5 For Friday: Bank of Mom & Dad Style

Oh yeah, good ol’ Bank of Mom and Dad! Freakin’ love that place ;)  A commenter last week reminded me that I’ve been wanting to blog about this again, and what she shared about HER parents really sounded pretty cool.  I think I’ll even do the same one day! Here’s what Mrs.”O” said:

“As long as you keep your credit good (paying them back as agreed, or even better, faster than agreed) it is a 0% loan… They set up a “lend money to the kids account” for each child with a certain amount in it. If you don’t pay it back, there is no money left in the account to borrow…”

Brilliant!  It let’s you know there’s always money there for you if you need it for whatever, but if you don’t play by the rules you get cut off! Absolutely awesome. Had never heard of this concept before, but I think it really sets you up to learn and manage your money better.  Even if you F up and don’t pay it back for a few years, you can always wise-up and pay it off later to re-activate your credit line! haha… I wonder if $2,000 is a good limit?

So in the spirit of all moms (ow ow!) and dads out there, let’s rock out another 5 For Friday.  Drop your answers below:

  1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4)
  2. When was your last loan from them?
  3. What are your payback terms? Or do you secretly hope NOT to pay ’em back? :)
  4. Would you ever loan money to THEM?
  5. What do you love most about your parents?

I shall go first:

  1. Still open? Yup!  If I need ’em.  I don’t think it’ll ever be closed, and there’s something comforting in that. Not that I really use their services much anymore. Back in the day though I’d always ask them for loans, and then usually never pay them back :( I still feel horrible about that… I’d start and then they’d feel bad or wipe them clean for good behavior or something.  I did get straight A’s growing up! Haha… obviously not in money management.
  2. Last loan — Damn! I was about to say it was like 10 years ago, but then I remembered I took out a loan for a project I was working on a cple years back. Oh well… just shows how awesome they are! (and this time I paid ’em back in full, I’m all grownz up!)
  3. Payback terms — Anytime they lent me money, we’d go over all the terms up front so we were all on the same page.  Whatever amount I needed, we’d divide it by 12 months and I’d pay it off throughout the year, interest-free.  This last one was a few G’s, and I paid it off early.
  4. Loan to them? Of course!!!!  Because of them I was born (and you get to read this blog every day! haha….) so I’d do anything in the world for them :)  Whether I was financially stable or not – they’ve done so much for us!
  5. Love most — Their complete & utter LOVE for us.  They have never once let us down or allowed us to feel uncared for.  It sounds crazy, but there’s honestly not ONE thing I’d change about them at all.  I told a teacher that one day, and she was like “Oh come one, there’s gotta be something??” – Nope.  Even when I got in trouble growing up or yelled at them for being the “worst parents ever alive” I still knew I was being a little brat ;)  They’re incredible parents, and I pray I’m even a fraction of them when it’s my turn.

Man, I’m getting all sappy up in here! I’m just so freakin’ blessed… you never stop and really think about it sometimes, but it feels so good when you do.  I really gotta get better about calling/visiting them… actually….isn’t Father’s Day coming up soon??? Haha… anyways, it’s your turn now :)  Is YOUR Bank of Mom & Dad still open?

PS: Remember that show Bank of Mom and Dad?  I miss it… it’s where I “met” my girl Farnoosh!!  She’s awesome, you should say hi to her on Twitter :)

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  1. No Debt MBA June 10, 2011 at 8:43 AM

    Is the Bank of Mom & Dad still open to you? (If no, skip to #4) I think so. If I really needed it I think my parents would always bail me out.
    When was your last loan from them? Never. Thankfully. I gradually transitioned to paying for things on my own in high school and college and haven’t needed loans.
    What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)
    Would you ever loan money to THEM? Yes. My parents assets aren’t always liquid and it’s common in my family to think of the family’s financial success as a whole. If they really needed the money though I would just gift it to them
    What do you love most about your parents? They have always been there for me and have been extremely supportive.

  2. LLF June 10, 2011 at 8:58 AM

    1)yes, mine and mr LLF’s
    2)This past April
    3)ASAP, within a year unless it’s like 60+k
    4)yes, always will
    5)they always have our backs. Whatever trouble we have, they are always there to help as much as they can.

