Tuesday, June 3, 2014

How to explain your children you cannot afford to help financially

Q. How do I explain to my 24-year-old son that I cannot co-sign a car loan, and it’s not a personal issue, but a monetary issue? I am tired of hearing his, ‘You don’t want to help me, Mom!”

A. You have to tell your son that you don’t want to sign, not that you can’t. I couldn't be more against the idea of co-signing a loan because when you do, you become the one responsible for that loan. Most of the time when you are asked to co-sign, it’s because the other person can’t qualify on their own. If they can’t qualify on their own, you’re going to get stuck.



Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.