Should this letter writer continue to help family with their mortgage and other expenses?
I got a good job, started making good money , and moved out. 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.
I've been reluctant to help because I'm saving up for buying my own place. My parents say when they're old and don't want the house anymore, I'm entitled to one-third of it. So, if I want a share of the house, I should help them try to keep it.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.
Families often pass down bad money management practices. It’s important that you avoid whatever parts of this “inheritance” that you can. There’s a dizzying circular logic to their plan that’s also complicated by their refusal to take less than the asking price for their condo. 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.
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