    P.S. Here’s another good questions. Are you close enough with your sibs for the bank of sibs to exsist. We are, and all of the above applies.

  3. Brian June 10, 2011 at 9:20 AM

    1) Yes, and I’m pretty sure my In-laws are open aswell (even though they shouldn’t be)
    2) It’s been a long time, I think my dad loaned me some money to buy gas in high school during baseball season when I didn’t have time for a part time job
    3) I don’t think they ever really expect it back, but I remember taking my dad out to lunch, sure it was Burger King, but hey I was like 16 at the time
    4) I would absolutely loan to them, but the chances of that happening are slim to none and slim is on his way out of town.
    5) LIke the posters above me, my parents are always there for me and my wife. My dad recently offered to pay our COBRA premiums (when my wife lost her job) if we needed him to. We didn’t because of our SEXY E-fund, but the thought was awesome!

    Bonus question: I would totally loan money to my sister and my wife’s Brother. Not sure I would take a loan from either though

  4. Tim June 10, 2011 at 9:29 AM

    1. Yea, it is still open to me. I would never use it unless I really desperatly needed it though. They made some bad money mistake sin their day.
    2. My last loan was probably about three years ago in college. I always offered to pay them back but for some reason they always said no. :) I guess it feels good to at least have someone offer to pay you even if it doesn’t matter.
    3. ASAP never set up timelines. More of a guilty conscious.
    4. I would loan money to them or even give them money without loan terms. They gave me so much after all.
    5. They are so caring for me and my sister.

  5. Austin June 10, 2011 at 9:41 AM

    1. I don’t think so… I’ve never had to ask for money before, and they probably wouldn’t be too keen on lending me money unless we were about to be kicked to the streets. If I/we asked for money, we’d probably get a book on financial planning instead :)

    4. Sure we would! They definitely wouldn’t need it because they have been awesome with their money and could shelter any storm I’m quite positive.

    5. They are the most wonderful people I’ve met. Their faith in Jesus has given them the ability to cope with a wide range of troubles and they have always been there for me (and now for my wife, too!).

  6. Dani @ OK, Dani June 10, 2011 at 9:51 AM

    1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4)

    Absolutely, and that bank will never close, though I doubt I’ll ever have to do any banking there after next year.

    2. When was your last loan from them?

    This week actually! Paying for grad school out of pocket instead of incurring loans w/ interest. M&D Bank is paying each semester up front for me and I’m paying them back $1K a month until I’m all paid up.

    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)

    Ooops, answered too early. 1K a month. And I would never default on a loan to M&D Bank. I love and respect them too much.

    4. Would you ever loan money to THEM?

    Absolutely! They’d NEVER accept it, but I’d try my best. They’d never need it though. They’re excellent with money.

    5. What do you love most about your parents?

    Aww, is it bad that I get a lil misty talking about my parents. I love that my mom grew up in a house w/o running water, and my dad grew up in the segregated south in a house with dirt floors, and they were able to build themselves up into financially free people, raising a healthy educated, loving family and help my brother and I have a start in life that was WAY better than what they had. They helped to instill values that I will pass on to my kids and also give my kids a start that is WAY better than what I had. They were the turning point generation for my extended family and I’m so very proud of them. Plus they’re good lookin’ and so funny. :)

  7. Stephanie June 10, 2011 at 9:59 AM

    1.Is the Bank of Mom & Dad still open to you? (If no, skip to #4) – Most likely. I mean, there isn’t a specific amount set aside, but if I needed something, they’d definitely help.
    2.When was your last loan from them? – I think it was back in 2004 when I bought my car. My dad put his credit card down for $100 to secure my car, and I paid him back when I signed the loan (like 3 days later).
    3.What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :) – There aren’t any specific terms. Right now, my mom and I are trading back and forth with the “i’ll get this, and you get that” theory lol.
    4.Would you ever loan money to THEM? – Absolutely.
    5.What do you love most about your parents? – They’re my PARENTS! lol It sounds stupid, but there isn’t one thing I love the most…they’re my parents so they’re basically awesome.

  8. BoeshaneHR June 10, 2011 at 10:14 AM

    1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4)
    Sorta. I never asked for money from parents – or needed to. But, the inlaws have a fund set aside for hubby to go back and get his bachelors degree. And they gave us a significant “gift” on our wedding day (in addition to a significant actual gift) that is a 0% loan with no due date.

