Have you ever had the necessity to hide your financial status from your family? Some people say that their family members were the main cause of their financial ruin. I have seen people who pretend to be poor or broke so that they do not attract unwanted attention from their family members.
I understand their point of view, and although we should help our family when in a crunch, sometimes it is best to pretend you do not have the money. Here are some reasons why;
It Is Not Your Obligation if They Were Not Financially Responsible
If your family was not financially responsible, you are not expected to be Robinhood and take care of their messes. You do not owe them anything. They made poor decisions. They should face the consequences. You should not feel obligated to help them all the time.
They Might Start To Feel Entitled
Once family members know you have money and they do not have it, they will guilt trip you all the way. They will start looking at it from ‘our money’ perspective. They won’t care about the sacrifices you made to get here or the plans you have for your future. As long as you have it, you should help; if you do not, you are a horrible relative.
They Will Borrow With No Intention To Repay
Whenever you lend money to your relatives, consider that as a token. Chances are that you will never get the money back. They will come up with all kinds of excuses (some legitimate) about why they cannot pay back, and there is nothing you can do about it. Some will keep making stupid financial decisions because they know you will always bail them out.
They Will Get Mad if You Refuse To Help
Your relatives’ entitlement factor will make them mad if you refuse to help them when they come asking for money. They will talk ill of you and may even distance themselves from you. Do not bow to the pressure.
They Will Not Understand Your Goals
Your relatives won’t care about your goals. You could be saving for retirement, a vacation, or something valuable. That won’t matter to them. All they need from you is your financial support; it does not matter if you have to keep your goals and ambitions aside to do that.
It Will Cause Turmoil and Strife
Do not tell your family members you have money if you know they are not financially responsible. Financially irresponsible people do not change all of a sudden. And most do not want to change. When they know you have money, you will open a floodgate of turmoil and strife you may not be able to control. They will be on your case at all times. You will be their financial god.
Once You Give Them Money They Will Come Back for More
There will be no reprieve once they learn they can get money from you. They will keep coming back for more. You will take care of their emergencies, needs, and indulgences until your savings dry up.
Set Them up With a Financial Planner
The best way to get your family members out of your hair would be to set them up with a financial planner. The planner will let them see how badly they have been spending and create a plan to get them out of their hole. If they do not adhere to the planner’s suggestion, you would be right to cut them off completely. You will have done your best.
10 So-Called “Frugal” Habits That Are Actually A Waste Of Time And Money
Do you know any things that people do that they think are frugal but actually aren’t saving them money but sometimes are just wasting their time and money?
I am sure you have read articles and tips that promote frugal living and give some ideas that are just not frugal! These frugal myths float around and sometimes even cost people a lot of money!
12 Extreme Frugal Living Tips You Can Try
A Reddit user was curious to know the extremely frugal things people did that they didn’t tell people about. He gave an illustration that he used to collect promotional coffee sachets on top of car windows and that saved a ton of money. He wanted to know whether other Reddit users did extremely frugal things that they did not want other people to know.
15 Tips For Frugal Living On A Tight Budget
If you are looking for tips for frugal living on a tight budget, this post is for you.
Being on a tight budget means looking for even the slightest opportunity to save money. It could be saving to clear your loans, for a bigger purchase, or even for early retirement.
12 Extreme Frugal Living Tips You Can Try
A Reddit user was curious to know the extremely frugal things people did that they didn’t tell people about. He gave an illustration that he used to collect promotional coffee sachets on top of car windows, and that saved a ton of money. He wanted to know whether other Reddit users did extremely frugal things that they did not want other people to know.
12 Not Very Obvious Sign That Someone Is Rich
It is easy to know when someone is rich. However, sometimes it is not obvious. One Reddit user wanted to know what non-obvious signs pointed out that someone was rich. We have sampled some of the best responses from other Reddit users in that conversation.
This article was produced and syndicated by A Dime Saved.