yep, its so awful when you think about how much money was actually manipulated out of him. it would be worth well over 100k today, 13m at age 70 if he had kept the 40k invested from age 19-70 (51 years) at 12% average annual growth, 5m if it was 10% AAG. kid could have retired wealthy without ever adding anything else to retirement
He should be upset about it, it was his money he earned it through his work. Men get wrecked in divorces. Thats why women file for divorce up to 90% of the time.
But women forfeit their careers and earning power to raise their families children. How would she raise her own retirement when raising kids? @@evanl889
When I was 16 (1997) my mom told me I had been left $5000 by my Great Grandma to buy a car. The account only had $3500 in it because my dad, before they got divorced, took money out to pay credit card debt. He then wanted me to use great grandma’s inheritance to pay for my brother’s braces because in the divorce he had to take on all dental responsibilities. My mom was able to pull the money out of the joint account so I could buy a car so I could get a job. My dad never really got over me not giving him the money. About a year later we stopped talking forever. Parents who put their financial needs in their kid’s hands are the worst.
I cannot imagine breaking off contact with your son over a few thousand dollars. Was not much of a father, clearly. You’re better off without him, even though I am sure it hurts.
There was a massive power differential here. The father took advantage of his son. He also "borrowed" money he clearly had no plan or intention to pay back.
I’m a father of 3 daughters and I’ll do anything for them but if any one of them or if all 3 of them. Grow up to become very successful, I’m asking for money a gift, something
@georgewagner7787 the mom should’ve put something into place where he couldn’t access the money until 21 but yes even at 19! If my kids become very successful, daddy want something and I’m not goin to no bank
@@reese85that is a lazy attitude to have as a father. Your job as a *father,* IS TO ensure their success (to the best of your ability). YOU give to THEM; not the other way around! In fact, the sign of a good father is when your children *WANT* to give back to you and repay you for all you did. If you have to demand or expect anything, then you were a horrible parent!
Every American takes from their kids. Leaving them with 34 trillion in debt while using student loans as their number 1 asset. Just to borrow more, leaving our kids even worse off.
My niece received an inheritance from her maternal grandparents. Her father needed 50k to pay back irs taxes or he would go to jail. She sent the money but because they didn’t discuss repayment before she sent it, he had refused to pay her back. And it’s not that he doesn’t have it, he and his current wife are Disney-holics who go several times a year. When she asked for financial help this last year, he got mad, called her a crappy mom and daughter and guilted her silent. It’s heartbreaking. She is such a sweet young lady (34 with 3 children one autistic)…. I’m sad this young man is going through this also. Wishing you the very best🌼
My dad took his brother to court over a loan my uncle wouldn’t pay. Dad won and then the uncle declared bankruptcy (again). Family and money drama suck cause this destroyed my family more than the fist fight at Grandpa’s funeral. Grandma called my Dad evil for not supporting his brother and I never saw her again.
The odds against it being true that he would go to jail for unpaid taxes??? I understand it can happen, but I also understand it is very rare. I'd bet he just used it as a threat to his daughter.
@@debbieholoquist2059 Yep, when my middle daughter (technically stepdaughter) was old enough to understand, I warned her that one day in the future, she would suddenly hear from her irresponsible bio dad, asking for money, and telling a story of some terrible crisis. That is often how it is done.
When I was 20 I was slightly hurt in an accident and received a small check from the other party's insurer. My father came to my room as I was in bed, almost asleep, and asked for me to endorse it to him, no explanation. I was surprised, yet said "of course." My then-boyfriend could not believe my parents were so cold. He became my husband, and it was years of marriage to this great guy before I finally understood that my parents were wrong and crass. I am now 81 and it still hurts my heart that my parents saw me as an easy mark.
Dad's a dufus evil person. He needs to be held responsible. He may never get it but leave it? No way. & heck with inheritance from evil, sorry excuse for a dad
All I hear from this young caller is the sadness of a) having lost a mother and now b) now potentially losing a father. An orphan at 25. I would make the call and if he never pays you back forgive him and offer it up for his soul. He needs it. God bless~
My wife's dad asked her for money before we were married. His business was in trouble. He was going to make her part owner... she gave him $100k her life savings. We just had a baby. Turns out he hadn't paid taxes in a decade and was in trouble with the IRS and a bunch of vendors for his restaurant. In addition to taking her money. She was forced to declare bankruptcy before we could get married to protect us from other liability associated with that place. His response was, "You're young, you'll bounce back." The opportunity cost for us was HUGE.
