Parents burdening me with loan
My parents bought a tractor without a trolley for 7 lacs loan. They bought a land worth 7 lacs using loan. They dig a borewell for 140k using loan. My father earns around 50k. I earn around 130k. I am living on paycheck to paycheck. They did all these things without asking me. Now who will pay these loans?
I get stressed by looking at the loan.
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I don't understand the current generation, they don't want to help their parents
They are also burdened by raising a kid like you
It's better not to have a kid, rather giving birth and burdening kids... Everyone has life on their own wish to live... It injustice, since parents are giving birth, so the children must to fulfill parents wish/dream/loan/etc.,
I don't think the post is about not helping parents, it's about financial literacy and open discussion of finances. No matter what there should have been a discussion with OP about this.
Tractor is money generating asset and land also. Borewell might be a necessity. I don't see unreasonable expenses here. What's the problem? They took a loan or they took a loan without consulting you first?
They made these descisions without consulting me. At least they should have asked about interest rate.
To make you feel better ; my parents asked me to loan out 20L to my uncle, for which I am paying 45k per month for 5 years. Btw the chance of getting any money back is slim to none. Cheery on top uncle already owed my Dad 30L.
That*
WTF dude.
Why did you agree? 🤔
Not your loan not your headache
My father is about to retire in 4 years
Not your loan, not your problem.
They don't own you. Refuse to pay it or ask clearly what's the ROI of the expenses(emotional, monetary, anything else)
Indians, especially sons, need to realise that this parents ki sewa, maa baap sab kuch hote hain and being a shravan kumar is destroying a lot of people's mental health.
Indian is mostly of middle class and the breadwinners try to achieve something by buying land or some assets or even they help with their parents to get their siblings married. And sorry to say you feel this since you don't have a lovely family at times.
You could talk about this to your parents and convince them about your burden once, if that is not possible, take some loan for yourself like real estate or any value added loan and tell your parents that you already paying some checks. end of the day, its your decision to support your father or taking self care.
Then emotional dialogues will come...
They made the right decisions, don't worry
IMO, you should sit them down and talk about both your and their finances. It will be a hard conversation but will go a long way.
Also tell them realistically how much your monthly expenses are how much you can realistically help them out.
I did see in other comments that they took loans at 26%interest??? I would also recommend helping them get loans through proper channels 26% is exorbitant, teaching them to be more financially smart.
Thank you