    2. When was your last loan from them?
    See above.

    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)
    See above.

    4. Would you ever loan money to THEM?
    Now this is a loaded question! Luckily, neither my father/stepmom nor inlaws would need it so it’s not an issue. My mother on the other hand… I see her needing it at some point and no. Because she and I have different perspectives on money handling and she hasn’t proved she is good at managing it. (Which, I admit, is where a lot of my mistakes came from – doing things in a similar way to her instead of researching. I’m learning, slowly.)

    5. What do you love most about your parents?
    My dad has an amazing sense of duty and drive for helping others.My mom is very creative in everything she does, and marches to the beat of her own drummer, even when she knows it could make things more difficult.

  9. Matt June 10, 2011 at 11:10 AM

    1. Still open, always will be as long as they’re around. They’re extremely supportive to me and my siblings, both financially and otherwise. I plan to never do business with them again, however.

    2. My last loan was for $3,000 for care repairs and moving expenses towards the end of my senior year in college.

    3. My payback terms were I asked my dad pretty consistently for a year for the exact figure I owed them. He never got around to it so I did the math to find it to be about $3,000, then started paying them back $250/month to get them repaid in a year.

    4. I would loan to them as much as I would be willing to lose, but I don’t see this scenario every happening. They are very put together and pretty private about their finances. Also I have one sister who’s husband makes bank so they’d probably go to her first.

    5. I love them most for the fact that I know they’re always there for me. They’ve helped me and all my siblings out at some point in the post-college years (usually with a place to stay during transition periods). If anything goes down or even might be going down (I survived layoffs) they’re always immediately offering to help out. I love that with my nephews and niece they’re both doting grandparents and authoritative (mom was a teacher and self-employed day care provider, she can sure wrangle the young’uns). It definitely suits how they raised us: with love and authority.

  10. Katie June 10, 2011 at 11:22 AM


    Is the Bank of Mom & Dad still open to you? (If no, skip to #4)
    Yep! (Although it has been closed to my siblings. Which reminds me… I still have a “Get out of Jail Free card! Heck, if they can be bailed out MULTIPLE times, I get at least once, right? HAHA! “I’d rather be in jail than have my (mother) hit me!”)

    When was your last loan from them? Hmmm… it has been a while. At least three years… I didn’t have dental insurance and REALLY needed to go to the dentist – so BOM&D lent me $2,000 to make sure ALL the work I needed to get done, got done.

    What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)
    Payment terms are basically I sent them some type of amount every month until it is paid back. They put that amount back into “my” lending account. Easy to see when it is all paid back… cause the correct amount is back in the lending account! (Sometimes, though, if I am really close to having it paid off – say $300 more – my mom sends me an “official” letter telling me my loan has been paid up and to cease making payments – pretty cool!)

    Would you ever loan money to THEM?
    I don’t think this is ever going to be an issue for my parents, because they have always done all the right things with their finances – but if they needed something and I could provide it, you are darn tooting I would!!!!

    What do you love most about your parents?
    I love how they bicker with each other. I do. It is amusing, lol. I love how they are and always have been there for me through each “developmental” stage of my life. No matter what has happened or is happening – I can call them at any moment. Like when I was having a panic attack at 2 am when hubby was deployed – called and they BOTH got on the phone to talk me through it. I love how they tell me I am making a mistake – but then never say “I told you so”. And I really love how when I turned 21, my mom came to visit me at my duty station to “teach me how to drink” – which sounds odd – but the premise behind was to “teach” me not to drink something really cheap and nasty “just to get drunk” – that “getting buzzed” should be an added bonus to drinking something you actually enjoy! LOL
    Basically, I just love them for being freaking awesome every step of the way. Even if my mom still has my College Degree at her house and hasn’t mailed it to me yet because she ” likes looking at it cause its so pretty and makes her so proud”. :)

    Bonus Question about sibilings – I would never lend them a penny. I am not even sure if I would GIVE them a penny. Not really close to my siblings. (Step-siblings – they always have been just rotten. Maybe I should forgive them for some things, but I will never forgive them for how they used my dad and hurt him growing up.)

