Friends, Family, and YOUR Finances!
Are Your Friends and Family a Threat to Your Finances?
We love our friends and family, but some of them can be a hazard to our financial health. Have you ever taken the time to consider the impact these people have on your finances? It’s possible you might not have noticed the negative impact the people in your life are having on your wallet.
You might need to have some tough conversations or use your wits to deal with these assaults on your budding wealth. But no one ever said becoming wealthy was easy!
Be on the lookout for these folks:
1. The struggling businessman or woman. This person is full of great ideas that seem worthy of a small investment. Unfortunately, having great ideas and executing them are different skills. Avoid investing money that you’re unlikely to see again.
· Solution: Let the future entrepreneur know that you’re uncomfortable investing in a business that isn’t even off the ground yet.
2. The partier. The partier barely needs an excuse to celebrate. Cleaning out the closet is a good enough reason to head out on the town and drag you along for the ride.
· Solution: Show up for the celebration, but keep your expenditure limited to a soft drink. Most places will provide free refills. Another alternative is to say, “Thanks, but no thanks.”
3. The charity case. This person is constantly collecting money for worthy causes. He’s climbing Mount Everest to save the antelope and needs $1 for every vertical foot of ascent.