Quote:
Originally Posted by RowingMunkeyCU
So in light of the current economic situation, I've been doing some thinking.
I am 24, currently rent an apartment, live alone, have a decent (stable) job and I am single. I live approximately 10-15 minutes away from my parents.
My parents aren't particularly well off (part of the struggling middle class) and helped send me to college (paying half), ending up with about $35k in parent-student loans. They have very little in the way of retirement savings, so to be blunt, they'll basically have to work until they die.
So I am considering moving back in with them, temporarily (approximately 2 years). I have a couple of reasons for this:
1. Rapidly pay off their portion of my student loans. Converting my rent and discretionary funds to loan repayments funds.
2. Income buffer. If either one of my parents lost their jobs, they'd be in some serious financial trouble within a short period of time. My dad has been laid off twice, and has high ethical standards which has caused him to lose his job when he wouldn't participate in unethical behaviors (he's in sales, currently car sales). My mom is getting burnt out working as the administrative assistant for their church, doing the work of 3 people (spending nights and weekends doing work at home or at the church) for just a few dollars over minimum wage.
I have a couple of concerns with it though as well:
1. How would my added income (loan repayments) affect their taxes? Would it be seen as a gift, and be limited as such?
2. How would the situation be perceived in my dating life? I already know any 'bedroom' time would take a hit, but I'm not supremely active anyway...
|
Okay. On one hand, I applaud your unselfishness. That being said, I think you really need to really hesitate before doing this for a host of reasons.
1. Unless things are really dire for your parents, don't do it. For once you shoulder the responsibility for caring for them, it will be yours forever.
2. Don't get me wrong. We all want to help our parents. They raised us and they deserve what support we can provide. At the same time, there comes a time where you have to live your own life.
3. If you're moving home and using your excess cash to pay your parents off, you need to also think of the added expenses in their household from your living them.
4. It really sounds as if your parents need to downsize desperately. If they are empty nesters, a smaller residence with the smaller expenses may be a huge part of the solution.
5. Yes, it will ruin your dating life. When my father died, I moved home to live with my mother for two years while helping her get back on her feet. I certainly do not regret doing so, for it was the right thing to do. At the same time, I was 23. And when an interested woman learned that I was living with my mother, her eyes would glaze over. Now, when she learned why I was living with my mother, her expression would brighten somewhat. However, it just really put a damper on my single life for two long years.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
