u/GrapeWells

I'm 47 and I have a son who is 20. Two years ago, I helped him buy his first car. He handled around one third of the total sum and I paid the remaining amount after we agreed that he would repay me over time. I didn't pressure him because he's in college and has only a part time job yet.

Month ago I asked my wife about the $10k we had saved for emergencies. After much hesitation she finally confessed that around four months ago she had handled it to our son to invest in cryptocurrencies without my knowledge or approval. He lost everything, despite his assurances that he would pay it back fast.

I didn’t lose my temper and acted calm. I sat down with my son and asked him to explain honestly what had happened. He claimed he believed he could quickly turn a profit, repay us and even earn more. He lost everything. They both remained silent, which made me feel deceived by my own family. I took a word from my wife and son that no one takes money without acknowledging others and they will tell me everything from now on, no matter how harsh the reality is.

After few days my son suggested selling his car. He said he’d pay back his share, still not in full and that he also owes a friend $1000, which he wants to finally pay back. So I put it on sale.

The car was sold two weeks ago. My wife was against it until the very end. After the sale, she said I was too greedy with own kid and that I’d taken away the only decent thing my he had. Her parents are upset with me as well, claiming that I punished my son rather than helping to get back on feet.

Son is upset, but he doesn’t say I forced him. He said he understands why it turned out this way.

Still now the whole family looks at me like I'm a monster, even relatives on my side. I feel bad because he is young and made a mistake. But I can't give him $10k and let lose it as it is nothing just because we are family. That's money we really need to be in quick access just in case and I work hard to earn them.

AITA?