@UTP504 , He passed away this last year, slipped hard into alcoholism after losing the restaurant. Very entitled. He expected everyone to take care of him. We had to delay getting married because of him.
The father regards it as 'his money', and this was the way to get it back. In his brain, it was 'taking it back from the ex-wife', but the reality is, he took it from his son. Sounds like a future 'which old man is not going to get visits in the nursing home' situation.
It’s been 6 years and the “Bank of My Son” doesn’t have the same legal protections as a real bank. This kid needs to call dad and say give me my $40k or you’re dead to me.
If only you had known you would have invested the $40,000 in the stock market at 19 and you would have been a billionaire in dollars by now. someone get me a time machine
I know one thing for sure, starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works
Agreed! Getting a head start on building wealth is crucial, and having a solid strategy is key, personally I think having a coach is the smartest move in today's stock market.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my 300k stock portfolio
There are strategies that can yield solid gains in any economic situation, typically implemented by a portfolio strategist with a lot of experience. My friend introduced me to a financial advisor in 2022 and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream
Most folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve not with....
The kid needs to address this issue over text message to get his dad to acknowledge in writing what he still owes. That way when you sue the dad can't deny he owes you the money.
Souns like my Dad. I married at age 22 lost my husband when I was 23 years old. My Dad asked me to give him the life insurance money I got so he could start a business. I told him I couldn't and he didn't talk to me for at least 6 months. We walked passed each other 3 or 4 times a day in a small 3 room apartment.
Agreed. And for me that would be a "don't". Everyone in my family is capable of earning their own living and if they do stupid things they can fix their own mess. And I wouldn't expect any of them to bail me out either.
Wow. Im in the same predicament except it was only $2,000 (I can’t imagine $40,000! That’s crazy). It’s been 6 months now & still nothing. This video popped up at a great time
It’s not just the $40,000, it’s more like $80,000 or more with how the stock market has done since then. I know beggars can’t be choosers, but there should be some interest stacked on top too! Poor guy
Dad has had six years so far to pay back his loan. If dad doesn’t have $40k, Dad needs to take out a home equity loan or a personal loan. What a dastardly dad to go to his son.
It was a ruse to get back “his money.” maybe you will get it back as part of an inheritance if he hasn’t remarried someone who supplants you. Maybe try and convince him to put a low interest mortgage on the property for you.
I don’t want to go there but I will.I wonder what his mom passed away from.This dad could have something to do with her passing.Knowing his son was the inheritantor.Also knowing son was soft and would in turn give back.I have watch dumber movies but it possible.
You send a certified letter stating that he owes 100k. Tell him you are taking him to court. He will probably send a letter stating he only owes 40K. There's your proof.
My parents never spoke to me about money management but they never encouraged borrowing from family. I made the stupid mistake of loaning money to my siblings. Both acts of stupidity permanently ruined our relationships. Maybe it was for the better, but I'll never find out.
For the life of me, I will never understand how adults could so shamelessly take money from their children. I could, nor would, never do that. What kind of example are we setting as parents if we can't even be a good role model for how we handle our money? Shameless to take from your kids.
That young man is never getting that money from his father. He doesn't seem to be able to stand up to his father. I'm not criticizing him, though. It's a difficult position for anyone, but someone who likely grew up in a home with chaos, which he likely did, is going to have a much harder time.
Wow imagine your alcoholic mother being the reason for the divorce then taking your father's retirement money. Clearly she didn't even need it as it was left behind when she passed
Exactly! It’s not like she took the 401(k) half and spent it on her new husband or something like that. She wisely had it set aside to give to their son!
the dad is shameless.... 6 years and he hasn't paid back anything? my guess is the dad's logic is: hey he'll get his money back via inheritance when i pass away
So what if it was origionally his money! The father lost it in the divorce settlement. The money was at one point the company who paid him. Does that mean the company can claim it too? No, it was spent or part of a legal settlement
The crazy part here is my family meaning my mother and stepfather have burned me for so much more than that in so much worse ways and don’t feel guilty about what they have done to me at all
Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…
when someone is straight forward and good at what she does best. People will always speak for them. For me I can would say give Mrs Sonia Duke of finance education a try and you be happy you did
This is the saddest thing I’ve heard for a while. Then my mind went to the house. The new wife will inherit the house that he chipped in for. Ask for the money, ask to be in the will with the money, and be prepared to walk away for life when he explodes at the request.
