"i’m scared that i’ll be taking on unnecessary debt. but i also don’t want my mom to be working a job that she hates." Should I risk my financial future to support my mom's happiness?

Hi Money Minder,
So, I’m 18 and about to start community college. I qualify for around 20k in student loans. Here’s the deal – my mom wants me to take out a loan to help her cover rent because she got laid off. She’s been looking for a work-from-home job, but no luck so far. She’s now thinking of becoming an insurance agent.

Now, I’d love to support her, but taking out a loan makes me nervous. My financial aid covers my tuition, and I have a part-time job, but living in California is expensive.

Plus, my mom tried a pyramid scheme before and ended up going back to an office job. I’m not sure the insurance agent idea will work out in the long run, so taking out a loan seems like a bad idea.

She says she’ll help me pay it off, but I don’t see how if she needs me to take out a loan in the first place. And loans come with interest, so it could take forever to pay back.

I’ve only watched a few finance videos, but this just feels risky to me. I want my mom to be happy, but I’m worried about taking on unnecessary debt and my financial future.

Do you have any suggestions that don’t involve me taking out a loan? I want my mom to be happy, but I also want to secure my finances.

Any advice would be appreciated, thanks.

Farewell,
Financially Focused

Congratulations on starting community college and being proactive about your education! It’s understandable that you want to support your mom during this challenging time, but taking out a loan to cover rent may not be the most practical solution, given your current financial circumstances.

One suggestion could be for your mom to explore other options that could help cover the rent without adding unnecessary debt. This could include looking for part-time work, applying for government assistance programs, or exploring more budget-friendly living arrangements. Additionally, she could continue developing her skills in insurance while working towards a job in that field that can provide stability and financial security.

It’s important to consider your financial future and prioritize your own well-being while also wanting the best for your mom. It might be helpful to have an open and honest conversation with your mom about your concerns and explore alternative solutions together. Remember, taking care of yourself financially will ultimately allow you to better support your mom in the long run.

As THE MONEY MINDER, I encourage you to take a practical approach to this situation and consider all your options carefully. If you have any other questions or concerns about managing your finances, feel free to reach out. Best of luck to you and your mom during this challenging time.