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:
- Is the Bank of Mom & Dad still open to you? (If no, skip to #4)
- When was your last loan from them?
- What are your payback terms? Or do you secretly hope NOT to pay ’em back? :)
- Would you ever loan money to THEM?
- What do you love most about your parents?
I shall go first:
- 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.
- 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!)
- 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.
- 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!
- 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 :)
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!