Comments on: Question of the Day – “Helping” Your Friends http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: WH http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-61631 WH Wed, 10 Jan 2007 19:21:51 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-61631 I just started talking to my significant other about his "money ways" last month, after making sure to flash my "current reading" at him for about 2 months...which incidentally, always happened to be pf reads. Although he wasn't exactly excited to discuss how he wasn't saving money or planning for his future (not exactly my words...I had to finesse these a little), just last night, he actually told me he was glad that I "made him think." Depending on how close the friendship is, an intervention could be a turning point, even if it takes a few tries! I just started talking to my significant other about his “money ways” last month, after making sure to flash my “current reading” at him for about 2 months…which incidentally, always happened to be pf reads. Although he wasn’t exactly excited to discuss how he wasn’t saving money or planning for his future (not exactly my words…I had to finesse these a little), just last night, he actually told me he was glad that I “made him think.” Depending on how close the friendship is, an intervention could be a turning point, even if it takes a few tries!

]]> By: hustlermoneyblog http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-61104 hustlermoneyblog Mon, 08 Jan 2007 03:55:18 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-61104 talking about money is a tricky issue...one of the things to get them interested is asking about their current situation with a certain bill and how to save money. E.G. Are you with sprint? did you know that you can do drop calls to save $10 a month? they also give at least 15% discount with certain company. or who do you bank with? did you know that WAMU can get you 5% APY savings account when you sign up with them online. and yes, you can go to the brick and mortar with the same account. if they are interested, then you can continue on with more in depth. Hustlermoneyblog talking about money is a tricky issue…one of the things to get them interested is asking about their current situation with a certain bill and how to save money.

E.G. Are you with sprint? did you know that you can do drop calls to save $10 a month? they also give at least 15% discount with certain company.

or who do you bank with? did you know that WAMU can get you 5% APY savings account when you sign up with them online. and yes, you can go to the brick and mortar with the same account.

if they are interested, then you can continue on with more in depth.

Hustlermoneyblog

]]> By: Getting Green http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-61098 Getting Green Mon, 08 Jan 2007 02:43:46 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-61098 I know of one for sure way to not help friends, and that's lending them money! If you lend a friend money, that's really a great way to not be friends with them anymore, it'll change the relationship and not bring good things. Cosiging their loans is another big mistake to avoid! I know of one for sure way to not help friends, and that’s lending them money! If you lend a friend money, that’s really a great way to not be friends with them anymore, it’ll change the relationship and not bring good things. Cosiging their loans is another big mistake to avoid!

]]> By: fivecentnickel.com http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60868 fivecentnickel.com Sun, 07 Jan 2007 02:39:03 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60868 <strong>Weekly Roundup - 01/05/06</strong> MBH is ‘glass half empty’ kind of guy — or at least he was this week when talking about the financial future. FMF talks about turning a hobby into an income. Flexo has a couple of interesting pieces on what sort of income you have to ... Weekly Roundup – 01/05/06

MBH is ‘glass half empty’ kind of guy — or at least he was this week when talking about the financial future.
FMF talks about turning a hobby into an income.
Flexo has a couple of interesting pieces on what sort of income you have to …

]]> By: Clever Dude http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60829 Clever Dude Sat, 06 Jan 2007 22:10:40 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60829 I was always the spender growing up. My parents always yelled "your money is burning a hole in your pocket!", and I just couldn't save any money. Having graduated college, and been the child (of 2) to actually buy a home, have a very well paying job, and have a "saver" wife, my parents now look to me for advice on finances. Sometimes the best advice is the silent kind. I like the idea of buying someone a copy of Quicken, but it might be best to just start them out with a simple spreadsheet first. I don't use Quicken for its budget functions cause they're too strict and difficult to figure out. I created a spreadsheet for myself (as did my parents), and it worked well for me. Whatever you do, don't just hand them advice. Give them resources like yourself (e.g. sitting down and working through the tool with them), a good but simple book, or paying for a professional consultation. I was always the spender growing up. My parents always yelled “your money is burning a hole in your pocket!”, and I just couldn’t save any money.

Having graduated college, and been the child (of 2) to actually buy a home, have a very well paying job, and have a “saver” wife, my parents now look to me for advice on finances.

Sometimes the best advice is the silent kind. I like the idea of buying someone a copy of Quicken, but it might be best to just start them out with a simple spreadsheet first. I don’t use Quicken for its budget functions cause they’re too strict and difficult to figure out. I created a spreadsheet for myself (as did my parents), and it worked well for me.

