Connect with us

Hi, what are you looking for?

Money Management

Money Alert: Are You The Family ATM? Find Out What You’re Doing Wrong!


 

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.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

As Russia’s invasion of Ukraine continues, many global businesses have pulled their dealings out of Russian territories due to a mix of sanctions and...

News

In the last few weeks, fears have begun to surface of another potential recession striking the United States economy. Economists have been working to...

News

It’s no secret that the highs of the COVID-19 pandemic cost movie theater chain AMC an unprecedented amount of money. As people isolated at...