6. Don't borrow money to bail someone else out. Let that person find their own lender.
If you don't have the money to lend that person in the first place, then when would you pay
it back and how can you guarantee that the other person would be able to pay you on time so
you can pay your lender on time?
7. Don't borrow money for an alleged emergency then spend money on unnecessary
expenditures, especially when your lender is aware that you are doing so and you have
not even made an attempt to pay him/her back. That's like thumbing your nose in that
person's face.
8. If you are borrowing money from a financial institution....same rules apply.
If you can't pay or pay on time, it's better to call and make arrangements than to
duck the bill collectors. That does nothing for your credit rating and score.
9. My mama taught me "don't wear out your welcome". Well...don't wear out your
money welcome. Even if you've paid back your loans on time to your (private) lender,
People don't realize that sometimes the lender has to shift her whole financial plan around
to accommodate the loan request, especially if it's for a relatively large sum. Plus, who
wants to be an enabler? If an individual is continually borrowing, that means there's
something that person needs to do to set his finances right, be it find a part time job, create a
budget or cut out some extras and creature comforts for a while. There are wants and then
there are (real) needs.
10. Don't act like you are "entitled"!! Even if you are borrowing money from a close relative.
Once you've passed 18 or maybe as old as 21 (if in college), you are technically no longer
entitled to your parents' money. Too often people try to lay a guilt trip on their prospective
lenders if they refuse to lend money for the fourth time or if their lenders keep asking
for repayment.
Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts
Money issues can cause problems between family members, spouses and friends.
In fact, money issues are now the main reasons for divorce, surpassing infidelity!
Below are money borrowing etiquette's that should help avoid those problems.
1. When you ask for a loan and say you will pay the lender back
on a specific date.. pay him/her back on that date.
2. If some unforeseen circumstance prohibits you from paying on time,
call your lender (hey, you took the time to call when you wanted to borrow
the money didn't you?), give your reason(s) and either state when you will
be able to pay or ask for an extension. If the circumstance is going to make
it difficult to repay the money all at once, work out an agreement about
when and how you will pay back to loan.
3. Once an agreement has been reached, then honor it and pay as promised!
4. Be aware that just because the person loaned you money, it does NOT mean they
can afford not to be paid back or not be paid back on time! I know of people
who have extended a kindness, loaned money in good faith and found themselves
in a serious jam when they were not paid back (or paid back at the specified time).
5. Do not ask for another loan from that lender if you have not paid back the first loan
(or second, or third, etc). There are some people who have the audacity to keep asking
even though they haven't paid what they already owe, have not mentioned it and in
some cases, never mention it again.
In fact, money issues are now the main reasons for divorce, surpassing infidelity!
Below are money borrowing etiquette's that should help avoid those problems.
1. When you ask for a loan and say you will pay the lender back
on a specific date.. pay him/her back on that date.
2. If some unforeseen circumstance prohibits you from paying on time,
call your lender (hey, you took the time to call when you wanted to borrow
the money didn't you?), give your reason(s) and either state when you will
be able to pay or ask for an extension. If the circumstance is going to make
it difficult to repay the money all at once, work out an agreement about
when and how you will pay back to loan.
3. Once an agreement has been reached, then honor it and pay as promised!
4. Be aware that just because the person loaned you money, it does NOT mean they
can afford not to be paid back or not be paid back on time! I know of people
who have extended a kindness, loaned money in good faith and found themselves
in a serious jam when they were not paid back (or paid back at the specified time).
5. Do not ask for another loan from that lender if you have not paid back the first loan
(or second, or third, etc). There are some people who have the audacity to keep asking
even though they haven't paid what they already owe, have not mentioned it and in
some cases, never mention it again.
Leanna Archer, an honor student in Islip, N.Y., was 8 when she first tried to make a batch of homemade, natural hair products just like her mom's. Soon she began selling them in the neighborhood and then to stores. Today the 12-year-old Leanna is the owner and CEO of Leanna's Inc., which sells hair-oil treatments, shampoos, conditioners and deep conditioners. Her products are sold online and in stores across the country, and she expects 2008 revenues to reach $150,000 -- up from $45,000 in 2007.
This kid is making $5,000 a month
[source]
This kid is making $5,000 a month
[source]
Wanting to appear rich and being afraid to look poor may sound like the same thing, but they're not. One is racing to keep ahead of the Joneses, the other desperately trying to keep up. One is rooted in pride, the other in fear. And though neither behavior is particularly smart, the fear of seeming broke is its own special torment, fraught with shame, anxiety and intricate acts of financial self-deception.
Think that's not you? See if any of these ring a bell:
Does wearing cheap clothes make you queasy?
You don't mind getting a steal on designer duds but you shun secondhand stores, consignment shops and anything with the words "Old" or "Navy" in it. You would swear that everyone can smell it when you spend $9.99 on a shirt.
