We had to refi our first mortgage and do a cash out and then take a second mortgage on our house and take out personal loans to send our children to university to get their degrees.
The local in-state University cost $27k each year + books, housing, food, laptop, printer, cell phone data plan, medical coverage, insurance, auto loan & insurance + extra curricular fees, = approx $40k per year, per kid.
We are down to the last $50k in expenses that we and the kids have been trying to pay off over the last 10 years.
No one is going to pay us back for that $400k +? That we've paid in/or took out in personal loans now are they??
You shouldn’t have taken money from a source that didn’t actually HAVE the money. Your house isn’t a money tender and you shouldn’t have used it like one. Taking a personal loan for ANOTHER PERSON is a terrible idea. It’s all through the book of Proverbs how lending for another will get YOU stuck in debt.
Our house most certainly was a 'money tender' and it served its purpose well. Millions of people refinance or utilize a home equity line for things as unimportant as a new boat, a swimming pool or a kitchen remodel.
And, taking a loan 'for another person' is not terrible if it is for your child's education that will benefit them their entire lives.
If you want to see it that way. We birthed them by choice, and we took care of them until they were fully launched and productive members of society. It was our burden, not society's. Better to give them their 'inheritance' when it was most urgent and useful, rather than having them languish for years at low wages and not be able to afford nor complete their educations.
It was a financial sacrifice, but we chose to do it. And, we won't be on the streets. We are currently 20 months away from having all of our debts retired. Mortgage, cars, revolving credit - all will be paid off.
And, due to our hard work and our kids hard work, they are now earning incredible salaries in their chosen fields and have told us they will make sure we are well taken care of in our declining years. Both are demonstrating generosity to us with their actions and funds to show their appreciation already. I don't regret it.
We had to refi our first mortgage and do a cash out and then take a second mortgage on our house and take out personal loans to send our children to university to get their degrees.
The local in-state University cost $27k each year + books, housing, food, laptop, printer, cell phone data plan, medical coverage, insurance, auto loan & insurance + extra curricular fees, = approx $40k per year, per kid.
We are down to the last $50k in expenses that we and the kids have been trying to pay off over the last 10 years.
No one is going to pay us back for that $400k +? That we've paid in/or took out in personal loans now are they??
You shouldn’t have taken money from a source that didn’t actually HAVE the money. Your house isn’t a money tender and you shouldn’t have used it like one. Taking a personal loan for ANOTHER PERSON is a terrible idea. It’s all through the book of Proverbs how lending for another will get YOU stuck in debt.
Our house most certainly was a 'money tender' and it served its purpose well. Millions of people refinance or utilize a home equity line for things as unimportant as a new boat, a swimming pool or a kitchen remodel.
And, taking a loan 'for another person' is not terrible if it is for your child's education that will benefit them their entire lives.
Because that was an incredibly stupid financial decision on your part. Have fun retiring on the streets!
If you want to see it that way. We birthed them by choice, and we took care of them until they were fully launched and productive members of society. It was our burden, not society's. Better to give them their 'inheritance' when it was most urgent and useful, rather than having them languish for years at low wages and not be able to afford nor complete their educations.
It was a financial sacrifice, but we chose to do it. And, we won't be on the streets. We are currently 20 months away from having all of our debts retired. Mortgage, cars, revolving credit - all will be paid off.
And, due to our hard work and our kids hard work, they are now earning incredible salaries in their chosen fields and have told us they will make sure we are well taken care of in our declining years. Both are demonstrating generosity to us with their actions and funds to show their appreciation already. I don't regret it.