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Need A Little Mom Dad/Money Advice

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in-too-deep

02-04-2008 14:44:22




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Alright, here's the back story: My grandpa passed away almost 3 years ago and there was some money from the sale of his house and car. My mom and dad received some of it. They bought my little brother a car and helped him with some other stuff. (He was 16 at the time.) I'm not sure what they helped my older brother with (21 at the time.) They offered to pay the balance of my truck loan off. I declined because the loan was all mine in my name and I wanted the satisfaction of paying it off myself. Well, now here we are, and they still haven't spent that money on me. There's about $1100 left on the loan balance, it was a $4000 loan I got myself at age 18. I'm a very independent person, even independent from my parents. I'm looking into moving away from home, about 600 miles away, and it would be a total pain to send money home every month for the payment. They offered to pay it off again, but I just don't know. I guess I have a hard time accepting handouts...even though I have it coming and they want to spend that money on me somehow. Should I let my parents pay off the $1100 balance before I move to MN? They're very supportive of my decision to move, and want to pay off my truck. What do you think?

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jnj

02-05-2008 10:17:37




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
take the money and pay the loan. now instead of spending what was budgeted for the truck payment start the IRA (roth) now you are earning interest instead of paying it. keep putting that money in there. every time you get a raise add some to your monthly payment to yourself. your folks may need your help in the future. above all remember to love all your family and that feeling we all get from sharing is what your folks are reaching for.

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Stumpalump

02-05-2008 09:20:12




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
I never took a dime from my parents after I was 18 except for a tiny bit of help when I went to electronics school. My sister and step brothers all milked all they could and still try. My sister brags about it and my step bro is now an actual brain sugen. Do you think any of those greedy bastards give them a dime now that their parents are old and retired? Not one dime but still ask for plane fare to come and visit. Makes me sick especially when my mom tells me 5 times what she did with the 100 bucks I sent her for Christmas. I glady send them cash now for holidays and bithdays and the others send a card or a little trinket. I'd tell your parents to take the 1100 and spend it on a vacation or cruise and that would make you happier than paying off your truck.

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in-too-deep

02-05-2008 12:54:04




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 Re: Need A Little Mom Dad/Money Advice in reply to Stumpalump, 02-05-2008 09:20:12  
I'd like to make them spend it on themselves. I don't really need it right now, but they won't hear of it. It was money from my late grandpa and they want to spend it on me. Not a bad problem to have I s'pose.



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brazier

02-05-2008 04:42:37




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
((even though I have it coming))
what kinda comment is that??



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in-too-deep

02-05-2008 07:02:51




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 Re: Need A Little Mom Dad/Money Advice in reply to brazier, 02-05-2008 04:42:37  
It means my parents are going to find a way to spend the money on me somehow. Can't stop them. If I could, I'd probably tell them to spend it on a truck for dad, or put it into their new kitchen, but they want to spend it on me since my brothers got some.



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Sid

02-04-2008 19:28:26




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
"Should I let my parents" By all means, let them do something that will make them happy. I wish I had learned that lesson earlier.



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in-too-deep

02-04-2008 19:40:25




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 Re: Need A Little Mom Dad/Money Advice in reply to Sid, 02-04-2008 19:28:26  
I just wrote em an email with the idea of putting the money they give me into an IRA for myself. They'll probably love the idea.



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M Nut

02-04-2008 16:03:59




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
All good advice. So you're a little closer to living in God's country! (Has to be God's country. It's been so cold there is no chance of it belonging to the other option!) Boy, this gal must be a good one! Good luck with all your decisions and keep us posted.



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in-too-deep

02-04-2008 17:28:44




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 Re: Need A Little Mom Dad/Money Advice in reply to M Nut, 02-04-2008 16:03:59  
Thought I told you not to get me started! "Good one" doesn't even come close to describing her. (Looks dreamily to the northwest) Yep, I'm in trouble.



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M Nut

02-05-2008 05:29:24




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 17:28:44  
Alright Alright, I won't say another word! (at least not for awhile) Seriously, I'm glad to hear things are progressing so well for you.



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jhill52

02-04-2008 15:19:31




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
Put in a retirement account. A Roth acount. In a Roth account the taxes are paid berfoe it goes into the account and when you take it out after age 59 1/2 you don't pay any income tax. SInce it is a gift the taxes are already paid. So in 40 yrs you will have a big amount sitting in retirement fund tax free. Best gift your parents could give you.