  11. Matt June 10, 2011 at 11:29 AM

    Addendum to #2: my senior year in college was three years ago.

  12. Amy Lou June 10, 2011 at 11:36 AM

    1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4) Nope. They’re poor.

    2. When was your last loan from them?

    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)

    4. Would you ever loan money to THEM? Nope. They’re poor because of their spending habits.

    5. What do you love most about your parents? I love them because they’re my parents.

  13. Amy Lou June 10, 2011 at 11:54 AM

    Reading all of these posts about great moms & dads makes me a little sappy. I didn’t have the positive parental experience that y’all had, but my hope is to raise my kids (the ones I don’t have yet!) so that this is how they feel about their father (whom I have not yet met!) and I when they’re adults. Thanks for sharing!

  14. Steve A. June 10, 2011 at 12:18 PM

    1.Still open? Yes, I’m looking to borrow $10,000 for PV panels on my roof. As long as I save up at least 50% of what I’m asking from them, and remain on schedule to payback my previous loan, they’re ok with giving me 0% interest. Normally I wouldn’t ask for money to do PV, but the local and federal incentives mean I can payback $6,000 the first year, and $1,500 every year thereafter, till 2020.

    2.Last loan — $15,000 @ 0% – to install a 480 sq.ft. shop behind my house. Again, I had to have 50% equity. The payback has to be at least $100 a month, until the loan is returned.

    3.Payback terms — $100 a month, per loan, @ 0%, until things are paid back.

    4.Loan to them? Would if they needed it. But they’re very financially comfortable.

    5.Love most — We’re all very open about our finances and even talk around the dinner table about the best savings account returns, stock tips, stock losses, CD rates, potential pitfalls, etc.

  15. FinancialStatus10 June 10, 2011 at 12:38 PM

    1. Bank of Mom is still open!
    2. I actually used Bank of Mom recently
    3. My mommy has me send her an email stating my terms for the loan. It is usually within 30 days with 10% interest (We all know savings acct aren’t brining high interest rate so my way of getting it is stating you will make money off of me). If it is not paid within 15 days after the 30 day deadline the interest rate goes to an extreme number. I’ve only asked my mother twice for a loan since I graduated College and that was in 2005. The first time was last year when I was working temp positions and she honestly wasn’t expecting to receive the interest because of that she had no problem loaning me money again.
    4. Yes, she can take a loan from Bank of Daughter!
    5. No matter what, my mom is always there for me!!

  16. Jenna, Adaptu Community Manager June 10, 2011 at 12:45 PM

    1. Yes. I don’t think it will ever be shut down for good.
    2. When I was 20, I borrowed $2,000 from my dad to go to Greece to study Greek Mythology.
    3. Slowly over the course of the year.
    4. Of course! But that hasn’t happened yet. Unless you count babysitting my brother for free…
    5. What they love me no matter what I do. My mom’s ability to give so freely. And that my dad always calls me before he gets on a plane to say I love you.

  17. Diana June 10, 2011 at 1:13 PM

    1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4)
    2. When was your last loan from them?
    4 years ago when I bought my house, they loaned me the down payment.
    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)
    They expect me to make progress on the loan. The only penalty is a dose of Catholic guilt (pretty effective, actually).
    4. Would you ever loan money to THEM?
    5. What do you love most about your parents?
    They are always there for me and my siblings, and they try so hard to not be overbearing, ask questions, or push us into things we aren’t ready for. On the money front, I love that they are SO CAREFUL that they give or help us each equally. None of us care that much…but it’s really sweet that they are so thoughtful!

    Bonus: I would definitely loan to my siblings if they needed a large amount, for smaller amounts I would just give it to them. They are both in school and I have a grown up 9-5 job, so I’m in a better position to give back to them a bit.

  18. JerryB June 10, 2011 at 2:23 PM

    1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4)
    Yes, although my oldest brother is maxed out.

    2. When was your last loan from them? 1982 or 83, paid off by the end of ’85

    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :) Whatever I could afford to pay them each month.

    4. Would you ever loan money to THEM? In a heartbeat. I doubt it will ever come to that, but I wouldn’t even hesitate for a second.

    5. What do you love most about your parents? Mom and Dad were always there when I needed them.

    Side note: My Sis and Bro-in-law paid out of pocket for my Niece’s college. She owes them $100/mo forever.

