by Jaynee Sasso
Striking a healthy balance between helping those in need and protecting yourself against a financial predator is essential for success. Serving as a personal ATM machine for friends and relatives is detrimental to your financial health and prevents them from developing a mindset to pursue their own pathway to success. Many people experience financial stress at the hands of their loved ones. Therefore, prosperity can be a blessing or a curse based on the choices we make. Our individual success positions us to help more people in need. However, we can over extend ourselves financially and foolishly give out of a desire to help.
One example is co-signing a loan for someone, which appears to be a noble act but can have severe consequences. Learning how and when to distribute your financial resources is vital. People that seek to take advantage of your generosity will attempt to manipulate you into giving what you do not have to give.
• Do not give based on an emotional response.
Emotional spending often leaves behind feelings of regret and resentment. Over the years I have vowed never to loan what I can’t afford to lose. This leaves me free from feelings of guilt, anxiety, resentment or regret about the choices I made. If I give money it is because I felt led to fulfill the need of that particular individual and look for nothing in return.
• Do not allow yourself to be coerced into giving.
The overall benefit of helping others is lessened if it’s done under duress or with a poor attitude. Instead, examine each situation individually to determine if there truly is a need or if someone has made you a permanent source of income for their monthly budget.
• Learn to say no.
This lesson is one of the greatest weapons you have to protect and secure your financial future. So many people seek to amass great wealth but never get the chance because they have undermined their own plans by unnecessarily taking on another person’s burden, which distracts them from reaching their goals by gradually depleting their resources.
Contact Jaynee at firstname.lastname@example.org.