I'm in a pickle biz

Garbage Can Lid
Garbage Can Lid

I'm in a pickle biz.

My parents want to pay for the rest of my education (80k). They have already paid the first 80K.

However, I am worried that they cannot afford it.

They make around 175k a year, but don't have much saved (1.3m ish, soon to be 1.7m after they sell a house). They are in their sixties. I am worried about them getting sick and going broke. They own all of their assets and have good insurance.

I also feel like if I take on this debt, It would really motivate me to get my ass in gear and pay it off. I will have a commissions based sales job after college and if I work hard enough I could make 80K+ a year. I have been given a lot of things in my life by them and have fucked off a lot. I don't want handouts anymore

However, I could let them pay for it, still get the same job I have been offered, and use the money to get started in real estate (my plan).

They told me they want to do this for me and all say is if I really feel guilty I can help them out when they're really old.

I'm going to help them out either way when they are older, but I am afraid that by having them pay the rest of my education I won't work as hard when I graduate because I will have nothing looming over my head.

thoughts?

Sir_Gallonhead
Sir_Gallonhead

Take it.
Don't waste money on interest by extending payments longer than you have to.
If it really means so much to you get motivated and pay them back.

farquit
farquit

@Garbage Can Lid
rollerino for the short brunette

askme
askme

@Garbage Can Lid
henry rollins

massdebater
massdebater

@Garbage Can Lid
Well I think you simply have two clear options here.
1. You let them pay for the rest of your education and enjoy a clean start in your adult career with no debt. Obviously this is the smarter decision financially, and well cause you a lot less stress, even if you do feel guilty about it.
or
2. You accept the fact that they have already paid the first half of your education, and you take it upon yourself to finish it on your own. 80 thousand dollars is quite a bit of debt, and you'll be paying that off for quite a while. But - at the end of the day, good or bad, you know that you're doing it yourself. It sounds to me like your heart is leaning this way. There's two kinds of people in this world. Those who will take any advantage or shortcut they can get to put themselves ahead, and those who like to achieve things themselves, through their own hard work.
I guess alternatively you could borrow it from your parents, that way you don't get raped with interest. This allows your parents to still help you out, but at the same time you're taking on a responsibility to a debt.
Think about the pro's and con's of each, and think about how they will impact the years to come for you. Just remember, success doesn't come from making bank. It comes from the sense of pride and accomplishment.

idontknow
idontknow

check em

PackManBrainlure
PackManBrainlure

@Garbage Can Lid
TBQH... I know this is a sad thought but you might lose your parents soon, if they die in 7 years you will feel like shit because you'll have sucked them dry but they can't do anything with that 80K.

40K (assuming they spend 40K on a bucket list trip) in a 10% a year fund just for example is a over 40K profit, meaning when they die you will get literally the same in inheritance money BUT they will have lived better AND you will get a chance to earn it yourself.

You can instead spend money in your 30's on fun stuff like your own round the world trip when you *deserve it*.

If you get a full ride from your parents you'll turn rotten and entitled beyond all imagining.

I would be worried about that kind of power.

PurpleCharger
PurpleCharger

@PackManBrainlure
1.3m saved
80k for education
"you'll have sucked them dry"

Fuzzy_Logic
Fuzzy_Logic

@Garbage Can Lid
Take all your parents money, you can always take care of them with their investment to your skills.

viagrandad
viagrandad

@PurpleCharger
Yeah I'm really not following this reasoning. OP is worried about $80k from parents who have over $1.3M in savings and earn almost $200k annually.

I really don't get the issue.

I'd take the $80k and then some. If it bothered you, repay it when you get a job. Then get it back again when they pass.

WebTool
WebTool

@viagrandad
The money that is saved can be invested now and grow exponentially over the years

Need_TLC
Need_TLC

@Garbage Can Lid
Why not accept it but pay them back? You don't have to pay off debit and can make your cash, but still don't have them giving away all their money.

Garbage Can Lid
Garbage Can Lid

@WebTool
So?

askme
askme

@WebTool

In all likelihood, your parents will not live long enough for the $80,000 to make very much difference in their lives. I'm not being gruesome, just stating the facts.

Also, if they're still working, $80,000 over two years is peanuts. They'll pay about that much in taxes over the same period of time. Your parents are also old enough that Social Security is going to be there for them so that's a bit of extra money they'll be able to get. Based on what you're saying about their combined income, they could get about $50,000/year from Social Security alone. Unless they have very extravagant lifestyles or are in very poor health that requires very expensive medical care, they are highly unlikely to run out of money.