Might as well just write it off, Dad robbed you and there is no contract to enforce the payback. You can ask and see where it goes then you will have to make a decision whether to keep the relationship or not. If you even ask, Dad may distance himself from you and then you will know what to do.
Hey Matt, I loaned my dad money when I was 26. And got burned. I'm 45. Guess who is a millionaire and no longer talks to his parents? This guy. Welcome to your future. Life is too short to let losers affect you. Sue him and go No Contact thereafter. He's a bum and always will be.
Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
Its a strange call to get from one of your parents wanting tens of thousands of dollars for any reason. Life happens and emergencies happen, but parents using their kids as piggy banks to break when they're buying a house is ridiculous.
Dad could say I brought you in this world I can take you out of it. Am surprised he didn’t say that. He has no intention of paying it back it’s time to take him out lol too many scammers in this world today🤟✌️👍🤙🤘👌
His father knew exactly what he was doing when he tricked his 19 year old on into handing over the $40,000. He will never see that money again. Dad had to pay his wife a sum of money in the divorce and son inherited the money when mom died. Dad sees this as getting his money back.
This was not actually a loan. The father used that con to get “his” money back from the grieving son. I would be angry about losing half in a divorce, but if it was left to our child I would be okay with it.
Never loan more than you would give the person. Then never mention it again. Let them pay it pay when they're ready. That way when they don't pay it back, it was always a gift anyway. And you have "insurance" when they ask for more money, because you can remind them of the previous unpaid loan.
Good video; You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well
Working with Stacey has been a game-changer for me. Her market insights and trading strategies are consistently spot-on. It's not just about profits; it's also about the peace of mind that comes from knowing you're in capable hands.
Buddy, if you aren’t seeing a therapist, I HIGHLY RECOMMEND you talk to one. Alcoholism, divorce, financial abuse, parental death is a lot for a young man. I feel for you, but you will be okay ❤
I’m thinking there’s no conversation about an interest rate, but that $40K loan should be pushing $55-60K after 6 years. Dad wanted free money and he manipulated his son to get it.
6 years have passed, which clearly shows he will never pay it back. African parents do this to us too , they borrow money and then never pay it back. When you ask for that money back, they'll start talking of how they brought you onto this earth, how the carried you for 9 months, or worse they'll curse you and the day you were born. The simplest thing to do is to sadly forget about this money & just never borrow anyone money. That's what i do, i just say no, or i don't have. I don't care if they get upset.
I can guarantee the dad feels like that is actually his money anyway as it was taken out of his 401k in the divorce and he wants it back he doesn't think she should have received it in the first place
I don't agree with *never* loaning money to family. If you know they are generally responsible with their money, and you know what they need it for, and you can afford to lend it, it can work. My parents loaned my sister-in-law money for a new refrigerator (she insisted on having a written contract and paying interest), I loaned my sister-in-law money for a new stove; we got our money back with no drama, and we were happy to be able to help.
What he can also do is leave his father out of family affairs, then when he realizes it he will be upset...Not invited to a wedding, no christmas, new years, family vacation, skiing trips, boating ventures, ect but still does not have such a big effect
I think he knows he is not getting that money back, you can hear the frustration in his voice and I bet he has already asked his dad for money back and got a no or some excuse
As suggested on the show he first needs to phone his dad and request repayment of the $40,000 plus a reasonable amount of interest. If his dad fails to cooperate then he should talk to a lawyer. A good lawyer would be able to give him an idea of his chances of success. From there he needs to weigh up the probability of getting repayment against the possible legal costs and the hassle. Also of course, the permanent damage to his relationship with his dad.
I am gifting 40k to my son in law for a renovation because my addict daughter tore the place to shreds with her meth head friends. She is currently in a shelter with my Grandson. My son in law has no $ and works full time so I agreed so my Grandson will have a safe place to live when she goes south again. Sometimes you have to pick between the lesser of two evils to protect a child.
Y'know what I "loaned" to my Dad when I was 19? My sweat and effort when it came time to work on the house from time to time. The only thing I would dream of asking of my kids is the same.
Dad was bitter about the money he lost to his alcoholic ex wife in the divorce and thought this was a way to "serve justice". I've no doubt about it. The son is not seeing a dime of that money back.
Lots of people here are all giving up on making "Dad" pay it back. There had to be some paperwork on how the funds got transferred to him. Also I have heard of cases where when someone refuses to pay a loan, give them a 1099 Misc income form so that the IRS can come after them. I dont' know if that would work, but there is likely someway to get after him. I'm sorry, while I know throwing good money after bad is not a good idea, $1500 to an attorney to get facts straight and possibly a letter to dad saying 30 days and were coming after you, might help.
