Sell your rig or ask your parents for a loan?

[BillyVance 34]

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No parents, and I HATE borrowing money.

I joined the Army, this being my 5th 'trip' overseas, I've managed to pay off my truck, debts and have a decent coushin. When my dad died last year, I found out I was the sole benificiary for life insurance we didn't know he had.

Its been thrown into CD's minus an emergency fund (located in a different bank, that I cannot access online, only over the phone/one check book). I just gave my sister 3 grand for a car she wants and I refuse to touch the other money for any 'spur of the moment' expenses... and its a bitch to get to, so its more reason not to use it.

This deployment I have bought a brand new fully loaded V3-M, Optimum Reserve, some rigger items, a seat PEP with a 26' lopo canopy, a LiquidSky suit, Cannon XSi kit... and I still have a bit of cash in the checking account.

My truck is paid off... My credit score is over 700... I have a good amount in the bank for emergencies... and I pretty much owe my financial status and responsibility (even if it doesn't sound like it) to the military. Its not for everyone, but its not too bad of a gig, I just wish I could get my bum brother in!

You know you've done well when your dad made you the sole beneficiary. He knew you would handle the money properly.

"Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban

[JohnMitchell 16]

There was a time when I was working at a friend's start up company, money was tight, and skydiving actually helped pay the rent. The rig stays.

I've never really lived beyond my means, whatever they were, but I would sell motorcycles, cars and plasma before I'd sell my last rig.

[airathanas 0]

I've been in this situation in the past and I kept the rig. I knew that if i sold it, I would never skydive again. I also knew that I would be in a better financial situation in my future, and I did want to start skydiving again someday. I'm glad I did because now I can make money skydiving.

Keep the rig. Use it as collateral for the loan from your parents. Pack your ass off for the money. Sell something else. There is ALWAYS another way than selling your rig. In my eyes, you're digging a deeper hole in the long run when you sell your rig.

http://3ringnecklace.com/

[Andy9o8 2]

You'll always want to have a rig; but sadly, our parents are only here for so long. So borrow liberally from them while there's still the chance. Some day, when your siblings ask you to pay it back by taking less than an even share, you can tell them to kiss your ass.

That's not anti-social, is it?

[Master_Yoda 0]

Pride and personal responsibility are very very good things. Every adult should possess both to succeed anywhere. But there are exceptions when pride has to be sucked up and a little humility accepted. It's OK.

We're in a recession that doesn't look like it's gonna come to an end... EVER. It's more like a major adjustment to the American lifestyle and economy. Many people are even moving back in with their parents until their student loans are paid or they can find work, etc. It's OK!!!

If you want to sell your rig, fine. But they're expensive and hard to replace. Don't be hasty. I sold my rig when I couldn't afford to replace the reserve! OOPS. Wish I hadn't done that. Had I held on to it I would have easily been able to replace the reserve with one decent job or maybe just packing mains on weekends for a season. Now rigs are 3 times what they cost in 1990. And I'll be waiting a looong time before I can afford one again.

Don't sell yer rig or get a loan. Just pack for cash somewhere! Maybe I should take my own advice, Oh yeah, I sold my van.

[JohnMitchell 16]

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You'll always want to have a rig; but sadly, our parents are only here for so long. So borrow liberally from them while there's still the chance.

Best post of the day. As a parent of four, it brought a tear to my eye.

[TitaniumLegs 8]

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( x ) Sell the parents!

Damn you! That's what I was going to say!

(>o|-
If you don't believe me, ask me.

[Nataly 38]

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I've never really lived beyond my means, whatever they were, but I would sell motorcycles, cars and plasma before I'd sell my last rig.

Agree with you 100%!!
I reckon as long as I'm physically/mentally capable of working, I would work to earn a living. Even though I spent years studying to work in finance, I'd clean toilets for minimum wage before I took unemployment cheques.

And I wouldn't dream of asking my parents for a loan unless it was my absolute LAST option. Even as a kid they never gave me an allowance - and I never felt they owed me one. They worked their asses off for their money and they deserve to spend 100% of it on themselves.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[peregrinerose 0]

I was in this situation... or very close to it. Unemployment wasn't nearly enough to keep the bills paid. So I sold my backup rig. Would have sold more gear too if necessary, but Chad got a job soon enough that it wasn't needed.

Do or do not, there is no try -Yoda

[JohnMitchell 16]

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They worked their asses off for their money and they deserve to spend 100% of it on themselves.

Ooooh, I need you to talk to my kids.

[Andy9o8 2]

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And I wouldn't dream of asking my parents for a loan unless it was my absolute LAST option. Even as a kid they never gave me an allowance - and I never felt they owed me one. They worked their asses off for their money and they deserve to spend 100% of it on themselves.

Agreed; it's the second half of my formula, which goes like this:

1. Borrow liberally from your parents while you still can.

2. You only live once. When your kids are grown, spend as much as possible on hedonism and debauchery before the kids and grandkids latch onto it. Die bankrupt and happy.

[Nataly 38]

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They worked their asses off for their money and they deserve to spend 100% of it on themselves.

Ooooh, I need you to talk to my kids.

Until your children are grown ups, I think it's normal and prudent to look after them and try to make provisions in case something happens, but adults who are physically capable of working should earn their own damn money and not mooch off their parents. I would hate for my parents to suffer because I, as an adult, couldn't get my act together.

Now that my siblings and I are all adults, I think my parents should die happy and penniless as opposed to worn-out and tired from scraping enough savings to leave behind an inheritance.

I suppose there are circumstances where a loan from them might be acceptable, but for me this would be the very LAST resort.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[JohnMitchell 16]

Actually, our kids are really good and realistic when it comes to money. If they're working hard, they get a lot of support from us. If they're not making much effort, neither do mom and dad. So far, they're all pretty smart about $$.

[Nataly 38]

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Actually, our kids are really good and realistic when it comes to money. If they're working hard, they get a lot of support from us. If they're not making much effort, neither do mom and dad. So far, they're all pretty smart about $$.

I don't know... If I had kids, I imagine I would feel very much the same...

I know that my best friend, who is EXTREMELY reliable, trustworthy, etc., would NEVER ask me for a loan, but if she needed it I would give her one in a heartbeat *and* I'd be delighted to help her out. Funnily enough, I'm sure she wouldn't hesitate to lend me money as well if I needed it, but I also wouldn't ask!

Anyway John, it seems like your kids respect you and are reasonable in their requests. That's the main thing, isn't it?

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[JohnMitchell 16]

Funny, but I've actually loaned large amounts of money to friends and relatives. like bridge loans when buying new/selling old homes. So far, so good, but I won't do it for everyone. I guess various friends have varying credit ratings with me. Never drew up papers, just did it on a handshake. I may be a total fool.

[Southern_Man 0]

My parents loaned me a small amount of money when I was going through my divorce. I didn't like having to ask them, but it was not that much and they had actually offered before hand. I was in a tight spot. I would do the same for my children. I would not make a habit of it and this was way before I started jumping. I would sell my rig before asking them for money, if I ever had to again. I don't anticipate ever needing to again, but life has a way of surprising you.

"What if there were no hypothetical questions?"