I think that idea is sheer genius. Especially keeping it a secret so it was a surprise for the other siblings.
Yes only if he was about to loose it and not to his own stupidity.
Yet I wont pay it off all together. Like Super Trooper, I would give enough for him to make the necessary repayments and bail him out.
I then would start laying rules down on how to repay me. It doesn't have to be payment in money. It could be other things. Maybe some community work/volunteering. Something he learns and grows from.
Probably not pay a mortgage off maybe put some towards helping them pay it off. I would open bank accounts for my grandchildren and have the money in their to help pay towards their education (primary/high school and uni or tafe) IF I was in a financial situation where I could help like that.
Mind you my grandparents are in a similiar situation where they have lots of money they bought my dad a house when he left my mother as a 'celebration'. Rich people are horrible and thats just based on family experience.
I would help them out as in LOAN them some money for a deposit on a house.. that's about it. No way would I spend my hard earned cash to buy my children a house or pay off their mortgage. I believe people need to stand on their own two feet. I wouldn't sit by and watch my children struggle but no way would I be buying them holidays/paying off mortgages. My children will be taught the value of money from early on. Even now they don't get much extra stuff during the year.. just presents for Christmas and birthday and we don't go overboard either. We like to spend our money taking them on outings and holidays.
yes. we have trusts for our children (though we probably wont tell them about it until later, in case they figure theres no need to work/save for a car/house deposit since they have trusts) and are going guarantors for my sister to buy a house (she has the deposit, but her govt job is all contracts, so cant get the mortgage)
we were helped by our family, after we had already paid off our first house, and were nearly paid off our second place, so i like to pay it forward so to speak.
my sister saved 50k in 5 years (on a 50k salary), by housesharing, only going out on cheap tuesday/halfprice day, when she travelled she stayed in dorms (she went through europe, south america and south east asia on her annual leave) she doesnt drink, is really cutthroat with banking (she changes for better interest rates often, and will make sure she deposits x amount for bonus interest etc) but spoils her nieces (gave dd $500 worth of pressies at birth).
she lives on 20% of her salary and banks the rest.
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