My Dad Borrowed $50,000 and Paid Me Back. Why Was It a Complete Disaster?

Borrow or Loan money from family

Here’s an unusual story: A woman lends a relative a boatload of money. He pays her back. In full. With interest.

End of story, right?

Wrong. Read further.

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The 7-year-old Who Supported Her Dad

Young girl loans money to her father

(This story is about a girl)

Here’s a twist on the usual theme of kids of any age who borrow from their parents.

Mei is an attractive, petite woman in her late twenties who works in the advertising department of a large retail store. A first generation American-born Asian, she told me about regular loans to her father over the course of nearly her entire life.

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Would You Loan Your Family Money, Even If You Knew They Lied?

 

Lying woman wants to borrow money

The following blog post is part of the The Road to Financial Wellness  Blog Tour. Over a period of 30 days, the Phroogal team will go to 30 locations to raise awareness about financial empowerment. On June 6 they will be in the Washington D.C. area! Our goal is to help people learn about money by starting the conversation. We understand that local conversations can help bring about national awareness.

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I met William when he was doing plumbing repairs at my home. I’ve got an old house, so plumbing issues crop up periodically. We started talking and he told me about his dysfunctional childhood.

(It always amazes me when people tell me such intimate details about their lives, and not just about money.)

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