying them back in full – which the old me might not have done back in the day. One of the other reasons I kinda wanted to take a loan from them was to prove that I can now do it, and I’m “all grown up” :) So the day I sent that last check in was a very very good day for me. And I love them for giving me that chance!
@ca – No worries, it’s all good :) And sure, I can understand from the looks of this post that it can come off as being ungrateful and selfish. There’s actually a lot more to the story that was left out (on purpose), including much more than a simple “thank you” and a dollar. The dollar was meant as a joke, not a slap in the face, and they thought it was just as funny as I did. But to your overall point, yes – I think it’s always important to show appreciation for your loved ones. It’s a good reminder to always keep that in mind.

By: ca

ca — Sat, 17 Sep 2011 01:16:47 +0000

Ya know what? You’re absolutely right. The love drop comment was outta line – I apologize. I didn’t need to throw that up in there, but the rest stands. $18k + $1 for a car loan? – Yes! Any OTHER loan? Hell yes!! Your family?!? Damn. Just saying. Peace.

By: Natalie @ Mango

Natalie @ Mango — Fri, 16 Sep 2011 14:25:13 +0000

Along with everyone else commenting, I really want to know what this venture was now! You can’t just give us some of the details! Ah well, whatever it was, I’m glad it turned out so well for you. If I was in your position, I would have done the same thing. That’s what family is for, right? Oh and love and support and all that too. I’m sure it would feel a little bit…weird at first, borrowing from Mom and Dad; but once you pay it off– with an extra dollar to boot!– I’d imagine you’d feel even more responsible and independent than before. I bet your parents are proud!

By: J. Money

J. Money — Fri, 16 Sep 2011 14:03:38 +0000

I take big offense to that Love Drop comment man – that’s below the belt. Say what you want about me, but to even hint that I’d take advantage of a project I’ve worked my ass off for to help OTHERS across this entire country, 30+ hours a week, is just terribly incriminating. If I’m not living up to your standards, I’m sure there are dozens of other blogs out there written by perfect little angels.

By: ca

ca — Fri, 16 Sep 2011 04:12:05 +0000

ok, I really had a whole lot of respect for you until this. You want me to ooooh and aaaah over you getting an interest free loan from your family?!? After your old boss played you, your friend had you on pins and needles for $5k+ and you extoll paying your parents $1!!! for more for an $18k loan cuz they think your sh&t don’t stink?!? C’mon dude really?!? Are you that shallow and cheap? Did you just enter yourself into your own love drop contest? You owe them more than $18k+$1 just for having you!!! They love you! They would have forgiven the loan if you couldn’t pay it and called it a day!! You owe them more than your appreciation, a token $1 and a sorry blog post – show your mom and pops the love!!! for realz!!!

By: J. Money

J. Money — Thu, 15 Sep 2011 21:21:43 +0000

@LG – YUP!!!! Which is part of the reason I decided to divulge all of this stuff right now ;)
@M from the BX – Yeah Bronx! That’s what I’m talkin’ about. Good for you on paying it back so FAST like that, $20k is no joke. And double love for taking on grad school. You’re reppin’ BX well ;)

By: M from the BX

M from the BX — Thu, 15 Sep 2011 13:53:47 +0000

J. Money,

I understand exactly how you feel about borrowing money from your parents. I borrowed $20k from mine to buy my apartment because I didn’t want to go into my saving, The day I gave them the last check was amazing!

As a person who hates debt and refused to take out a single student loans for undergrad, I worked my summers off and applied to endless amounts of scholarships to make sure I was clear of any school debt when I graduated. (Grad school is a different story, I have to take out loans because I didn’t qualify for any financial aid :( .

Asking my parents for a loan was one of the hardest things for me. It did take me a year and a half to pay them back but was I relieved to no longer have that debt on my shoulders.

Keep up the good work with your blog, and F people who are upset. They aren’t worth your time.

Reading all the way form the Bronx,

By: LG

LG — Thu, 15 Sep 2011 10:50:42 +0000

Is this when the mortgage payoff plan you’ve been saying will start soon starts?!