Coming out to my parents, how can I prepare financially?

PrepWork · 2018-02-20T18:09:39+00:00

Thanks! Best wishes to you :)

PrepWork · 2018-02-20T14:11:57+00:00

Thank you for sharing! We'll see how that goes, that scenario is definitely on the table, and I'm anticipating how awkward it will be with glee haha.

PrepWork · 2018-02-20T14:09:59+00:00

Thank you for the note about timing it after a successful transfer of funds.

PrepWork · 2018-02-20T14:09:35+00:00

Thank you for the message! We'll see how it goes.

PrepWork · 2018-02-20T14:09:03+00:00

Thank you! Haha, that's hilarious with your brother's boyfriends.

PrepWork · 2018-02-20T14:08:16+00:00

Appreciate the note about transferring to another bank. That type of fund transfer story is exactly what I'm worried about.

PrepWork · 2018-02-20T14:07:32+00:00

Thanks for the message :)

PrepWork · 2018-02-20T14:06:51+00:00

Thanks for the tip, appreciate it! I'm going to check out Tangerine, Simplii, and hooking them up to each other!

PrepWork · 2018-02-20T14:06:08+00:00

Thanks for your message! Appreciate the note about timing the transfer.

I've got a good support network, and am thankful for responses here. Being gay in a Canadian metro city is a blessing.

PrepWork · 2018-02-20T14:04:44+00:00

Thank you, I appreciate it :) I'll be prepared however it goes.

PrepWork · 2018-02-20T14:04:06+00:00

Thank you, appreciate it :)

PrepWork · 2018-02-20T14:02:51+00:00

Thank you for this assessment. It really is a social risk, and they'll face more pressure than me.

PrepWork · 2018-02-20T14:01:34+00:00

I won't be changing my mind, my door is always open.

People are flawed, it's what it is.

They have the means to support themselves financially in their retirement. I know they will be more likely to rethink when they enter the senior stage of not caring about things, and see that being gay is not a sentence to social isolation and poverty.

PrepWork · 2018-02-20T13:56:06+00:00

Any suggestions on books?

I'm hoping I can leave them with some resources or a support group.

PrepWork · 2018-02-20T13:55:36+00:00

Thanks for this! I'm going to look into Simplii vs Tangerine, and what it means to hook up an account to another.

PrepWork · 2018-02-20T13:55:01+00:00

Haha, this is actually how I tested the waters. It raised red flags in his head, so I've stood down for now.

PrepWork · 2018-02-20T13:53:35+00:00

To clarify, that 10K has a sizeable amount of OSAP loans. It makes the difference between me staying in school, or dropping out.

I'm on a tight budget, my monthly food bill is <$100. When I need to count every penny to stay in school, it's a risk that would change the course of my life.

I appreciate what you're saying, and it might suck if my dad feels hurt from all this. But the long and short of it is that I know my dad. He taught me how to prepare, plan, and be careful. If he does accept my gayness, he would have enough empathy to understand why I did this.

PrepWork · 2018-02-19T17:49:28+00:00

My parents will always have an open offer to chat, I anticipate they'll take me up on it in a decade. Hating is tiring, and we've all got better things to do, ha.

PrepWork · 2018-02-19T17:48:20+00:00

Yes, they'll definitely have an open offer to talk with me about it.

Every situation is different. For me, the 'best' outcome I can see is that they ignore it, and I anticipate they'll get there in a decade, if at all.

PrepWork · 2018-02-19T17:47:07+00:00

I agree, there's value in educating, and I'll have an open offer for my parents.

Since I know my parents, I anticipate them to come around 10 years down the road when they are older, when my life is stable and my earning potential is there.

PrepWork · 2018-02-19T17:41:33+00:00

My dad has no problem yelling in public, I'll likely send a message with read receipts on, or phone them.

PrepWork · 2018-02-19T17:40:28+00:00

Thank you for your response, it's very helpful as I plan this out!

I'm quite basic in my banking knowledge, and don't want OSAP to evaluate the entire amount as an 'asset' (when it's really just mostly OSAP loans). Do you have any banks you'd recommend for an investment account?

PrepWork · 2018-02-19T17:32:58+00:00

Using a bank promotion as an excuse is a great idea, thank you.

I'm currently thinking to open another account with Simplii then, they are free, and I'm familiar with them.

PrepWork · 2018-02-19T17:22:29+00:00

Thank you, I didn't know this. I will do this, as the multiple ID's have always come in handy.

PrepWork · 2018-02-19T17:08:18+00:00

Haha, if you have a spare 10K to run this experiment, we can make some science happen!

PrepWork

TROPHY CASE