It's a great thing if you loan somebody a few hundred dollars and they never pay it back. The lesson you'll learn is totally worth a few hundred dollars, and you'll be immune to making bigger loans that would never be paid back.
This made me so sad. I wish everyone could have a father as awesome as mine but sadly that is not the case. Mathew I hope you learn from him what you don't want to be! Its not your fault brother.
If dad says no to paying it back, put a lien on the house, you will get your money when the house sells. Sucks, but at least you will get it eventually. That dad is horrible to do this to his son.
@@GAFB1122 Oral contracts are binding. Harder to prove, but binding. If the kid is smart he will record the conversation he has with his father asking him to pay it back. That will validate that it was a loan.
His dad will never pay it back.
I agree. Son got screwed and the father won't be paying it back.
About a 1% chance
So greedy. That kind of money can give a young person a good start. Aunt Ruby left me that and I got a used car and when I got sick I had a safety net
Yeah, I'm sure he thinks the repayment is part of inheritance.
yep, its so awful when you think about how much money was actually manipulated out of him. it would be worth well over 100k today, 13m at age 70 if he had kept the 40k invested from age 19-70 (51 years) at 12% average annual growth, 5m if it was 10% AAG. kid could have retired wealthy without ever adding anything else to retirement
Dad was seething about losing his retirement during the divorce and he decided he was going to take it back.. He's horrible.
Exactly. He was unhappy with the judge "giving" away *HIS* retirement...so, he stole it from his kid. BIG JERK.
He should be upset about it, it was his money he earned it through his work. Men get wrecked in divorces. Thats why women file for divorce up to 90% of the time.
But women forfeit their careers and earning power to raise their families children. How would she raise her own retirement when raising kids? @@evanl889
Dad's 401k was split 50/50 so he wouldn't have lost it all.
You should open your eyes and put in place that when you devorce me my retirement is mine not leaveit to the end
When I was 16 (1997) my mom told me I had been left $5000 by my Great Grandma to buy a car. The account only had $3500 in it because my dad, before they got divorced, took money out to pay credit card debt. He then wanted me to use great grandma’s inheritance to pay for my brother’s braces because in the divorce he had to take on all dental responsibilities. My mom was able to pull the money out of the joint account so I could buy a car so I could get a job. My dad never really got over me not giving him the money. About a year later we stopped talking forever.
Parents who put their financial needs in their kid’s hands are the worst.
This is so sad and i am so sorry for this. 😢😢.
This is awful, this man doesn’t know right from wrong.
So very sorry you got treated this way. Stand strong, even though it hurts!
I cannot imagine breaking off contact with your son over a few thousand dollars. Was not much of a father, clearly. You’re better off without him, even though I am sure it hurts.
Sad!
40k to lose a father. NEVER loan ur family money unless u never expect it back. very sad.
Not his fault he was 19.
@@jonathanlaprise189 19 is old enough
I loan money to my son, no problem, he pays it back.
There was a massive power differential here. The father took advantage of his son. He also "borrowed" money he clearly had no plan or intention to pay back.
As a father I would NEVER ask my daughter for a dime. If my daughter ever needs financial help I will always be here for her. That's what fathers do.
I’m a father of 3 daughters and I’ll do anything for them but if any one of them or if all 3 of them. Grow up to become very successful, I’m asking for money a gift, something
@@reese85 but not at 19. Son should have said, go ask the bank
@georgewagner7787 the mom should’ve put something into place where he couldn’t access the money until 21 but yes even at 19! If my kids become very successful, daddy want something and I’m not goin to no bank
Ok, but you would be pissed if you lost all your money from a divorce
@@reese85that is a lazy attitude to have as a father. Your job as a *father,* IS TO ensure their success (to the best of your ability). YOU give to THEM; not the other way around!
In fact, the sign of a good father is when your children *WANT* to give back to you and repay you for all you did. If you have to demand or expect anything, then you were a horrible parent!
There is a special ring of hell for people who take from their kids.
Every American takes from their kids. Leaving them with 34 trillion in debt while using student loans as their number 1 asset. Just to borrow more, leaving our kids even worse off.
Special special
Hell is only for the unsaved.
@@seaor2k122no, it’s for sinners
@alluringbliss4165 No, it's for people who aren't saved born again, repented. Roman's 3:23 says we all have fallen short of the glory of God.
