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Reply to "Starting a new role soon and family is expecting "financial gifts""
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[quote=Anonymous][quote=Anonymous]I'm in my late 30s, single (dating in search of a long-term partner), and living in a medium cost of living city. I'm a first-generation grad and finally got a decent paying job (double the starting salary of my current role). My family and friends have been nothing but supportive of my career, as I've had a lot of setbacks (chronic medical issues and job loss twice in 3 years). I'm finally happy to get back on track, but unfortunately, I have debt (student loans, credit cards, etc.). I will be comfortable, but I plan on saving and paying down as much debt as possible. My oldest sibling is a single parent of 3, and the dad is not in the picture. She expects me to give her a "financial gift." Last year, I did tell her that I would pay for her oldest's SAT or ACT prep course. That's it. Also, my mom gifted me a laptop this year and said that it was my birthday and Christmas gift (which I'm 100% okay with). She let me know that she wants her money back. I explained to her that the laptop was a gift and typically gifts are not paid back. She makes more than I do currently but less than what I will make in my new role. I definitely do not want to be stingy or selfish, but I am not in a place to reach my financial goals and give money to people. I want to put my foot down now and set the expectations and boundaries that I will not and cannot be their support system. Suggestions?[/quote] You aren't obligated to pay for any of their wants. First get rid of your debt and get an emergency fund in place. After that you can think of charity or gifts to them but without breaking your bank. You have to send 20% of your income automatically to a money market account or investment account before even spending on your own non-essentials.[/quote]
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