Comments on: Reduce the Chances of Money Conflicts With Our Families http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Thu, 24 May 2012 23:54:08 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: avanti http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-77013 avanti Fri, 30 Mar 2012 21:53:02 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-77013 It is true that money shouldn't be a problem in families, but more often that not it does. Too many times money is loaned without any real plan or documentation. Throw in that some family members simply don't have that belief that paying back to family is a priority and instead think that they are at the bottom of list, if they are even on it. Sometimes it is better just to give the money and not get into the stress of trying to get paid back. It is true that money shouldn’t be a problem in families, but more often that not it does. Too many times money is loaned without any real plan or documentation. Throw in that some family members simply don’t have that belief that paying back to family is a priority and instead think that they are at the bottom of list, if they are even on it. Sometimes it is better just to give the money and not get into the stress of trying to get paid back.

]]> By: Thordar http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-37356 Thordar Sat, 08 Jan 2011 22:34:20 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-37356 I concur. I concur.

]]> By: Myself http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-34037 Myself Wed, 08 Dec 2010 20:17:17 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-34037 Whenever I give money to someone (whether they just want to borrow it or not), I consider it a gift. If they choose to pay me back, then it is very much appreciated, and I may take them out to lunch/dinner using some of it. If I give our children some money, it is money that is also gone, never to be returned, and I can only hope that I can guide their spending habits to be better than mine were in my youth. I can/will not demand that they take all their birthday money and put it in the bank. I also can/will not demand that they spend it a certain way, since I realize that is how they also learn. Whenever I give money to someone (whether they just want to borrow it or not), I consider it a gift. If they choose to pay me back, then it is very much appreciated, and I may take them out to lunch/dinner using some of it.
If I give our children some money, it is money that is also gone, never to be returned, and I can only hope that I can guide their spending habits to be better than mine were in my youth. I can/will not demand that they take all their birthday money and put it in the bank. I also can/will not demand that they spend it a certain way, since I realize that is how they also learn.

]]> By: familymoney http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-30182 familymoney Wed, 01 Sep 2010 17:43:26 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-30182 It is certainly the experience of many that money can cause issues in families and also with friends. My own Father said 'Never do business with family'. Certainly if you casually loan money to family or friend you should think of it as a gift instead of a loan. Then if you get paid back, all is well and if not, you feel charitable and still have a good relationship. However, it is also true that families can learn to understand and deal with each others money attitudes and values. Use of multi generation family meetings to discuss and agree on long term goals for the family and to hash out varying values about money can be used to allow family generations to help each other out. However, this is certainly not an easy task. It is certainly the experience of many that money can cause issues in families and also with friends. My own Father said ‘Never do business with family’. Certainly if you casually loan money to family or friend you should think of it as a gift instead of a loan. Then if you get paid back, all is well and if not, you feel charitable and still have a good relationship.
However, it is also true that families can learn to understand and deal with each others money attitudes and values. Use of multi generation family meetings to discuss and agree on long term goals for the family and to hash out varying values about money can be used to allow family generations to help each other out. However, this is certainly not an easy task.

]]> By: Nseobong Victor Okon http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-25090 Nseobong Victor Okon Wed, 24 Mar 2010 14:00:12 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-25090 Love your post. Money should not be a problem in our families. Money should rather unite families. Love your post. Money should not be a problem in our families. Money should rather unite families.

]]> By: Nseobong Victor Okon http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-25089 Nseobong Victor Okon Wed, 24 Mar 2010 13:51:03 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-25089 We will always need our family to cope with money issues very well. We will always need our family to cope with money issues very well.

]]> By: Dividends4Life http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-5552 Dividends4Life Fri, 28 Mar 2008 01:47:16 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-5552 I have found it is best not to mix money/business with family and friends. It seems to always divide. Best Wishes, D4L I have found it is best not to mix money/business with family and friends. It seems to always divide.

Best Wishes,
D4L

]]> By: Mayank Rocks http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-5383 Mayank Rocks Sun, 23 Mar 2008 11:12:33 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-5383 @ Miracle Not really. @ Miracle

Not really.

]]> By: Mayank Rocks http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-5382 Mayank Rocks Sun, 23 Mar 2008 11:12:03 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-5382 Well said. My dad and his own brother have been engaged in money conflicts. More money is always trouble. So whenever its a plan of more money. Alone or working with trusted people is the best option. Well said. My dad and his own brother have been engaged in money conflicts. More money is always trouble. So whenever its a plan of more money. Alone or working with trusted people is the best option.

]]> By: LiteDeals http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/comment-page-1/#comment-5318 LiteDeals Thu, 20 Mar 2008 15:12:21 +0000 http://moneyning.com/money-tips/reduce-the-chances-of-money-conflicts-with-our-families/#comment-5318 Moreover, if a family member come to you for money exactly for the expectation that he does not need to repay it later, it become a big moral hazard problem and is bad for both of you. Moreover, if a family member come to you for money exactly for the expectation that he does not need to repay it later, it become a big moral hazard problem and is bad for both of you.

]]>