His dad totally knew what he was doing, and his son had no clue. If I could, I would give this guy a hug.
My niece received an inheritance from her maternal grandparents.
Her father needed 50k to pay back irs taxes or he would go to jail. She sent the money but because they didn’t discuss repayment before she sent it, he had refused to pay her back.
And it’s not that he doesn’t have it, he and his current wife are Disney-holics who go several times a year.
When she asked for financial help this last year, he got mad, called her a crappy mom and daughter and guilted her silent.
It’s heartbreaking.
She is such a sweet young lady (34 with 3 children one autistic)….
I’m sad this young man is going through this also.
Wishing you the very best🌼
My dad took his brother to court over a loan my uncle wouldn’t pay. Dad won and then the uncle declared bankruptcy (again).
Family and money drama suck cause this destroyed my family more than the fist fight at Grandpa’s funeral. Grandma called my Dad evil for not supporting his brother and I never saw her again.
The odds against it being true that he would go to jail for unpaid taxes??? I understand it can happen, but I also understand it is very rare. I'd bet he just used it as a threat to his daughter.
@@debbieholoquist2059 Yep, when my middle daughter (technically stepdaughter) was old enough to understand, I warned her that one day in the future, she would suddenly hear from her irresponsible bio dad, asking for money, and telling a story of some terrible crisis. That is often how it is done.
I find it absolutely ridiculous that grown ass adults are so into Disneyland.... It just blows my mind to see people so obsessed.
Now i know to never ever lend money to anyone.
When I was 20 I was slightly hurt in an accident and received a small check from the other party's insurer. My father came to my room as I was in bed, almost asleep, and asked for me to endorse it to him, no explanation. I was surprised, yet said "of course." My then-boyfriend could not believe my parents were so cold. He became my husband, and it was years of marriage to this great guy before I finally understood that my parents were wrong and crass. I am now 81 and it still hurts my heart that my parents saw me as an easy mark.
Wow that’s so sad.
His dad is such a loser. This makes me so infuriated.
He will never get it back.
I think it’s time to let it go. You will never see a dime of this money. I’m so sorry you got scammed.
I totally agree. Dad doesn’t care.
Ask to get it in his will
Dad's a dufus evil person. He needs to be held responsible. He may never get it but leave it? No way. & heck with inheritance from evil, sorry excuse for a dad
The law scammed the father in the divorce, she caused it by her alcohol addiction
He needs to at least ask. The “dad” needs to know he did wrong and why his son doesn’t talk to him any more.
My guess...His dad thinks he got back his money, so he won't pay his son back. What a TURD for a father!
It's was his money at one point
@@BoatPatrol no, it wasn't any more.
All I hear from this young caller is the sadness of a) having lost a mother and now b) now potentially losing a father. An orphan at 25. I would make the call and if he never pays you back forgive him and offer it up for his soul. He needs it. God bless~
My wife's dad asked her for money before we were married. His business was in trouble. He was going to make her part owner... she gave him $100k her life savings. We just had a baby. Turns out he hadn't paid taxes in a decade and was in trouble with the IRS and a bunch of vendors for his restaurant.
In addition to taking her money. She was forced to declare bankruptcy before we could get married to protect us from other liability associated with that place.
His response was, "You're young, you'll bounce back."
The opportunity cost for us was HUGE.
You’re young you’ll bounce back, after losing $100k?? Yikes, he’s pathetic. Is he still in y’all’s life??
I'm so sorry that was done to you.
@UTP504 , He passed away this last year, slipped hard into alcoholism after losing the restaurant.
Very entitled. He expected everyone to take care of him.
We had to delay getting married because of him.
Wow so sorry about that congratulations on baby tho!
She was very stupid
The money is gone, lesson learned. Blood is not thicker than water.
Blood is always thicker than water. In this instance, it's a blot clot
Fun fact. That quote means the literal 100% opposite of how people use it.
The father regards it as 'his money', and this was the way to get it back. In his brain, it was 'taking it back from the ex-wife', but the reality is, he took it from his son.
Sounds like a future 'which old man is not going to get visits in the nursing home' situation.
Nailed it. I believe the same. The money is gone, unfortunately.
First rule on family and money. Money is given, not loan out.
It’s been 6 years and the “Bank of My Son” doesn’t have the same legal protections as a real bank. This kid needs to call dad and say give me my $40k or you’re dead to me.
I suspect the dad wouldn't care. But it wouldn't be a bad thing to get some closure and get him out of the kid's life if that's his response.
