Don’t Be the Family Bank
If you happen to be a lot wealthier then your family and your friends, then you maybe seen as the family bank and not even realize it. Sure you may want to help them but you don’t want to feel like a living ATM either.
So, if you fit into this category then you’re in luck because here is a list on how to deal with all those requests for support:
• Make a loan rather than a gift: For example, if your son needs money to buy a house and your worried that your other children will become resentful. Structure a loan with him instead of just giving him the money.
• Figure out why it’s always you: Why do family and friends find that it’s always okay to come to you for money? Maybe is it because you like being the family hero?
• Run requests by your advisors: Sometimes saying no to family and friends can be extremely hard. However, speaking to a financial advisor can really help with this. They can point you in the right direction and can tell you how much money you should really be giving out. Just because you are wealthy doesn’t mean everyone is automatically entitled to it.