In today's Asking Eric column, R. Eric Thomas responds to someone who moved out of their parents' house but is still helping them pay rent.
In today's Asking Eric column, R. Eric Thomas responds to someone who moved out of their parents' house but is still helping them pay rent.My parents and two brothers, who live together, keep asking me for help with expenses and the mortgage, which is now owned by a lender.They’re waiting for interest rates to come down so they can pay less. They also own a condo that they’ve been trying to sell for $1.6 million, but no buyers are offering this much. One offer was $1.3 million.
They also want me to move back in and pay them rent because then at least I would be getting some of my money back when they pass the house down to me. Based on the range you provided, your affordable rent is, very roughly, $1,375 to $2,025. If you’re paying $900 to your parents for their rent, you see how little is left for your own rent. How are you building a secure financial foundation?
If things are so dire that they’re taking a quarter of your post-tax income to stave off financial collapse, it’s time for them to sell an asset. That’s, in part, what assets are for!
@Zmentz R-Eric-Thomas Asking-Eric
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