Hi everyone, first time poster here so I hope I'm not doing anything wrong. I'm in need of a bit of advice on what I should do.
Background: I'm 18M, living in Toronto, Canada and my parents are, to the best of my knowledge of 18 years living with them, trustworthy. I have never been abused in any way by them, there's always food on the table, and their actions and motives have always been in my best interest. I truthfully believe that they would not intentionally try to financially screw me over.
That being said: I have approximately $12k in the bank right now, intended for use during university (I'm almost done my last year of high school. The money was in GIC/investments that matured about half a year ago; at the time of maturation the bank offered me a savings account with high interest for the first few months so my parents and I agreed to keep the money in the savings account until March, at which point we would set aside some money for my first year of university and then put the rest into another investment.
Just today, my mom asked me if she and my dad could use the $12k in my bank account to help repay their debt. They have taken out loans before for legitimate reasons related to small business. It's not MLM or anything financially unsustainable; it's a family business. Apparently, the interest on their loan had gone up and they want to repay their debt ASAP.
My mom promised me the following two conditions should I agree:
1) This will not affect my education whatsoever. For example, if I tell my parents I need $1k for purposes related to my studies, they will immediately send me the $1k, even if it means taking out another loan.
2) They will repay me the entirety of the $12k back within a reasonable time after my graduation.
Being 18 now, they need my consent and my signature to do anything since the money is in my account, under my name. We will be going to the bank on Wednesday regardless of my verdict.
As I have said previously, I truthfully believe that my parents wouldn't intentionally try to screw me over. That being said, this situation has the potential to completely derail my future. Reddit, I need advice. Should I say yes or no, and why?
Submitted March 25, 2019 at 08:45AM by CursedBlackCat https://ift.tt/2U9w48M
