Three Ways To Keep Money From Coming Between You & A Loved One

[00:00:00] Speaker A: It's Tuesday. That means it's Take Control Tuesday. And I have Mansa Musa on the phone with me. Mansa, Thanksgiving is here and a lot of friends and family will be gathering. But there's always this little sticking point sometimes between family and friends and that's what we're talking about today. [00:00:18] Speaker B: Yeah. You know, one of the things that can really impact a relationship, Money. So today we're going to talk about how to never have money come between you, your friends and family. [00:00:35] Speaker A: Okay. [00:00:36] Speaker B: And there are just three simple guidelines to make this work. The first one is never lend money to family, period. Never do it. Number two, give money as a gift. When you give a gift, you don't expect a return. [00:00:54] Speaker A: Yes. [00:00:55] Speaker B: Right. When you lend, you expect them to give it back. And if they have problem giving it back or for whatever reason, that's where the friction develops. So if you don't lend it but you give it, you don't have that complication in the relationship or potential complication. The final thing is this. When family or friends press you for funds, if you can't afford to give it, you can't afford to lend it. Oh, period. [00:01:29] Speaker A: End of the story. [00:01:30] Speaker B: Give them the money with no strings attached. Did you? Can't afford to lend it to me. [00:01:36] Speaker A: Makes sense to me. [00:01:37] Speaker B: Now, if you give somebody money and they want to repay you gladly accept it. [00:01:43] Speaker A: Yes. [00:01:43] Speaker B: But don't have that expectation because things happen just like people miss payments with credit cards and other things that circumstances can make them miss payments with you which then jeopardizes the relationship. So once again, never lend money to family and friends. Give the money to family and friends and you can't afford to give it to them, then don't lend it to them either. [00:02:12] Speaker A: Oh, great advice because it just makes the dinner table a lot more calm. If you know you don't owe anybody. [00:02:19] Speaker B: Any money, it makes it so people will actually show up. [00:02:26] Speaker A: The avoidance of it all. [00:02:27] Speaker B: Exactly. [00:02:28] Speaker A: Yeah. You can get all this information on our website, takecontrol Tuesday.com and Mansa, I want you to have a wonderful Thanksgiving and thank you as always. [00:02:39] Speaker B: Thank you.