I see the recurring theme of the family asking a first-generation wealth builder for excessive loans or financial assistance crop up across multiple cultures. Of course, it's not wrong to want to help your family or friends in time of need. In fact, I believe that it can be beneficial for a first-generation wealth builder to reinvest in their community.
Do you consistently have the same person coming to you for money? It may be time to attach some education to your financial support. Two examples that I consistently see are: Additionally, when you decide to give money to a friend of family member, there's a temptation to call it a loan. I find that when you expect that the money will be paid back, it's only going to cause more hurt and bitterness in the long run. If you decide to give money to someone, do so without expectations. There should be no financial or repayment "strings" attached to your giving.
How much are you willing to budget to give to friends or family or to support your community each year?Stepping up, and stepping back
acorns Great article ! Thanks for sharing! Let’s help build a more financially inclusive world 🌍
It pays to tread carefully when lending candy to family and friends. investinyou (In partnership with acorns.)
acorns Only you know who you can lend to, and the one you need to run away from.