  19. Kathy June 10, 2011 at 2:44 PM

    Is the Bank of Mom & Dad still open to you? (If no, skip to #4) not really….if I was in dire straights, then, yes, they would help me out.

    When was your last loan from them? when I bought my first car back in 1984 or 85….I borrowed about $900 & paid it back monthly for about 18 months interest free

    What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :) n/a

    Would you ever loan money to THEM? absolutely!

    What do you love most about your parents? that they love me unconditionally. and, believe me, I can be pretty unlovable (read: moody/cranky) at times…I’m a Gemini and those traits can manifest before you have time to blink!

  20. Melissa June 10, 2011 at 5:21 PM

    Great post!!!

    1. Of course! Well, I hope so! I’ve never needed to take a loan from them, thankfully, but I think if I needed something, and I offered them a plan as to how and when I was going to repay them, they’d be happy to help me out.
    2. I’d hope for 0%, but consistent payments. But again, not really applicable.
    3. Hypothetically, I’d secretly hope not to pay them back! ;) I mean, not really. But for small things, this happens often, because my parents are awesome. Like, for example, recently my parents were at Costco and saw a good deal on a memory foam mattress topper, and they knew I’d been wanting a new one. My mom called and told me the price, and asked if I wanted them to pick it up for me. I said yes, please! When I went to pay them back for it, my mom told me not to worry about it. My parents are awesome.
    4. I don’t know. This is a tricky question. My parents, while they make a very good income, truthfully have a history of not being really awesome with money and have a sizable chunk of credit card debt. I, on the other hand, am just starting my career and I make a really small income, so it could be a real financial burden for me to lend them (or anyone) money. When I was a student, I was approved for a line of credit that was about $10,000 larger than I ever could have used. My mom floated the idea of me letting them use that money to pay down their credit cards (it was about 3% interest as compared to 20% on their CC), and then she’d make the appropriate payments on the LOC. I fully trusted that my parents would do everything in their power to take care of the loan, but as an almost-journalism grad with about $10 to my name and (at the time) no job past graduation, I was made incredibly uncomfortable with the idea. Like, what if one of them suddenly lost their jobs and couldn’t find another, and I’d be saddled with a massive LOC in my name? My mom sensed how uncomfortable I was (I didn’t want to have to say no to them!) and backed off. Now, I’m only in a slightly better financial situation, so maybe it’d be different, but it would have to be a loan in an amount that I could afford to lose, I think. (That said, if they were in serious financial trouble, then I would certainly do whatever I could do to help them.)
    5. Just everything. The fact that, even though I’ve been on my own for a few years, they still call to check in, and do sweet little things to help me out, like fix things around my apartment, or slyly pay for my mattress topper, because they know I’m sort of struggling financially. (Personal sidenote: By parents I mean mom + stepdad; my bio dad never got the whole “little things = parenting” concept, so for that I’m extra grateful for everything my stepdad does for me.)

    Man, that was a long comment. I feel like I should crosspost that whole thing to my own blog!

  21. retirebyforty June 10, 2011 at 6:54 PM

    1. still open? No, we are better off financially than they are.
    2. When we purchased our first home in 2001. They lend us part of the down payment.
    3. We didn’t really have terms. We paid back over the years. It’s different with Asian family. We sent money to our parents pretty much every year.
    4. We gift them money. I wouldn’t loan a huge amount to my dad. He is bad with large chunks of money.
    5. Tough question. Unconditional love of course and we shared a past that is full of history.

  22. Adele.fred June 10, 2011 at 7:59 PM

    1. Both my parents have passed, my dad @ 58 (lung cancer) my Mom @ 69 in a terrible semi/car accident.
    2. My Mom lent myself and my first husband 3k for building our house.
    4. I wish I could.
    5. I was my dad’s favorite, why I am not sure. my Mom was the smartest person I will ever know.
    Side note, I have 6 siblings who do not get along, my first husband’s (who passed at 47) parents live next door and my second husbands family are all over the place makes me feel ever so much loved.

  23. South County Girl June 10, 2011 at 10:15 PM

    Its up over at the blog again!

