Friday, 25 January 2019 18:35

My parents gave my sister $75,000 for her student debt, should I also ask for $75,000?

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image Dear Moneyist, My parents are retired, pretty well-off, living conservatively and comfortably. They enjoy traveling, outdoor activities and are in pretty good health. It’s just my sister and me. I am married, own a little condo with my husband and we’re moving soon and expecting our first baby. We’re financially comfortable and independent; besides our mortgage, we don’t have any debt or loans. My parents paid off $75,000 of my sister’s debt after graduate school. Besides the rest of her grad school loans, she otherwise has no debt/loans. She is independent and quite a high earner. Don’t miss: My husband grew up dirt poor and doesn’t believe in insurance or banks, yet he racked up $7,000 on my credit card [1] ‘I could use that $75,000 now towards a larger down payment, a desperately needed new car, start a college fund, or just to invest it myself.’
—’Snubbed’ My parents have said that my sister and I will split their wealth upon their passing. Right now, to accommodate for the $75,000 they gave my sister, they told us that they altered their wills so I will receive $75,000 more. I feel guilty, but I don’t think that’s quite fair: $75,000 will now be worth much less in 20 or 30 years when my parents pass. Also, I could use that $75,000 now towards a larger down payment, a desperately needed new car, start a college fund, or just to invest it myself. It’s worth much more to my sister too since she doesn’t have to pay nearly as much interest on her loans. Should I ask my parents for the money? They’re not ones to just dole it out without “reason,” but I feel a little shorted. Or am I being too stingy? Of course, it’s their money and they can do with it what they want, but it just feels a little unfair. Sincerely, Snubbed Dear Snubbed, I don’t think you have been snubbed. Your parents are trying to do your good self and your sister a good turn: $75,000 now for your sister’s student debt and $75,000 for you later. Of course, you’re not entitled to anything and nor is your sister. Your parents may have decided that she needed that money more than you and decided to give it to her. So be ready for that answer. It’s their money and they can dish it out as they want to, but they are clearly conscientious about being fair and equitable. Good for them. And that’s nice for you, too. I see no problem with you asking your parents for that money, if your parents can afford it and you have a purpose. —The Moneyist Given that context, I see no problem with you asking your parents for that money now,
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