Whatever you do, don’t just hand them advice. Give them resources like yourself (e.g. sitting down and working through the tool with them), a good but simple book, or paying for a professional consultation.

]]> By: » Light Weekend Reading on Blueprint for Financial Prosperity http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60770 » Light Weekend Reading on Blueprint for Financial Prosperity Sat, 06 Jan 2007 15:16:38 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60770 [...] JLP gives suggestions on how to help a friend with finances when they aren’t asking for it. Personally, I say you shouldn’t unless it’s family because no one likes to be told that they’re screwing up (from your perspective) and you’re not responsible for your friend’s life. If they’re asking for help, definitely help. If they’re not, let them live their lives the way they want to. [...] [...] JLP gives suggestions on how to help a friend with finances when they aren’t asking for it. Personally, I say you shouldn’t unless it’s family because no one likes to be told that they’re screwing up (from your perspective) and you’re not responsible for your friend’s life. If they’re asking for help, definitely help. If they’re not, let them live their lives the way they want to. [...]

]]> By: Jesse http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60748 Jesse Sat, 06 Jan 2007 12:22:45 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60748 I gave my brother-in-law "The Richest Man in Babylon" -- I think it went over well. I think JLPs approach is very wise. I gave my brother-in-law “The Richest Man in Babylon” — I think it went over well.

I think JLPs approach is very wise.

]]> By: thefeeonlyplanner http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60631 thefeeonlyplanner Fri, 05 Jan 2007 23:26:55 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60631 For people in order to really change they must pass their own threshold of pain. Many just never get to the point to say "enough is enough, I can not take this anymore and I need to take action to change". Very nice for this friend to be willing to help but his friend must get to that point and realize by continuing to do whatever he/she has been doing will bring a lot more pain in the future! Dialogue, as JLP suggested, is probably the best course of action, perhaps a light bulb will come on. But don't bet on it. I just thought of something...If they are really good friends who give nice birthday gifts to each other, why not gift him an hour (or two) with a GPN fee only financial planner (try the ones at www.garrettplanningnetwork.com). He/She can bring it up as "I know several people who received such a gift and came out thinking that this was the best gift they ever received!". Disclosure: I am NOT a GPN member! For people in order to really change they must pass their own threshold of pain. Many just never get to the point to say “enough is enough, I can not take this anymore and I need to take action to change”. Very nice for this friend to be willing to help but his friend must get to that point and realize by continuing to do whatever he/she has been doing will bring a lot more pain in the future!

Dialogue, as JLP suggested, is probably the best course of action, perhaps a light bulb will come on. But don’t bet on it.

I just thought of something…If they are really good friends who give nice birthday gifts to each other, why not gift him an hour (or two) with a GPN fee only financial planner (try the ones at http://www.garrettplanningnetwork.com). He/She can bring it up as “I know several people who received such a gift and came out thinking that this was the best gift they ever received!”.

Disclosure: I am NOT a GPN member!

]]> By: Single Ma http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60630 Single Ma Fri, 05 Jan 2007 23:24:48 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60630 Not so subtle, but I buy my family members PF books for their birthdays or conceal something finance related in a holiday themed basket as a gift. When they open it, I strike up the conversation. Not so subtle, but I buy my family members PF books for their birthdays or conceal something finance related in a holiday themed basket as a gift. When they open it, I strike up the conversation.

]]> By: EZ http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/comment-page-1/#comment-60593 EZ Fri, 05 Jan 2007 19:34:04 +0000 http://allfinancialmatters.com/2007/01/05/question-of-the-day-helping-your-friends/#comment-60593 About 1983, someone gave me a copy of the software Managing Your Money. I started tracking all my expenses and it eventually helped me get debt free. I started giving MYM to my friends, but now have switched to Quicken. Several have told me that it helped them track their expenses and start a budget. Usually one spouse likes to use the software and the other spouse gets mad at me because they get put on a budget. Most of my friends ended up really liking the software and got serious about tracking their expenses/budgets/investments. About 1983, someone gave me a copy of the software Managing Your Money. I started tracking all my expenses and it eventually helped me get debt free. I started giving MYM to my friends, but now have switched to Quicken. Several have told me that it helped them track their expenses and start a budget. Usually one spouse likes to use the software and the other spouse gets mad at me because they get put on a budget. Most of my friends ended up really liking the software and got serious about tracking their expenses/budgets/investments.

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