This 28-year-old is risking his financial future to support his unemployed mother. Is it worth going deeper into debt?
In a recent Reddit post, Annie, a 28-year-old college student, shared her story of balancing financial responsibilities at home while working and paying for tuition. He lives with his mother, Erin, 48, and his two younger brothers, but his salary is small enough to help keep their family afloat.
Recently, Annie got a new job with the same salary but a better bonus, although she regrets telling her mother, who has always asked for financial support. The latest request – a $500 loan to repair a wall damaged by the family’s dog – was the one Annie didn’t fulfill.
“I had to take out a loan from a financial institution and have a bad credit card because he asked me for money to fix his car,” Annie wrote.
Annie gave her mother an early payment deadline, hoping it would help her balance her payments. However, when he reminded his mother of these days, his younger brother Eliot argued that he should feel more sorry for their mother.
With high rents and rising tuition costs, Annie feels caught between her dedication to her education and the family’s financial needs.
But does Annie really do any favors for herself at the risk of her financial stability to help her unemployed mother?
As Annie tries to support her family, she puts her own financial future at risk. By maxing out credit cards and taking out loans, she is putting her ability to manage her responsibilities – including the cost of her education – at risk.
According to the Education Data Initiative, the average cost of in-state tuition is $9,750, while out-of-state tuition is an average of $27,457. When you factor in the average student loan debt balance of $38,787, based on data from Experian, it’s clear that Annie’s situation is dire financially.
Some Redditers, seeing the long-term consequences, encouraged Annie to prioritize her future.
“You have to realize one thing: college and YOUR debts come first. DON’T LOAN YOUR MOTHER. “My mother decided to have more children and she has to support because she is old,” said ElmLane62.
Managing your finances effectively often means helping yourself before helping others – and it’s not selfish. Taking out a high-interest loan for a loved one can set you back, especially if you’re on a student budget or starting on an entry-level salary.
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