By Georgie Miller
So you've done it: Your financial life is under control. You've strengthened your finances by completing most, if not all, of these key financial tasks:
- Created a budget to ensure you're not spending more than you earn.
- Stashed some funds in a high-interest savings account in case of an emergency.
- Taken advantage of a low interest balance transfer to decrease the interest you are paying on consumer debt (or paid off your debt entirely).
- Optimized your spending by choosing the best credit card reward programs for your habits.
You feel like shouting about your success from the rooftops! You are excited to share how time, patience and determination allowed you to conquer your debt demons. Unfortunately, friends or family may not appreciate your success story -- particularly if they're still struggling.
How can you help the people you love through their financial difficulties, especially when lending money to loved ones can be dangerous? Let's say you can't (or won't) drop a wad of cash to solve someone else's money woes. Try these simple strategies for offering support:
1. Give them time to recognize their mistakes
It can be tempting to lecture people if you believe their problems are of their own making -- especially if the solution seems obvious to you. Similarly, it can be tough to hold your tongue when a loved one is on the verge of making what you believe is a financial mistake.Read the full article »