Learn how you can protect your loved ones financial abuse and how to minimize the damage if it happens! Financial Scams and Protecting Your Family A few years ago, my husband’s nana had sent over money to a scammer pretending to be him. She had thought he needed help and so she generously sent it […]
Looking to give back to your community in a bigger way? Dorethia Kelly shares her volunteer experience working as treasurer of the Detroit Parent Network and tips on how to start a non-profit.
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Giving Back and Volunteering
I know as a personal finance podcast we go over how you use money to pay the bills and take care of our loved ones, which are good things to keep an eye on, but I also believe life is about more.
Giving back to others, to the community fills another need. And yes sometimes that means donating money to charity and causes that matter to us.
But sometimes our giving becomes more personal and involved with volunteering.
There are so many wonderful opportunities out there where you can directly give and participate in. Finding that connection can incredibly fulfilling and meaningful.
But what if there isn’t that perfect fit. What do you then?
Starting a Non-Profit
For some who have the time, energy, and passion, the answer is start a non-profit that addresses those specific needs in the community and aligns with their values.
In this episode, Dorethia Kelly joins us to discuss:
- how she got into the world of non-profits and how you can too
- she also has tips for those looking to start their own
- she’ll go over the pitfalls to avoid
So if your heart is moving you to get out there and do more, I hope this episode helps.
More Resources to Help
What’s the key to lending money to family? Dorethia Kelly from Money Chat shares ways you can give to your loved ones without hurting your finances or marriage.
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This is it, the #1 episode of the Couple Money Podcast!
Loaning Money to Family
On a podcast about family and finances this is perhaps one the trickiest and most stressful question you two may have to answer – Should we lend money to our family?
I don’t think it’s about trying to keep money to yourself. I think most of us would gladly help out a loved one. The hard part is when it is someone dear to us who is constantly having problems with their finances. Our gut is wondering if we’re helping them out or if we’re enabling them.
Dorethia Kelly, founder and author of Money Chat, was my special guest and we had a really open discussion on how to help out your relatives. We also get into finding boundaries within your marriage because nothing can cause tension between you two like your family.
Resources on Lending Money to Family
If you want to find out more about loaning money to family, please check out these resources:
- I Broke My Rule (About Loaning Money to Family)
- How to Lend Money to Your Family Members
- Never Lend Money to Your Family and Friends!
- The Danger Zone
While we’ve discussed tricky situations when it comes to marriage and money, I think today’s topic is one of the toughest – bailing out family.
I think most people would do anything to help out a relative who’s hit a bump in the road. Part of it is because we love them and also because we’ve all been there.
However there are times where certain family members seem to constantly struggle and it’s not always because of external circumstances.
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In this episode we talk about:
- How to figure out if bailing your family out is helping them or enabling them
- Defining your line as a couple with financial coach and author of the upcoming Money Chat book Dorethia Kelly
- How you can support your family without harming your marriage or finances
I want to make sure you have the tools and perspectives to help you find a system that works for both of you.
If you enjoyed the podcast, could you please take a second to share this with your friend or leave a rating and review? You’ll be getting the word out on the show and helping other couples build their marriage and net worth.
I know it can be hard to not help your relatives, especially if its parents or siblings, but as a married couple the two of you both have a say in how your immediate family’s money is spent.
When you’re approached by family to lend money, be upfront and tell them that you need to run it by your husband or wife first.
Don’t let them pressure you, even if they say it’s an emergency. Let them know you will get back to them as soon as you can, but you need some time to run the numbers.
Any reasonable person will understand and those who love you will not want to stress out your family.
If they balk and try to make you feel guilty, then you’ll know what they are really interested in.
Now let’s say that you want to help, but you don’t think a loan is the way to go. Perhaps you think the amount is too much or you think that bailing them out with money is going to make it worse.
What do you do then?
Here are some suggestions that may work for you:
- Give a smaller gift instead of a loan. After you sit and come up with an amount that you’re both happy with, go to your relative and tell them you can offer a gift. Make sure the amount doesn’t damaged your family budget and don’t have any expectation of seeing that money again.
- Address the problem directly. Perhaps just giving them cash will only mask the problem, so you may want to give a gift card for their specific need.
- Offer to help them with budgeting. You don’t have to look at their numbers, perhaps you can share your budget spreadsheet.
- Encourage them. Congratulate them when they take positive steps towards their goal.
- Just say no. It can be hard to do, but sometimes it’s the best way to wake them up to their financial problem.
Most of the time,with the exception of option #4, the recipient will at least be cordial. even if they are upset you’re not giving them exactly what they want, you are offering to assist.
I’ve had family complain more when I said no, but only one gave me the silent treatment and it was for a limited time.
The important thing is that you and your spouse are on the same page and comfortable with the plan.