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- Sep 18, 2008
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I'd say the best rule is to learn to say no.
You have friends and family that suck with money. If they were bad with their own money, they're certainly going to be bad with your money. So don't lend them any. Don't give them any. Do not solve financial problems for people who suck with money, regardless of how much you love them.
It only enables them to continue making bad financial decisions. The only way they learn is by suffering through the consequences of their bad decisions.
Now obviously there are a few exceptions. I helped my parents financially before but they were old and retired. But young friends and family? I guarantee they'll just start seeing you as the family ATM and never figure out how to solve their own problems.
You have friends and family that suck with money. If they were bad with their own money, they're certainly going to be bad with your money. So don't lend them any. Don't give them any. Do not solve financial problems for people who suck with money, regardless of how much you love them.
It only enables them to continue making bad financial decisions. The only way they learn is by suffering through the consequences of their bad decisions.
Now obviously there are a few exceptions. I helped my parents financially before but they were old and retired. But young friends and family? I guarantee they'll just start seeing you as the family ATM and never figure out how to solve their own problems.