Personal Finance

Borrow money from parents?

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  • Jan 18th, 2011 11:00 pm
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Jr. Member
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Jan 12, 2011
105 posts
3 upvotes
Vancouver, BC

Borrow money from parents?

Would you borrow money from parents? Where's the line in terms of how much financial support you should ask from them? I'm going to graduate college soon and I'm wondering if I should still live with my parents. It's definitely cheaper.
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Deal Addict
Nov 26, 2005
3214 posts
387 upvotes
Vancouver
RedAlert95 wrote: Would you borrow money from parents? Where's the line in terms of how much financial support you should ask from them? I'm going to graduate college soon and I'm wondering if I should still live with my parents. It's definitely cheaper.

I pay them 1/3 of my wage
Deal Addict
Dec 5, 2003
1456 posts
158 upvotes
RedAlert95 wrote: Would you borrow money from parents? Where's the line in terms of how much financial support you should ask from them? I'm going to graduate college soon and I'm wondering if I should still live with my parents. It's definitely cheaper.

I would definately borrow from my parrents. Limit is as much as they can spare for the use that I need. I would only borrow for a property.

The plan I had when I first bought was 5 yrs 25k (a portion of the downpayment). I paid them back in just over 2 yr with savings and by taking money out of the equity of the property. For my situation my parrents were house rich and cash poor so they took out money from one of their houses to help me and I paid the interst on their debt. (Saved me CMHC ~ 5-7k)

If I could stand staying at my parrents home I would but I was too use to living away from home and I found it is easier to date girls when living away from home.
Jr. Member
Sep 26, 2010
108 posts
1 upvote
BURNABY
RedAlert95 wrote: Would you borrow money from parents? Where's the line in terms of how much financial support you should ask from them? I'm going to graduate college soon and I'm wondering if I should still live with my parents. It's definitely cheaper.

Borrowed 250k from my parents for my education. Worst decision ever. I always felt guilty and pretty much lived like a hobo during school. I was also forced to do pretty much anything they asked since I owed them so much.

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