He will never see that money ever again. How sad
If only you had known you would have invested the $40,000 in the stock market at 19 and you would have been a billionaire in dollars by now. someone get me a time machine
I know one thing for sure, starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works
Agreed! Getting a head start on building wealth is crucial, and having a solid strategy is key, personally I think having a coach is the smartest move in today's stock market.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my 300k stock portfolio
There are strategies that can yield solid gains in any economic situation, typically implemented by a portfolio strategist with a lot of experience. My friend introduced me to a financial advisor in 2022 and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream
Most folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve not with....
Dad doesn’t have the money and probably never intended to pay it back
Some of these calls are just jaw dropping . SMFH
The kid needs to address this issue over text message to get his dad to acknowledge in writing what he still owes. That way when you sue the dad can't deny he owes you the money.
Souns like my Dad. I married at age 22 lost my husband when I was 23 years old. My Dad asked me to give him the life insurance money I got so he could start a business. I told him I couldn't and he didn't talk to me for at least 6 months. We walked passed each other 3 or 4 times a day in a small 3 room apartment.
That’s bizarre.
When he is old and sick and needs a caretaker DON'T help him. Dont visit him in the old age home. Many deadbeat dads die alone in old age homes.
I'm also a Dad. Dads should never feel that they can borrow money from their children
It needs to be said again and again, NEVER loan money to family. Either give it or don't.
Agreed. And for me that would be a "don't". Everyone in my family is capable of earning their own living and if they do stupid things they can fix their own mess. And I wouldn't expect any of them to bail me out either.
The fact he said I don’t wanna seem greedy breaks my heart 😢
Back in 2017, I loaned my parents 15k from my school fund... never heard about it ever again.
😮
Wow. Im in the same predicament except it was only $2,000 (I can’t imagine $40,000! That’s crazy). It’s been 6 months now & still nothing. This video popped up at a great time
Man let that 2k go if it’s your pops
Ask for the money back.
@Reeses Wtf,The show is about not giving your money to pops.or at least make it a contract even if it’s on a napkin.
@brainstone4302 if I got it, my parents got it.
@@reese85I agree! better to give than to receive.
You'll never see it. Live and learn...move on. Don't loan family money. Either give it or don't. Hope the dad sees this...
Not too mention the lost interest or growth in the market.
It’s not just the $40,000, it’s more like $80,000 or more with how the stock market has done since then. I know beggars can’t be choosers, but there should be some interest stacked on top too! Poor guy
It sounds like he's afraid of his dad. Here's the thing, the dad will blow off his son before he gives him the $40K back -- wait and see.
Dad has had six years so far to pay back his loan. If dad doesn’t have $40k, Dad needs to take out a home equity loan or a personal loan. What a dastardly dad to go to his son.
It was a ruse to get back “his money.” maybe you will get it back as part of an inheritance if he hasn’t remarried someone who supplants you. Maybe try and convince him to put a low interest mortgage on the property for you.
He will never get a penny back without a court battle that he might lose. And you can bet his current wife will get everything when he dues.
I don’t want to go there but I will.I wonder what his mom passed away from.This dad could have something to do with her passing.Knowing his son was the inheritantor.Also knowing son was soft and would in turn give back.I have watch dumber movies but it possible.
You send a certified letter stating that he owes 100k. Tell him you are taking him to court. He will probably send a letter stating he only owes 40K. There's your proof.
Hahahaha 😂😂😂 thats golden !
My parents never spoke to me about money management but they never encouraged borrowing from family.
I made the stupid mistake of loaning money to my siblings. Both acts of stupidity permanently ruined our relationships. Maybe it was for the better, but I'll never find out.
The old timers say "If you loan your brother $5000 and he never talks to you again, is it worth it?"
Dad has shown you who he truly is.😢
For the life of me, I will never understand how adults could so shamelessly take money from their children. I could, nor would, never do that. What kind of example are we setting as parents if we can't even be a good role model for how we handle our money? Shameless to take from your kids.
That young man is never getting that money from his father. He doesn't seem to be able to stand up to his father. I'm not criticizing him, though. It's a difficult position for anyone, but someone who likely grew up in a home with chaos, which he likely did, is going to have a much harder time.
In some cultures or families, you are supposed to let elders take advantage of you like that. I come from that and had to learn to have a backbone.