    Still open? Yes technically but i won’t no matter what … and that’s by my own choice. After borrowing some money for text books to float for a few months and having her change all the terms of the agreement and flip out on me is something I don’t want to deal with again. From now on I don’t loan money to friends and family. If I can’t “give it” without needing it back it doesn’t get loaned and I won’t borrow.

    Last loan — The text books/tuition for college

    Payback terms — Originally it was whenever I got the money… no rush…. then after about a month she started going off about demanding the money back in full because my sister kept borrowing money from her and not paying her back… I turned around, waited till I got 2 paychecks and handed her the money in cash so i didn’t have to deal with it.

    Loan to them? Nope. See question 1… plus my family is very forgetful… and will say they have paid you back when they haven’t.

    Love most —It’s just my mom left… and we don’t have the best of relationships to be honest… I think for me what I love most would be that she houses, fed, and clothed me until I left her home when I could.

  24. Crystal June 10, 2011 at 10:56 PM

    1. Still open? Probably but I rather eat cow poop than ever take a loan from them again.
    2. Last loan? $8000 that I borrowed for college between 2002-2005 but they forgave it after I graduated and made a couple of payments.
    3. Payback terms – 5% interest in 2005 when ING was paying out 4.5% but then they forgave the loan – I only paid back $500-$800.
    4. Loan to them? Yes, but I would hope they’d never need it. They save well and seem to like my little sisters better anyway – my soon-to-be-psychologist sister (I am truly proud) would probably be their first choice if hell froze over and they needed money.
    5. Love most? I love that my mom is kind to strangers and my dad will support her no matter what. I also like that we don’t have to deal with each other much anymore. Thank gosh for awesome inlaws!!!

  25. bleu June 11, 2011 at 2:47 AM

    1. Is the Bank of Mom & Dad still open to you? (If no, skip to #4) Yes
    2. When was your last loan from them? Dad loaned me 1300 last year.
    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :) I definitely have to always pay them back. My dad’s rule is how you get is how he wants it back… no payment arrangments. I plan to pay him back this year.
    4. Would you ever loan money to THEM? I would totally loan money to my parents, but they did so well, I can’t seem them every needing a loan from me.
    5. What do you love most about your parents? I feel so blessed to have the parents I have. They worked hard, and not only gave me advice but led by example. They gave me wonderful values and standards! They gave me confidance and esteem and traditions. I love them both dearly.

  26. thehouseflipguy June 11, 2011 at 9:05 AM

    I actually do borrow money from my mom from time to time when I have a project going. The reason is she usually just keeps money in savings so I pay her a little more than the interest she is earning. For me it is cheaper than going to get a loan at a bank for one of my projects.

    However, I only borrow to the point it impacts her. Also, its always an amount of money that I could replace quickly if I had to – such as thru a home equity loan.

  27. Jen @ Master the Art of Saving June 11, 2011 at 5:50 PM

    1) Bank of Mom & Dad still open to me? Dad’s kinda poor. Mom & Stepdad are open, but I always try to not borrow money. I feel that if I don’t have it to begin with, then I might not be able to afford paying it back. I’m sure that if we were gonna get a house, I might ask for a little loan.

    2) Last loan from them? At least 6 or 7 years ago.

    3) Payback terms? I always expect to pay back anything I borrow, and I make it a priority to pay it off ASAP—without neglecting our other financial obligations. They don’t set any terms because they know I hate to borrow money.

    4) Loan them $? Dad- no way. He would just give it all away, which is why he’s so broke. Mom & Stepdad- I couldn’t really imagine them needing any, but I guess so. Wait, my mom actually borrowed 20 bucks from me last year to give to a homeless woman. She paid me back within the week, she just didn’t have any cash on her.

    5) Love most about the ‘rents? Knowing that no matter how much I screw up, they will always be there supporting me and helping me right things. My Stepdad is really good with money and investing, so it’s always fun to talk with him. My dad and I can talk about almost anything. My mom is kinda like a girlfriend when she’s not busy criticizing me and telling me what to do. Nobody’s perfect, but these people will always be there for me and loving me—I am truly blessed and never take that for granted. Sometimes they drive me totally nuts, but deep down they always mean well. :-)

  28. Absentminded Mother June 11, 2011 at 9:56 PM

    Is the Bank of Mom & Dad still open to you?
    I think it is as long as the loan isn’t too big.
    When was your last loan from them?
    They loaned us money for the down payment on our house in 2008
    What are your payback terms? Or do you secretly hope NOT to pay ‘em back? :)
    We paid them back as soon as our taxes came back.
    Would you ever loan money to THEM?
    If I had money, I would loan them money, but I don’t think they would ever ask. I think my mom would ask her parents first before she asked me.
    What do you love most about your parents?
    I love that my parents keep teaching me life lessons all the time and are always there for me and my family.

