Abby Connolly
Even if you have friends or relatives you feel you’d do anything for; it’s understandable if the idea of giving one of them a large amount of money gives you pause.
One woman is unsure what to do after her boyfriend asked her to give his mom a large amount of money to pay off debt she owes on her cafe.
She’s 29 and has been with her 32-year-old boyfriend for six years. They both live with their parents, but she plans to make a down payment on a house in the next few years. She is studying to get her master’s degree and working a few side jobs while her boyfriend works as a lawyer.
“I have quite a lot of money set aside that comes from my grandparents’ inheritance, [around] $159,300, which I am using to pay for university and extra activities,” she said.
“I always try to be careful not to spend too much since that sort of money could be used as a down payment for a house, and the remaining could make a good savings account once I move out and start building my financial independence.”
Her boyfriend makes a decent living with his job. Unfortunately, his mom is in a different boat. A while back, his mom purchased a cafe and is now in debt because she’s been behind on all sorts of payments.
Her boyfriend did what he could to help his mom, like taking out a loan from the bank, but she’s still in trouble and needs more help.
A few weeks ago, her boyfriend asked her if she’d be interested in paying one-half to buy his mom’s house, which would cost around $63,750. He’d pay for the other half, they could move into the house once she finished her master’s, and his mom would have some extra money to put toward her debt.
She told her boyfriend she’d consider this idea, but after speaking to a financial advisor, she realized it wasn’t the right plan for her.
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