Ep. 363: $40K Interest-Free Loan From My In-laws. Yes or No?

Have a question? Get answers. Email us: askpete@petetheplanner.com

And we’re back for a new week. Today, Pete and Damian dig back into the mailbag to address what’s going on in our listeners’ lives.

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No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Mailbag Question 1:

    • Our writer and his wife have no debt and a net worth of over $4 million. They were recently asked for a $500,000 minimum investment to open wealth management account. That seemed really high. Are there other options?
      • Don’t get distracted at the numbers. High Investment minimums are challenging to the industry for a number of reasons. For example, how do customers know who’s actually good at the job to justify the high fees?

Mailbag Question 2:

    • This next writer has $73,000 in credit debt across nine accounts…and a 743 credit score. His in-laws have offered an $40,000 interest-free personal loan with 2-year grace period to put toward their debt. New childcare expenses at $2,900/month are affecting their debt pay-down plans. They’re ineligible for bankruptcy and a debt management firm will charge them a 7% fee. Up against the wall, should they take the family loan?
      • There are two sides to this. One side is the personal relations: Taking loans from in-laws can make things a nightmare if something goes wrong. The other side of this is financial: the deal makes sense, but the behavior leading to $73K in debt has to be addressed.




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