  29. Darwin's Money June 12, 2011 at 3:32 PM

    My parents did a cool loan with me for college. I had a zero percent loan for my college costs and I paid back $250/month for years once I started working. It took a long time to pay it back, but I learned about debt, repayment, responsibility and I was never saddled with high interest student debt.

  30. J. Money June 12, 2011 at 5:00 PM

    Another good question too, courtesty of LLF — “Are you close enough with your sibs for the bank of sibs to exsist?” YUP! I’ve loaned money to one of them before actually, and all is great on that front :)

    @No Debt MBA – That’s awesome :) I’m still getting my mind right for “gifting” over “loaning,” but I’d 100% hook up my family too whenever they needed anything.
    @LLF – Ooooh that is a good question! That’s great you all support each other like that!
    @Brian – Haha, that was always the best! Being able to take your parents out to eat when you started to have the funds and/or transportation ;) We used to take ’em to McDonalds all the time!
    @Tim – You’re right, it DOES feel good knowing someone has your back! Even if you never take them up on it.
    @Austin – Love to hear it! :)
    @Dani @ OK, Dani – Awwww, now you’re getting ME misty eyed! haha.. they seem like wonderful people – thank you so much for sharing with us on this one :) Damn good loan too – 0% interest helps incredibly!
    @Stephanie – Haha, true that – parents ARE awesome, even if only to bring you into this world of theirs ;)
    @BoeshaneHR – Another 0% loan term, I love it! Sucks about your mother’s money habits though, maybe she’ll start learning from YOU now? :)
    @Matt – Hah! Good for you on finding out about that $3,000 amount – dads are funny like that sometimes ;) Sounds like you all have a great family, that’s wonderful!
    @Katie – Your mom sounds FUN!! Haha… mine used to come to my college parties every now and then and sip her wine ;) I think they like knowing that when we’re drinking we’re doing it at least somewhat responsibly, and the fact that they’re willing to come along with us during the festivities shows they care too. And not nearly as dorky as when they wanted to hang with us back in elementery school! haha… I hope you never have to use that get out of jail card btw ;)
    @Amy Lou – Awwww, I can’t wait for you to have a loving husband and kids one day!!! You will love them to pieces and everyone will be rock stars with their money ;) Haha… just a matter of time, baby!
    @Steve A. – That is so cool!!! I’m always impressed/grateful when the older (to me) crowd discusses money so openly like that, esp my parents. Def. makes things sink in more, and we all know who to come to when we have questions/concerns! That 50% deal is pretty smart too, I dig that. Thx for sharing man :)
    @FinancialStatus10 – Awwww, that is great :)
    @Jenna, Adaptu Community Manager – Haha… how old is your brother?
    @Diana – Haha… “grown up 9-5 job.” That’s sweet of you :)
    @JerryB – Haha, nice. Maxed out for sure!
    @Kathy – Especially in your teenage years I’d imagine! If you’re anything like my sister was, anyways ;) Haha…
    @Melissa – Yes! You should!! Cuz it’s so honest and REAL, ya know? I loved reading your comment :) And the idea of letting ’em use your $10k LOC is fascinating – esp since they have a very good income. I was kinda hoping you DID let them so I could have read what ended up happening, haha, but I think those uncomfortable feelings were probably there for a reason :) So way to go w/ your gut! And your mom was awesome enough to pick up on it. Thanks for sharing Melissa!
    @retirebyforty – Interesting, I didn’t know you were Asian – that’s cool :) I know a lot of kids that send money back to their families too, such a fascinating culture. Especially the Korean culture – which I got to experience a little when I lived there during high school! I really wanna go back some day…
    @Adele.fred – Oh wow, I’m so sorry to hear about that :( I’m glad you feel so loved w/ everyone all around though! That is so good :)
    @South County Girl – Oh man, that makes me sad :( It kills me hearing when parents don’t get along w/ their children… We got nothing but love for ya here on this blog though! :) Thanks for sharing!
    @Crystal – Haha… you said “cow poop.”
    @bleu – Yay!!! And $1300 isn’t *too* much, so that’s good.
    @thehouseflipguy – That makes sense if you’re flipping houses! LOVE that wallpaper on your recent post btw, that is awesome!! Though something tells me you’re not gonna keep it around ;)
    @Jen @ Master the Art of Saving – Haha… I think driving you nuts is part of their duties ;) I like it how they both give away money too! Good hearts those ones.
    @Absentminded Mother – Yeah, I wonder how much “too big” is in my parents case too. I might have to pretend I need like $60k and see wha happens, haha… though when it’s never a *need* it gets harder to convince ;) I’m sure they’d loan us tons if we absolutely needed it. Let’s just pray that’s never the case!
    @Darwin’s Money – Yes! Love it! I think it’s a GREAT way to learn and not be a dufus throughout college/afterward too, since you know you need to get that money back ;) Now you can be a dufus all you want, haha… actually that’s never true.