Been there, done that...my ol' man kicked the bucket, never repaid a dime. Expensive lesson learned: do not lend money to family
Wow giving your parent money at 19 is wild
Wow imagine your alcoholic mother being the reason for the divorce then taking your father's retirement money. Clearly she didn't even need it as it was left behind when she passed
Wow having your alcoholic mother being the reason for divorce and taking the fathers retirement money is wild
I had to start doing it when I was 16 and got my first job to pay off debts that my mother would incur, and my father would refuse to pay
Dad should be absolutely ashamed of himself. The money went to his son!!! For God's sake! Deplorable.
Exactly! It’s not like she took the 401(k) half and spent it on her new husband or something like that. She wisely had it set aside to give to their son!
The son was conned by the Dad. Disgusting! 😮
You really have to question why the mother was an alcoholic. The father seems like a real abusive ahole.
I think you are on to something there, I did not think of that. It makes a lot of sense though.
the dad is shameless.... 6 years and he hasn't paid back anything? my guess is the dad's logic is: hey he'll get his money back via inheritance when i pass away
So what if it was origionally his money! The father lost it in the divorce settlement. The money was at one point the company who paid him. Does that mean the company can claim it too? No, it was spent or part of a legal settlement
The crazy part here is my family meaning my mother and stepfather have burned me for so much more than that in so much worse ways and don’t feel guilty about what they have done to me at all
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
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Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…
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This is the saddest thing I’ve heard for a while. Then my mind went to the house. The new wife will inherit the house that he chipped in for. Ask for the money, ask to be in the will with the money, and be prepared to walk away for life when he explodes at the request.
I can hear it now: You’ll get it when I die
Might as well just write it off, Dad robbed you and there is no contract to enforce the payback. You can ask and see where it goes then you will have to make a decision whether to keep the relationship or not. If you even ask, Dad may distance himself from you and then you will know what to do.
His dad's plan "he can have it back when I'm dead".
His dad's new wife's plan "that's my money".
I loaned my dad 30,000 at 19. 10 years later I’m now 29 and I’ve never seen a single dollar paid back. Never loan money. Gift it
I wish there were follow-up calls to the caller to see how/if things were resolved.
Sue him. Period
Hey Matt, I loaned my dad money when I was 26. And got burned. I'm 45. Guess who is a millionaire and no longer talks to his parents? This guy. Welcome to your future. Life is too short to let losers affect you. Sue him and go No Contact thereafter. He's a bum and always will be.
This is why it’s bad to loan money. It’s written in the bible.
Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Same here, my portfolio has been going down the drain while I try trading,I just don't know what I do wrong..
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
I think l'm blessed if not I wouldn't have met someone who is as spectacular as expert mrs Ella..
Highly recommended
Wow, I'm surprised to see Ella mentioned here as well. I didn't know she had been kind to so many people
I'm also a huge beneficiary of her..
I thought myself and my family were
the only ones enjoying Ella
trade benefits
I was looking for a somewhat relatable video and i found one yay
Its a strange call to get from one of your parents wanting tens of thousands of dollars for any reason. Life happens and emergencies happen, but parents using their kids as piggy banks to break when they're buying a house is ridiculous.
Dad could say I brought you in this world I can take you out of it. Am surprised he didn’t say that. He has no intention of paying it back it’s time to take him out lol too many scammers in this world today🤟✌️👍🤙🤘👌
Dad wanted revenge and got it.
1% change of getting it back. At best.
Well, it’s understandable where mom’s alcoholism and the divorce came from. Dad is terrible😢
You can tell he doesn’t want to lose his relationship with his dad. This is sad I hope his dad comes through
His father knew exactly what he was doing when he tricked his 19 year old on into handing over the $40,000. He will never see that money again. Dad had to pay his wife a sum of money in the divorce and son inherited the money when mom died. Dad sees this as getting his money back.
He got his money back! He’s a disgusting person!
He will never get a dime of that money back.
This was not actually a loan. The father used that con to get “his” money back from the grieving son. I would be angry about losing half in a divorce, but if it was left to our child I would be okay with it.
Never loan more than you would give the person. Then never mention it again. Let them pay it pay when they're ready. That way when they don't pay it back, it was always a gift anyway. And you have "insurance" when they ask for more money, because you can remind them of the previous unpaid loan.
Good video; You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well
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'...the terms of the loan were a bit ambiguous.' As soon as he said that, I knew he was never getting that money back.
Retirement home? He wont get it back until dad dies. Make sure youre in the will bc he sees it as his money
And he's remarried so the wife will get it otherwise
Buddy, if you aren’t seeing a therapist, I HIGHLY RECOMMEND you talk to one. Alcoholism, divorce, financial abuse, parental death is a lot for a young man. I feel for you, but you will be okay ❤
I’m thinking there’s no conversation about an interest rate, but that $40K loan should be pushing $55-60K after 6 years.
