Another great cartoon by the master, Ron Braun. www.toon-it-up.com .

My favorite Pete the Plannerism:

There is only one thing worse than constantly borrowing money from your family.

There is nothing worse than constantly loaning money to your family.

I haven't frustrated people in a while, so I thought I would post these controversial thoughts. I know that many parents are willing to give everything they have to help their children, and that's not for me to judge. But, my comments are directed at the children. Sometimes borrowing from your parents is the only way. Sometimes borrowing from your parents feels fine. And, sometimes borrowing from your parents seems insignificant, if your parents have a lot of money. But, let me share this with you. Your parents have raised you from scratch (yeah, seriously they made you. I don't know how because I was absent that day of middle school, but they made you none-the-less). They paid for all of your stuff for up to 18 sometimes 22 years. They owe you nothing. There are places that loan money. They are called banks. Your parents have worked very hard to plan for retirement. They planned ahead. They scrimped and saved. Let them enjoy their nest egg.
Sometimes it is absolutely necessary to borrow money from family, so here is a rule of thumb. Let's just use the phrase that President Bush so famously flubbed. Borrow once, shame on you (for not being prepared). Borrow a second time, shame on them for enabling your poor planning. I have seen both sides of this with my clients. I have seen the borrowers, and I have seen the lenders. The lenders are rarely in the financial position that the borrower thinks that they are in. Moral of the story: Plan ahead.