My wife and I co-signed her nephew’s student loans so he could attend a small private college. Six years later, he has no degree, no job, no prospects, nor do I believe he has any ability to repay the loan. It’s around $55,000. He lives with his mother, and only on rare occasions does he return our calls or emails.
It’s similar for people who choose to invest in stocks. They have the expectation that the company will pursue strategies to increase revenue and market share, build investor confidence, and increase the share price. But once you hand the money — whether it’s co-signing a loan, investing in a stock, or playing blackjack — it’s out of your hands. Only loan money that you can afford to lose.
The Moneyist: My late husband did not see his son in 30 years. Should I mail his son photos and other memorabilia — and risk him making a claim on his estate? “Historically, people tended to incur debt at younger ages — to pay for their college education and buy homes — and then paid the debt off during their working years,” the AARP report said. “This enabled them to enter retirement debt-free and gave them a better chance of obtaining and retaining financial security as they aged.” Not anymore.
Make him get a job a skill and manual labor pays well
Pay it. Co-sign means if the person doesn’t pay then you have to. It’s what you signed up for. This is the life you chose.
Imagine 6 years ago putting that 55k in tesla for him. Than letting him work a 9 to 5 kid would be setup very nice righy now.
Lol. Ur screwed.
Sometimes we try to do good, wholeheartedly, and only end up getting screwed. If he spent the money, then it’s owed and needs to be repaid 🤷🏽♂️
Why on earth would someone do that for a nephew?
vote for Biden and Warren's bill?
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