Dad wanted free money and he manipulated his son to get it.
Never business with family unless it's life or death. To finishing a house, good luck Charlie!
Sadly, he won’t follow their advice, I am not sure I would either; terrible for him to take advantage of his son.
Never loan money. Your not a bank
6 years have passed, which clearly shows he will never pay it back.
African parents do this to us too , they borrow money and then never pay it back. When you ask for that money back, they'll start talking of how they brought you onto this earth, how the carried you for 9 months, or worse they'll curse you and the day you were born.
The simplest thing to do is to sadly forget about this money & just never borrow anyone money. That's what i do, i just say no, or i don't have.
I don't care if they get upset.
Exactly!
I can guarantee the dad feels like that is actually his money anyway as it was taken out of his 401k in the divorce and he wants it back he doesn't think she should have received it in the first place
He’s not going to ask his Dad for the money back he seems scared as hell, f that he wouldn’t got shit!
One word.....boundaries
I don't agree with *never* loaning money to family. If you know they are generally responsible with their money, and you know what they need it for, and you can afford to lend it, it can work. My parents loaned my sister-in-law money for a new refrigerator (she insisted on having a written contract and paying interest), I loaned my sister-in-law money for a new stove; we got our money back with no drama, and we were happy to be able to help.
Dad is a crook and I see no way to get the money back! The son waited to long! It's unlikely day even has the money to pay him back!
What he can also do is leave his father out of family affairs, then when he realizes it he will be upset...Not invited to a wedding, no christmas, new years, family vacation, skiing trips, boating ventures, ect but still does not have such a big effect
I think he knows he is not getting that money back, you can hear the frustration in his voice and I bet he has already asked his dad for money back and got a no or some excuse
I'm dealing with this now, but it's only like $2500. I'm probably not getting it back.
I wonder if he could put a lien on dads dream retirement home?
As suggested on the show he first needs to phone his dad and request repayment of the $40,000 plus a reasonable amount of interest. If his dad fails to cooperate then he should talk to a lawyer. A good lawyer would be able to give him an idea of his chances of success. From there he needs to weigh up the probability of getting repayment against the possible legal costs and the hassle. Also of course, the permanent damage to his relationship with his dad.
I am gifting 40k to my son in law for a renovation because my addict daughter tore the place to shreds with her meth head friends. She is currently in a shelter with my Grandson. My son in law has no $ and works full time so I agreed so my Grandson will have a safe place to live when she goes south again. Sometimes you have to pick between the lesser of two evils to protect a child.
ALSO if the loan is not paid back, the new wife gets the $40,000 equity that is in the new house.
Y'know what I "loaned" to my Dad when I was 19? My sweat and effort when it came time to work on the house from time to time. The only thing I would dream of asking of my kids is the same.
Dad was bitter about the money he lost to his alcoholic ex wife in the divorce and thought this was a way to "serve justice". I've no doubt about it. The son is not seeing a dime of that money back.
Lots of people here are all giving up on making "Dad" pay it back. There had to be some paperwork on how the funds got transferred to him. Also I have heard of cases where when someone refuses to pay a loan, give them a 1099 Misc income form so that the IRS can come after them. I dont' know if that would work, but there is likely someway to get after him. I'm sorry, while I know throwing good money after bad is not a good idea, $1500 to an attorney to get facts straight and possibly a letter to dad saying 30 days and were coming after you, might help.
Only drawbak ... if its alrdy been 6 yrs., doesn't the irs stop caring afta 7? So he may b up against a dedline here. (!)
It's a great thing if you loan somebody a few hundred dollars and they never pay it back. The lesson you'll learn is totally worth a few hundred dollars, and you'll be immune to making bigger loans that would never be paid back.
This made me so sad. I wish everyone could have a father as awesome as mine but sadly that is not the case. Mathew I hope you learn from him what you don't want to be! Its not your fault brother.
"There might be a greedy person in this story but you're not it"
If dad says no to paying it back, put a lien on the house, you will get your money when the house sells. Sucks, but at least you will get it eventually. That dad is horrible to do this to his son.
If there was no contract, that won't work. And word of mouth is no good because dad will deny it was a loan.
@@GAFB1122 Oral contracts are binding. Harder to prove, but binding. If the kid is smart he will record the conversation he has with his father asking him to pay it back. That will validate that it was a loan.