My parents want a loan $15k from me for the family business and I have already loaned them over $30k. I don't know what to do. I work in IT and have a high paying job making $80k a year.
My parents have done alot for me so I feel indebted to them. They have a financial background and my mom has a business where she invests money from relatives and friends. She has been doing this for like 15 years or so. I've always thought it was going well but now I have a feeling it's been going downhill rapidly.
They paid for my college and student loans OR SO I THOUGHT but 4 years ago when I was 23 I found out there was $20k not paid off and my parents asked me to pay it. I didn't think too much of it because it is my debt after all.
Then a year after that when I am 24 they ask to borrow $10k because my mom's business was not going well that year. I am a little worried now and I tell my mom to rethink her business. I give her the $10k telling her to keep it thinking how much they've done for me.
I am 27 now. A year ago my parents ask for $20k claiming it's an emergency for the business. They said they will pay me back in 8 months. I loan them the money but I am freaking out and I tell her to stop the business. They said everything is fine and just a minor hiccup.
Ok now so a month before they have agreed to pay me back they ask for another $15k emergency again but say they will pay me in a month. If I give them the money I will only have $10k left. I have loaned them so far $30k which they still haven't paid me back. If you include the amount they ask for now and the student loans that's a total of $65k at stake. (But to be fair $10k was a gift and $20k was student loans that I wasn't aware of).
I don't know what to do because my parents are saying what about all the money to raise me and college. Also they say since I'm not using my money why can't they borrow it? On top of that they refuse to tell any family/friends and also tell me to not tell anyone. Because they don't want anyone to know about difficulties in my mom's business.
Submitted October 01, 2017 at 07:01PM by trump_sucks_1990 http://ift.tt/2xMlOWl
