Family and Finances

In a lot of families, finances tend to be somewhat of a “taboo” topic. Many people just don’t like to talk about money or financial matters, even with those closest to them. However, there are some instances in which family and finances have to go together. And, when these situations come up, it’s your job to deal with them appropriately.   

When You Need a Loan

At one point or another, most people are going to find themselves in a situation where they need help.

Perhaps they want to start a new business venture but need a little financial boost to get started. Or, maybe they are just having trouble making ends meet and need some assistance to get back on their feet.

Whatever the case may be, if you find yourself in a situation like this, you should be able to turn to family for the help you need. When you need to borrow money, the best option is to just flat out ask, not to beat around the bush. By asking directly and having a well thought-out plan for how and when you’ll pay the money back, you’re a lot more likely to have your family help you out.

When You’re Dividing Your Estate

In your later years, you will, hopefully, have some assets to leave behind. When it comes time to allocate those assets by dividing your estate, things can get tricky and tense among family members.

To avoid tension, your best option is to evenly divide your estate among your children or other heirs. If you can’t or don’t want to do that, have easy answers for why at the ready.

Keep the answers practical, such as the person who inherits more earning less, and try not to show favoritism. If you can be honest- but thoughtfully so- about how and why you divided your estate the way you did, you can avoid family squabbles and drama.

As you can see, sometimes families and finances can’t help but mix. When the two do come together, following these tips and trying to keep a level head will help you greatly.