Your 2 parents live in this big house with 5 bathrooms, 6 bedrooms and 7 aircon units. They have been living rather comfortably for some time, until they screwed up badly and lend themselves in a very bad debt and zero savings. You supported them by giving them allowances monthly, but that is not enough. That big house has outstanding loans that need to be paid. They offer you a deal: take over the loan and you will inherit the house in future.

Will you take it?
It is a no for me.

It is ridiculous for two people, who are broke, to live in such a luxurious big house. Should have just sell the house and settle for a smaller but equally comfortable house.

I also hate the idea of forcing me to “buy” a house that I don’t need. It is my duty and I am most willing to support the parents for the rest of their live, but not the house.

I am also not interested in the inheritance at all. I am willing to accept it if it is given to me, but not because I helped to service the mortgage. I rather work, slog and save for my dream house through my own means. It is not mine anywhay, I am happy to offer it to other willing parties.

Even to the extend of loosing big money; I will still want to let the house go. Scrimping and live a life of excessive prudence just because you have to set aside enough money to pay the bank is not the ideal lifestyle I desire. So what if the value appreciate a few years later? By that time, I might be able to afford something similar. I perfer to enjoy my immediate life without having to deprive myself of some simple indulgence.

Sounds bitter and self centred? Yes, sure it does. Because I grew up in a family that places a lot of emphasis in financial planning. Well, not in a professional kind of financial planning, but we were conditioned not to take up loans, goes into extravagance or anything that might lend us in monetary trouble. My parents belong to the generation that pays everything in cash. They paid the full amount when buying our faithful car (which explains why it is still staying with the family after almost 20 years), and repaid the housing loan in 3 years. They never expect us children to support them, thus they bought all kinds of policies to prepare for retirement. They must have bought some wrong ones, or invested their savings somewhere wrongly, but they are financially independent and secured nevertheless. I would like to be like them too.

I have dreams to fulfill, callings to answer, passion to follow and a wonderful life to enjoy. Or in a more materialistic way of saying, I have that beautiful dress to buy, that exotic holiday trip awaiting, or that fancy restaurant that I really want to dine in. I don’t want to wait too long until I lose my zeal. More importantly, I have my young family to tend to. Why should I clip my wings and stay on the ground hanging on to the job that guarantees the stable salary to repay the loans, instead of flapping it and live a more exciting and worthwhile life.

I would rather be a broke because I fall while seeking my dreams, then be the broke constantly chased by the bank. Well, unless the dream is to buy a luxurious house….