  31. Jenna, Adaptu Community Manager June 13, 2011 at 12:45 PM

    @J. Money – 21 now, but I used to watch him when he was little.

  32. Jaclyn June 15, 2011 at 4:12 PM

    1. Is the Bank of Mom & Dad still open to you? Yes if I really absolutely need it though

    2. When was your last loan from them? $10,000 to buy our house.

    3. What are your payback terms? Or do you secretly hope NOT to pay ‘em back? They said not to worry about it but I’d love them pay them back and give them more. They’ve done a lot for me over the years. Right now it’s no possible to pay them back since my husband got laid off.

    4. Would you ever loan money to THEM? Absolutely.

    5. What do you love most about your parents? My husband got laid off a couple of months ago. My parents gave him a side job to help us out. They have 7 kids and they treat us all the same. They taught us to work hard for our money and it’s a lesson i hope to teach to my kids. They are fun to hangout with. Sometimes I’d rather hangout with them then my friends. They are still very much in love (45 years married). In fact I got married on there 44th wedding anniversary. The inspire me that a couple in love can last even through financial problems.

  33. J. Money June 15, 2011 at 11:14 PM

    @Jenna, Adaptu Community Manager – Word.
    @Jaclyn – Wowwww, coool!! They sound like such great people – thanks for sharing with us :) I hope your husband gets back on track soon too! Have a great week!

  34. WinrWinrChknDinr June 18, 2011 at 4:31 PM

    1.) I am sure BoM+D would be happy to lend to us if we needed it. For whatever reason, we turned out to be the high income earners in each of our families (the Mrs. has a BS in BioMed Engineering and a PhD in Physiology and the Mr. has BS in Electrical Engineering), so we don’t really need it. Our siblings still seem to get loans from BoM+D though.
    2.) Not a loan, but the last financial thing we got was reimbursement for the Mrs.’ Maid of Honor dress for her sister’s wedding this fall. Mom though it was fair, since she paid for the sister’s dress when she was a MoH when we got married. While we don’t need the money, we aren’t going to turn it down. The Mr.’s parents paid alot for college, so it is assumed that there doesn’t need to be borrowing for a loooooooooong time.
    3.) I made two promises before I went to college. The first was to my older brother that the next time the Green Bay Packers went to the Super Bowl, we would be there. Feb. 6, 2011 at Cowboy Stadium took care of that one. The other was to my dad that I would buy him a Corvette, the car he always wanted. The only deal was that he would have to drive the wheels off it. While I haven’t sprung for the car (yet), I have every intention of keeping it.
    4.) Absolutely. I wouldn’t call it a loan though.
    5.) Our parents were always there for us. They were at every game or meet. They kept food on the table, clothes on our backs, and a roof over our heads. Not to mention the unconditional love they gave. Do we have the greatest parents ever? No. But they were really good, and we wouldn’t be here without them (literally/figuratively).

  35. J. Money June 19, 2011 at 1:46 AM

    haha…. that last line is awesome ;) and I want to hear about it the SECOND you get your dad that ‘vette!!! Good for you on keeping your promises like that – it makes life so exciting :)