My Parents Want Me To Pay Them Back for This

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 9 March 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	brought to you by the every dollar app start budgeting for free today my question is i so with the
0:09.2	baby steps i feel like i'm in limbo between baby step two and baby step three i i have six thousand
0:16.5	dollars right now in my hysa so i feel step one is definitely complete. So my financial situation,
0:24.8	my wife and I, we closed on a home in June of 2023 out in California. Our mortgage is,
0:33.5	uh, sorry, expense wise, we're stocking away $5,200 a month into another HYSA to cover the mortgage, property taxes, and insurance.
0:44.4	Okay, so you moved, let me just make sure I understand.
0:46.7	You moved from California.
0:48.1	You hadn't sold the house.
0:49.2	So right now you're still paying for the house?
0:53.2	No, I'm going to, I'm moving out to California.
0:55.9	You're moving out to California.
0:57.7	Okay. Okay. I think I understand.
1:00.8	So that's, so that's the mortgage there. And then I have non-traditional student loans.
1:07.4	My parents, my parents had a 529 plant for me and my siblings and they want half of the money back of
1:17.7	what they totally spent from my college university and then okay hold on let me clarify let me
1:24.5	clarify make sure I understand that are you telling me your parents created a 529 you you used the money for education and they're like, hey, pay us back some of what
1:31.6	you used from the 529?
1:35.2	Correct. That's wild. Okay? How much do they want?
1:41.1	They only want 50% back of what my cost were. Which is what?
1:45.6	Which is $75,000 now.
1:48.2	That's wild!
1:49.4	I've never heard of a parent investing in a 529 and then saying, hey, kiddo, pay me half of it back.
	...

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