How to protect your finances from spendthrift family members and relatives?

[pousinha]

Imagine you are a great saver, aiming investing for the rainy day, but you live with family members that love to lavish money. What they earn today, they spend all immediately, a lot of time to purchase futilities.They always live broken and sharing the same house compels you to support them. This is a mishap you very easily find in Latin America.The only solution I found is a long term investment lacking early withdrawals (or a long term investment where early withdrawals turn cumbersome). Any other idea? Any other strategy?

 

[freelancermaria]

I'll move out and only give them the money they need to survive. Living with such people can harm my mental health. And what you have suggested is a good option.

 

[Starmix]

You need to teach a lesson to that extravagant family member, or better talk to her and teach her how to manage the money. It's not you to sacrifice a lot there should be splitting of bills payments and other expenses at home.

 

[eLdavis]

I think one way to do this is to not let them know how much you are actually making, make them understand what it means, or how hard it is to make money. This would let know learn how to manage.

 

[aninditasen]

Imagine you are a great saver, aiming investing for the rainy day, but you live with family members that love to lavish money. What they earn today, they spend all immediately, a lot of time to purchase futilities.They always live broken and sharing the same house compels you to support them. This is a mishap you very easily find in Latin America.The only solution I found is a long term investment lacking early withdrawals (or a long term investment where early withdrawals turn cumbersome). Any other idea? Any other strategy?

I stay alone and I have no one to support except paying some bills and my maid but I spend judiciously. This helps me to make the needed purchases.

 

[pousinha]

You need to teach a lesson to that extravagant family member, or better talk to her and teach her how to manage the money. It's not you to sacrifice a lot there should be splitting of bills payments and other expenses at home.

This is very cumbersome in Latin America (and in southern Europe too). Latin people are great revelers and a family member who tries to stop them (parties and out of city shopping are very expensive, there is also the habit to purchase cars and other vehicles when they obviously can't afford to maintain them) ends up with a good number of enemies. Revelers turn around and bite you.

I think one way to do this is to not let them know how much you are actually making, make them understand what it means, or how hard it is to make money. This would let know learn how to manage.

To hide your salary is easy when you have an online job (whatever online job) and a personal bank account, not shared with family members. In the case of a classic 9 to 5 offline job, unfortunately there is no way to hide the amount of a salary

 

[eLdavis]

This is very cumbersome in Latin America (and in southern Europe too). Latin people are great revelers and a family member who tries to stop them (parties and out of city shopping are very expensive, there is also the habit to purchase cars and other vehicles when they obviously can't afford to maintain them) ends up with a good number of enemies. Revelers turn around and bite you.


To hide your salary is easy when you have an online job (whatever online job) and a personal bank account, not shared with family members. In the case of a classic 9 to 5 offline job, unfortunately there is no way to hide the amount of a salary

I have siblings who work in an offline job, for years now I don't know how much they earn and I have never thought about trying to find out. I doubt they would know unless you let them.

 

[Starmix]

This is very cumbersome in Latin America (and in southern Europe too). Latin people are great revelers and a family member who tries to stop them (parties and out of city shopping are very expensive, there is also the habit to purchase cars and other vehicles when they obviously can't afford to maintain them) ends up with a good number of enemies. Revelers turn around and bite you.


To hide your salary is easy when you have an online job (whatever online job) and a personal bank account, not shared with family members. In the case of a classic 9 to 5 offline job, unfortunately there is no way to hide the amount of a salary

That is the worst scenario of ambitious people who purchase a car despite cannot afford to pay and who will pay? Perhaps the company will confiscate the car if failed to pay.

 

[pousinha]

It usually happens the highway police that apply precautionary seizure because here is fairly common a citizen:
1) drives without a license
2) he can't pay the annual car tax, so he has liabilities
The point is, usually it's not ambitious people, but they simply bit off more lettuce than they can chew cause incapability to plan in advance their expenses.

 

[Suba]

I never imagined being a great saver and stingy with siblings, even though we make long-term investments that are difficult to disburse or make a loss, but we also always hold small amounts of money, especially for monthly needs, but I will still give money to siblings who smaller and smaller amounts, while making him realize how important money is in the future.

 

[pousinha]

I never imagined being a great saver and stingy with siblings,

No, the aim of this topic is not to teach how to be stingy with siblings, but how to protect your finances to be lavished. I give now a practical example of real life: imagine you are a great saver and need to pay for your university degree. Imagine you have a brother who is a strong smoker and spends half his salary in cigarettes. You have another brother who is a great gambler and spends all his salary gambling. Both of them end up broken cause their spendthrift habits and beg for your money. What would you do? Get rid of the idea to study in the university and maybe stick with an underpaid humble job during your entire life to support such a spendthrift family member or instead protect your hard-earned money to pay for an university degree? Maybe in your country, all family members living in the same household follow the same principles about hard-earned money, but unfortunately, in the Western countries is very different and it's common to find in the same family the great saver together with the great spendthrift who spends into futilities.

 

[Suba]

No, the aim of this topic is not to teach how to be stingy with siblings, but how to protect your finances to be lavished. I give now a practical example of real life: imagine you are a great saver and need to pay for your university degree. Imagine you have a brother who is a strong smoker and spends half his salary in cigarettes. You have another brother who is a great gambler and spends all his salary gambling. Both of them end up broken cause their spendthrift habits and beg for your money. What would you do? Get rid of the idea to study in the university and maybe stick with an underpaid humble job during your entire life to support such a spendthrift family member or instead protect your hard-earned money to pay for an university degree? Maybe in your country, all family members living in the same household follow the same principles about hard-earned money, but unfortunately, in the Western countries is very different and it's common to find in the same family the great saver together with the great spendthrift who spends into futilities.

Financial principles are basically the same everywhere, whether in the family or personal life. I don't live at home with my parents and siblings, I've lived in a boarding house since college. So I also know how difficult it is to make money and how sad it is if we don't have money. That's why even though I gave him money via bank transfer, the portion or amount of money was getting smaller.

 

[Starmix]

If your finances are more than sufficient because of having businesses or married a wealthy man, still you have to take control of your family's expenses because money is not a stone. It will disappear if not well managed because of the extravagance of some family members.

 

[Tracee]

I can relate to this, what I do is I don't let them know how much am really cashing in, an I don't give to them all the time only from time to time, so they don't have that expectations of always wanting to spend anyhow cause I let them know my money is tied down or already in used to procure goods .

 

[King Belieal]

I can't live in a house with such a fellow. I would just move out. You can't use your financial recklessness to affect my own life. Staying with them gives you a moral burden to support them.

 

[Augusta]

I would hide my finance from such a person. I can only assist with what I believe is the best at that time and nothing more