I loaned my son thousands of dollars last year when he was out of work. Now he is spending lavishly, while we are struggling

Last year, I loaned my adult son several thousand dollars while he was laid off during the pandemic. Now he has returned to work, gotten a very good raise and received all of his retroactive unemployment benefits.

Generally, you loan money to friends or relatives with the knowledge that you may never see that money again. Ever. It’s like investing in the stock market or gambling. There is no guarantee. However, always sign a notarized loan agreement, especially with a family member, and give the borrower a timeline to return the money.

So where does that leave you? Now might be a good time to say to your son: “It’s great to see you back on your feet, and we’re so happy about your new job. Your father and I think this would be a good time to return the money we loaned you last year.” You don’t need a reason to ask, but tell him about your bills if he balks.

Need to tell him it’s time to pay back the loan.

็He seems very selfish and irresponsible.

good luck

nice

Contract always

I could have told you that!

This is a piss take right ? How can I approach this without hurting my relationship ? Offer to knock 7 shades of shit out of him if he doesnt pay it back would be a starter for 10

Son is going to pay thousands back or this is going to be episode of pawn stars with his items until I am paid in full

I heard Bitcoin fixes this problem

nice

Raise a better kid jeez

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