Loan to younger brother

[sahtt]

I'll give him as much help as he is willing to receive but I am not going to give/loan him any money. The idea seems a bit silly now. The story I didn't share is the tough life my brother has had and that I am unbelievably proud he is about to graduate college and want to help him in any way I can. He wasn't a decent reader until he was almost out of high school while I was two grades ahead in every subject since the 3rd grade. In addition, my parents' divorce was extremely rough on him while I was a freshman in college and somewhat isolated from it.

This won't help him though. He needs to humble as possible and I bet if I told him "you can buy a near new toyota yaris for 8k" he'd scoff at the idea - which is exactly why he needs a toyota yaris.

My daily is a beat up civic with 130k miles I paid <$8k for several years go. My car would have been 11-12k in today's market though. I don't finance depreciating assets and certainly shouldn't encourage him to.

 

[Vega$ NSX]

I'll give him as much help as he is willing to receive but I am not going to give/loan him any money. The idea seems a bit silly now. The story I didn't share is the tough life my brother has had and that I am unbelievably proud he is about to graduate college and want to help him in any way I can. He wasn't a decent reader until he was almost out of high school while I was two grades ahead in every subject since the 3rd grade. In addition, my parents' divorce was extremely rough on him while I was a freshman in college and somewhat isolated from it.

This won't help him though. He needs to humble as possible and I bet if I told him "you can buy a near new toyota yaris for 8k" he'd scoff at the idea - which is exactly why he needs a toyota yaris.

My daily is a beat up civic with 130k miles I paid <$8k for several years go. My car would have been 11-12k in today's market though. I don't finance depreciating assets and certainly shouldn't encourage him to.

Here's what I got out of this. Keep the $3K and get yourself a better daily driver! :smile:

 

[EuroBoutique]

How can I create the most value through this agreement? I considered tying it to grades or using it to motivate him to get an internship, etc. $500 reduction in principle if all A's? No interest if he gets a job prior to graduation? Any suggestions or am I wasting my mental energy?

I'm going to take the last sentence of the above....I understand you are trying to "teach" him the value of money but at that age you are really wasting your energy.

He is your brother right? I would just give it to him and ask him to pay it back when he can, let it be a "test" but don't put too much weight on it. It's only $3000 so it's not like $50k or something!

I let my brother borrow money whenever and I never really think much of it unless it hits 6-digits.

I remember when I was 20 and life was just so fast paced with so many things going on. Do your duty and just help him out*

*EDIT: Only do this if you think he deserves it

 

[Jin1976]

I'm with s4play on this one. Being the eldest in the family I always spend on my siblings and always tell them to use the money wisely as it is not easy on my side to earn a lot plus being the one who pays for the house bills (parents divorced and I'm taking care of the family).

Sometimes I feel being taken advantage but atleast I'm doing my part. Most of the money I lend I never get back.

 

[flaminio]

Most of the money I lend I never get back.

You're not helping. You're enabling. As long as you're OK with that...

 

[myw]

i was thinking the same thing... !

You're not helping. You're enabling. As long as you're OK with that...

 

[myw]

i wish i had a brother like you! :biggrin:

I'm going to take the last sentence of the above....I understand you are trying to "teach" him the value of money but at that age you are really wasting your energy.

He is your brother right? I would just give it to him and ask him to pay it back when he can, let it be a "test" but don't put too much weight on it. It's only $3000 so it's not like $50k or something!

I let my brother borrow money whenever and I never really think much of it unless it hits 6-digits.

I remember when I was 20 and life was just so fast paced with so many things going on. Do your duty and just help him out*

*EDIT: Only do this if you think he deserves it

 

[SilverStone05]

$9K is more than enough to purchase a reliable used car.

Keep your $3k.

You won't regret it.

Good luck to you both. :wink: