How to deal with spendthrift family and/or relatives?

[Omonijo01]

Family is the most important.while relatives should be treated with care. Family is far more important than relatives.

 

[WhiteHouse]

Never give or loan money that you can't afford to lose, because it's unlikely that you will be repaid. Set limits on if and under what circumstances you will help them, and on how often you will help them. Remind yourself that you are not obligated to continually help anyone out who doesn't take steps to correct their behavior.

 

[Richard92]

The best way to deal with spendthrift family is to stay away from them. Every business owner who what to succeed in business must not have families who lavish money around him, if he does his business will fall. Business is all about making profit but with spendthrift family you end of spending both you income and capital wastefully

 

[Divulgence]

Send them all a copy of "The Millionaire Next Door" and tell them when you've finished paying off your med school debts and financing your children's education (in 10, 15, 20 years) then you might be in a position to make them a small loan.

 

[Nurudeen]

If you are saving money and still getting access to it you will only have the grace of God of not spending it back. If you think you want to leave your money for a quite period of time without touching it you need to use it to buy stock to make more money or better still buy TREASURY bills with it

 

[joy101]

If you want to get away with this kind of unnecessary spending, all you need to do you can save some of your earning in your online wallet, or in the bank in order for you to use it and do reasonable things.

 

[Ltherman]

Thanks for this so i get to know what to do with relatives in the future who may likely be looking for a cash cow in the family in the future. Knowing when to say NO is really important.

Post automatically merged: Jan 8, 2021

Thanks for this so i get to know what to do with relatives in the future who may likely be looking for a cash cow in the family in the future. Knowing when to say NO is really important.

 

[Sammyesx]

I have been in this kind of situation before, you have a family member that spends recklessly then when he is broke he comes to you for assistance, I discover that assisting such person is doing them more harm, allow them to be in need, so next time the will think twice before spending recklessly.

 

[Godleads1]

The act of dealing with a spendthrift is a case that one should be very careful about because people would start painting you as been proud and stingy where as, you are trying to cub unnecessary spending.

 

[Oloritoks]

The best way to deal with spendthrift is to let them know the limit of what you can help them with if possible making them realise that you have other financial responsibility you need to attend to.

 

[Khezo]

I didn't really get what you were trying to say. But I its what I'm thinking then I believe family should not disturb any part of business. Treat them like any other customer for your business to move

 

[Shayo]

I was faced with this kind of situation for a long time before I was able to break free.
It was my cousin and It was mostly quick loans, she will just call and start begging for money to fix an issue with the promise to payback, months will go by without repayment and I would have no choice than to forget it.
Most times, I had to lend her out of my savings and it started affecting my finance, so I learnt the act of saying "no".
Presently, I am always ready to help with the little I have for genuine requests but I will not move an inch for baseless requests.

 

[Sariana23]

Excellent proposal the one you make @Pousinha, because it is difficult to control wasteful relatives. Personally, I have an account that only one family member knows exists, and for other people I only have one with little money. But I very much agree with the investment in the short or medium term, I like that more.

 

[MarieArie]

A spendthrift trust is one of the most effective tools for protecting, preserving, and passing wealth on to heirs. It's a unique tool for keeping a family's money safe—not only from creditors but from the heirs themselves. After the trust is set up and a trustee is named to manage it, the grantor retitles their assets into the trustee's name and ownership.

Post automatically merged: Jan 29, 2021

A spendthrift trust is one of the most effective tools for protecting, preserving, and passing wealth on to heirs. It's a unique tool for keeping a family's money safe—not only from creditors but from the heirs themselves. After the trust is set up and a trustee is named to manage it, the grantor retitles their assets into the trustee's name and ownership.

 

[Jassshhhhh]

I agree when you said to use it for investments. In that way, your money is not stagnant and have the possibility to earn more money unlike when you just keep it. You should also have boundaries with how much money you give them so that they'll not get used to it.

 

[mayreeh38]

There should be a line drawn and family members should be aware of these lines. If need be call a meeting, and present the budget, let them be part of it. When they know the amount issued or allocated they will sit up. And when they lavish all at once they wait till the next one shows.