Its a huge deal to pay of your house.
And it doesn't matter how responsible someone is now you would be surprised what money can do to people.
When you work hard and pay a house off you have learnt so much not just about money but about goals and achievement.
I just wouldn't do it for my kids, other people can do as they want.
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19-06-2012 09:29 #21
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19-06-2012 09:32 #22
19-06-2012 09:33 #23
I would love to see my children live life to the fullest without a mortgage hanging over their heads. What a wonderful gift to be able to give! They would have more time for each other and their children without constantly worrying about working and bills.. Might even allow one of them to stay home if they wanted too instead of returning to work.
I hope I can do this for all of my children one day!
19-06-2012 09:37 #24-
- Join Date
- Apr 2012
To all the people saying you wouldn't pay off your kids mortgage. Would that change of you won $10 Million on lotto, and say the balance on your kids mortgage was $300,000?
19-06-2012 09:37 #25
So no, not everyone who is grown up with a family and has purchased a home is able to manage their money well.
19-06-2012 09:42 #26
It's not really a simple yes or no question is it? We can ony speak from our own POV. If our mortgage was suddenly paid of it would be awesome. It would make paying the private school fees easier, would mean we don't have to struggle for petrol week to week, would mean I could employ someone else so I could work a little less, would mean we could have an extra holiday with the kids each year. I don't really attach any pride to paying off a building, I really don't
19-06-2012 09:42 #27
Nope I wouldnt. Not even a car. I never had any Financial help from family even when we were desperate (I am talking big things like this- enough to buy groceries is different).
I would help out of they needed it and had proved that they are usually responsible with money. But not to the extent of paying off a mortgage.
19-06-2012 09:43 #28
I can't fathom having enough money to pay off 3 mortgages so probably not! If for some reason we magically started rolling in it...I don't think so either? I would do everything else to support them to make good financial decisions, to get a job that will sustain them and their choice of life style, I would bail them out if as a pp said they were going to loose the house but I don't think I would hand them that much money. I think I would give them smaller gifts if it helped them out, a car for example.
19-06-2012 09:45 #29
Yeh I definately would if I could afford it. But then you have to leave yourself enough money for your retirement/old age.
My dad has helpt us out a fair bit getting set up, but never paid out our mortgage or made our repayments for us.
He would never say 'I could but I won't'.
19-06-2012 09:45 #30
If we were loaded I would do what my friends FIL did with his 3 kids, they all had to save their deposits, get their mortgage approved and just before they signed the papers he asked them to show him the paperwork first, when they did he gave them a cheque for the full amount! He told each one not to tell the others so they all had no idea until the youngest bought his house! All were in their early 20,s and the average was about $300,000 ( this is 15 years ago!) they are now all successful business owners with bigger better houses
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