JERRY



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in-too-deep

02-04-2008 15:22:11




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 Re: Need A Little Mom Dad/Money Advice in reply to jhill52, 02-04-2008 15:19:31  
Hmmmm. I am definitely considering that. Will go nicely with the money I paid into my retirement account at my current job. I'll get that money back and stick it right into another account.



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dave guest

02-04-2008 15:00:58




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
All Good advice. Take it. Save it till you are 90 if you like. Invest carefully.



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Dave from MN

02-04-2008 15:00:41




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
If it were me, and my parents were insistant that I recieve that money. I would just take it and put it in a retirement account. That $1100 dollars packed away now and added to regulariliy, would be much bteer than paying off that loan. You younger fellows are gonna need a lot more money saved than most of us, just to live a simple life. Once you transfer your accounts to a bank up here, have the payment payed electronically and forget about it.

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in-too-deep

02-04-2008 15:07:30




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 Re: Need A Little Mom Dad/Money Advice in reply to Dave from MN, 02-04-2008 15:00:41  
Good thinking. I found a credit union in Bemidji to join. They have IRA's.

My truck loan is at a small-town bank now. Can all banks/credit unions do elec. transfers and does it cost more than $.41/month?



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rrlund

02-04-2008 14:56:53




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
Hey! By the way,are you going north to be with the gal you met from rural singles or whatever it was?



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in-too-deep

02-04-2008 14:58:15




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 Re: Need A Little Mom Dad/Money Advice in reply to rrlund, 02-04-2008 14:56:53  
We haven't made it official, but it looks good. Shhhh don't tell anyone. Won't be moving til mid-April, though, if I go.



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Dave from MN

02-04-2008 16:53:23




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:58:15  
Mid April huh??? Make sure you stop in on your way up. Would be nice to meet you. You have my email address.



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in-too-deep

02-04-2008 17:23:50




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 Re: Need A Little Mom Dad/Money Advice in reply to Dave from MN, 02-04-2008 16:53:23  
Thank you for the invite, Dave. Nice of ya : ) I'll probably be headin' up that way sometime in March for a visit up north, and maybe move some stuff. Maybe I can swing through. I'll definitely keep you posted one way or the other. My only condition is that you put me to work while I'm there. Well, in addition to that, toss me some hamburger after the work is done, and maybe fill my thermos with coffee and we'll call it good! :D

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rrlund

02-04-2008 15:01:19




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:58:15  
You dog you! ;)



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in-too-deep

02-04-2008 15:17:59




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 Re: Need A Little Mom Dad/Money Advice in reply to rrlund, 02-04-2008 15:01:19  
Lucky dog is what I am!! Haha. Still can't figure out how all this happened. Just gonna call it Divine intervention.



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patsdeere

02-04-2008 14:52:33




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
If it is your loan, then you know where to send the money, so just write a check from where ever you are living and snail mail it away. It really doesn't matter where the thing is sent from, it will still get to the loan company.

You could just take that 1100 and put it away for that rainy day, since we all have one at some point and time.

Just my $.02



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in-too-deep

02-04-2008 14:56:13




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 Re: Need A Little Mom Dad/Money Advice in reply to patsdeere, 02-04-2008 14:52:33  
I did suggest that, and they were open to that idea. I had already been thinking about paying the loan off since I have a little bit saved up already. Maybe I will let them give me the money, and keep making payments until April when I leave for MN, and then pay it off then.



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patsdeere

02-04-2008 16:36:26




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:56:13  
The sooner you pay it the sooner you won't being paying interest. It may not seem like much, but it adds up quickly.



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in-too-deep

02-04-2008 17:14:34




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 Re: Need A Little Mom Dad/Money Advice in reply to patsdeere, 02-04-2008 16:36:26  
Naw, the loan included the principle and interest, s I'm paying the same amount in interest no matter how I pay it off. Doesn't save me anything to pay it off early, so I might as well keep my budget the same instead of blowing savings on something I've already planned for.



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rrlund

02-04-2008 14:48:19




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 Re: Need A Little Mom Dad/Money Advice in reply to in-too-deep, 02-04-2008 14:44:22  
How about this. You say the money is yours anyway. What if they put the money in your bank account,then you use it to pay off the loan?



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