Poker_Star
Poker_Star

Let them pay for it. You don't need to fuck with loans and interest and all that other shit--it is not worth it. If you want to, pay your parents back at a later date and benefit both of you instead of a 3rd party government/banker.

They have an amazing retirement compared to the majority of people, however, it is somewhat mediocre considering their situation. But it's still more than enough to live on. Once you graduate, you're going to be saving money and investing it. You can set some aside in an investment fund earmarked in their interest (but under your control/name), and have that as a fund that can go towards your parents retirement expenses if they need it. In all honesty, they probably won't. I've been in quite a few caregiving/planning situation, and when they say, "Help us out in retirement," trust me. You'll be helping them out. Maybe not monetarily, but in time, effort, and a million other tasks. If they need money, you'll have an investment account you can tap into. If they don't, then you have an investment account. So, let it go for now, take their money, and let it benefit you both in the future.

Snarelure
Snarelure

@Garbage Can Lid
C'mon dubs...

WebTool
WebTool

roll

SniperGod
SniperGod

@Garbage Can Lid
Parents have 1.7m saved
Want to give you only 4.7% of their savings to invest in your future
Investment would put your net value immediately in the green allowing faster and better growth
S-should I take on proportionally massive debt with interest instead?
W-will they be ok with only 95.3% of their $1.5m+ savings?
This is you. Why are you being you? Your parents will be fine and if you're worried about them treat their money like an investment. Get them the best possible return if they get in trouble. Or would you rather give someone else a return?

Raving_Cute
Raving_Cute

@Garbage Can Lid
Student loans

also roll

likme
likme

@Garbage Can Lid

I will have nothing looming over my head.

Yes you will user, and you already know that. You will have to repay them for their sacrifice,and at least this seem very clear to you. Use that as motivation. Your parents will be fine, considering the amount of assets they have.

Also, roll.

Gigastrength
Gigastrength

Dubs get

Firespawn
Firespawn

@SniperGod
This.

@Garbage Can Lid

OP, use the moral pressure to get the best out of your studies. Make them proud, feeling like paying those 80k was actually the best investment they could have made.

It took me a great deal to learn how accept generosity from others, but know this: they care about you. Not taking this money and trying to keep a score is a selfish decision.

Stay based.

ZeroReborn
ZeroReborn

those swimsuits are literally disgusting

PurpleCharger
PurpleCharger

@Garbage Can Lid
rollin.

Nah you should do it and learn to use discipline instead of motivation.

WebTool
WebTool

rolling

Illusionz
Illusionz

@Garbage Can Lid
roll

massdebater
massdebater

Who the fuck spends 160 k on their undergrad?

likme
likme

@Garbage Can Lid
rollan

@Illusionz
congrats mate

TechHater
TechHater

gibs gold bikini grill pls

Gigastrength
Gigastrength

@massdebater
People who go to Ivy League schools

TreeEater
TreeEater

@Garbage Can Lid
Roll

Flameblow
Flameblow

what? rolling

Fuzzy_Logic
Fuzzy_Logic

@likme
kek

congrats mate.

1-25 please

Poker_Star
Poker_Star

@Garbage Can Lid
See their money as a loan, rather than a gift. Work to repay them just like you would work to repay a lenient bank. Put a little bit of interest to yourself if you are late. Learn self-discipline.

Carnalpleasure
Carnalpleasure

@Garbage Can Lid

If this $80k+ sales job is so locked down, then what do you need to go to a 80k tuition school for? Go finish your degree at a state college. The only reason to go to an expensive school is for networking with other's who have means and ins OR because you intend to pursue academia.

ZeroReborn
ZeroReborn

@Garbage Can Lid
rollin'

Bidwell
Bidwell

@ZeroReborn

Gay person or woman detected

In either case, please get the fuck out.

kizzmybutt
kizzmybutt

@Garbage Can Lid
tfw I work since I was 16
if I work every day till the age of 70
add all my pay-checks together
it will not add to 80k

just nuke my country please

Emberburn
Emberburn

@ZeroReborn
kek

happy_sad
happy_sad

@ZeroReborn
get fucked

Poker_Star
Poker_Star

@Garbage Can Lid
you could just kill yourself desu

Methshot
Methshot

@Bidwell
this

Supergrass
Supergrass

@Garbage Can Lid
My parents paid for my tuition and I wouldn't say it made me work less hard. It probably helped me find a proper job faster actually, because I didn't have to get one at Walmart like my debtor friends.

But that's just how I'm wired, you might slack off more if you don't have an external reason.

Garbage Can Lid
Garbage Can Lid

roll

Spazyfool
Spazyfool

@WebTool
investment in skills is a much higher ROI

Spamalot
Spamalot

@massdebater
Sound advice

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