r/ModernFamilyFinance

Hi everyone, I’m at the beginning of my baby step journey and just starting out on baby step 2. I already have a high pressure and stressful job (project management consultant) but in order to really tackle this debt, I’m considering getting a second job working 3 evenings a week. I think if I went hard on the debt, I could get it all paid off with baby step 3 also tackled within 8-12 months.

My question is how do I balance the feeling of purpose to get the debt paid off to sacrificing the little time I currently have with my 3 and 5 year old kids.

Hardly seeing them is going to break my heart. The 8-12 months is going to be incredibly tough!

Thanks in advance

Hi everyone - complicated situation here in Maryland and I’m looking for advice - my father is a widower in his mid-70s and has two children - myself and my brother.

Neither my brother nor myself own a home. My father owns his home outright and it is valued currently at around $500k. I rent a home and my brother lives in a home rent-free associated with his work.

My brother would really like to move closer to his job. My father’s house is closer to his job.

We have begun to discuss scenarios where my brother would move into my father’s house and an accessory dwelling would be built on the same property for my father to move into. This accessory dwelling would cost around $220k and I assume would raise the value of the property.

Questions exist around what my brother should pay for, what my father should pay for, general fairness between my brother and I, as well as insuring my father continues to have financial freedom. We believe my father has about $400k in other assets.

My priorities are my father and being prepared for his potential future expenses, and leaving no messiness or unfairness between my brother and I.

Has anyone had an experience like this or have any creative (or just common sense) ideas about the best way to make this all work for us? They have been talking about three possibilities so far:

1- my brother pays for the dwelling, my father retains ownership of his property, and upon my fathers death, my brother and I split any assets and the appraisal of the property minus the cost of the dwelling and any repairs my brother makes to my fathers house.

2- my brother “buys” my fathers property for $100, my brother pays for the dwelling, and then upon my fathers death, I receive all my fathers remaining assets

3- (this one truly doesn’t make sense to me) my father sells my brother his property for half of current appraisal which goes to me, my father pays for the dwelling, and upon his death my brother and I split remaining assets…which would be considerably lower after the cost of this dwelling.

And maybe there is another superior scenario out there?

I would greatly appreciate additional opinions or experiences!

Edited to add - my brother would like to buy his own home. It’s tough out there right now with rates and limited options. My brother has been looking for the better part of the year and currently has a 2 hr each way commute. This may not change advice, just want to give some credit to my brother.

so im currently 18 and turning 19 in 2 months, we have a family vacation in 2 months time (during my birthday). My mum has been constantly nagging me about saving money in which i have, however today she was deadset in wanting to see how much money i have in my account in which I said no. This made her mad but I genuinely don’t understand why she feels the need to check my bank when I’ve told her that my money is something i want to be private about.

ps: i ended up showing her my account since she was giving me the cold shoulder and i felt like it wasn’t something worth dragging on