Are you embarrassed to use coupons?
You love the concept of saving money, and those two-for-ones are a little tempting, but you'd rather die than stand at the register while people watch (impatiently) as you hand over little pieces of clipped paper. It screams cheapskate.
Do you feel judged by your décor?
You may not have a dime in savings, but there's a good reason for that: Your living room looks like a Crate & Barrel ad. Credit card bills be damned, that "Monaco" living room makes you feel secure.
Did you buy your house, car, stereo or personal digital assistant to impress friends or family?
If the phrase "Wait till Bill/Sarah/Aunt Tildy sees this" crossed your mind, even for a hot second, you know the answer.
source: MP Dunleavey
msn money.
Think that's not you? See if any of these ring a bell:
Does wearing cheap clothes make you queasy?
You don't mind getting a steal on designer duds but you shun secondhand stores, consignment shops and anything with the words "Old" or "Navy" in it. You would swear that everyone can smell it when you spend $9.99 on a shirt.
Are you embarrassed to use coupons?
You love the concept of saving money, and those two-for-ones are a little tempting, but you'd rather die than stand at the register while people watch (impatiently) as you hand over little pieces of clipped paper. It screams cheapskate.
Do you feel judged by your décor?
You may not have a dime in savings, but there's a good reason for that: Your living room looks like a Crate & Barrel ad. Credit card bills be damned, that "Monaco" living room makes you feel secure.
Did you buy your house, car, stereo or personal digital assistant to impress friends or family?
If the phrase "Wait till Bill/Sarah/Aunt Tildy sees this" crossed your mind, even for a hot second, you know the answer.
source: MP Dunleavey
msn money.
By: Abby Ellin
If you're like most people, chances are you spend a lot of time thinking about your money. If you're a parent, you may spend even more time thinking about your kids' money -- or, rather, how to ensure they have some when they need it.
One of the great debates of parenting is whether it's possible to instill in kids the attitudes that will help them handle money well. Can you motivate a child to put his allowance into a savings account rather than spend it at the local toy store? Can you -- and should you -- inspire a child to dream of 10,000-square-foot homes and a sparkling new Porsche?
In short, can wealth be taught?
As in most nature/nurture debates, the jury's still out on this one. But there's a lot to think and talk about. Most experts believe the desire to amass wealth is the result of a friendly mixture of genes and gumption -- wherever that comes from. In other words, a lot of it is baked into the personality early on. On the other hand, experts also believe it is possible to teach your kids behaviors that will increase their wealth -- and that it's never too early to start.
When kids have both the inner drive and encouragement in the right direction, get out your calculator because the sky's the limit.
"Can wealth be taught? Absolutely. Are people born with a wealthy mindset? Absolutely," says Dr. Gabriela Cora, president of the Executive Health & Wealth Institute, a corporate consultancy in Miami. "I believe someone who is born with the inner motivation to succeed -- and encounters a fertile environment that enables the potential for accumulating wealth -- will find extraordinary opportunities."
Cora has identified three key characteristics that she believes most wealthy people possess: risk-taking, creativity and perseverance. Although these traits do have a genetic component, they can also be coaxed along and brought to the forefront.
What's more, studies show that kids want to learn about money. According to Charles Schwab's annual Teens & Money survey, 89% of teens say they want to learn how to make their money grow.
Trouble is, a lot of kids aren't getting the financial coaching they need. According to the Schwab survey, fewer than one in three respondents believe their parents or guardians are making sure their teens learn the basics of smart money management. And only five states require financial education, reports the National Council on Economic Education.
If you're like most people, chances are you spend a lot of time thinking about your money. If you're a parent, you may spend even more time thinking about your kids' money -- or, rather, how to ensure they have some when they need it.
One of the great debates of parenting is whether it's possible to instill in kids the attitudes that will help them handle money well. Can you motivate a child to put his allowance into a savings account rather than spend it at the local toy store? Can you -- and should you -- inspire a child to dream of 10,000-square-foot homes and a sparkling new Porsche?
In short, can wealth be taught?
As in most nature/nurture debates, the jury's still out on this one. But there's a lot to think and talk about. Most experts believe the desire to amass wealth is the result of a friendly mixture of genes and gumption -- wherever that comes from. In other words, a lot of it is baked into the personality early on. On the other hand, experts also believe it is possible to teach your kids behaviors that will increase their wealth -- and that it's never too early to start.
When kids have both the inner drive and encouragement in the right direction, get out your calculator because the sky's the limit.
"Can wealth be taught? Absolutely. Are people born with a wealthy mindset? Absolutely," says Dr. Gabriela Cora, president of the Executive Health & Wealth Institute, a corporate consultancy in Miami. "I believe someone who is born with the inner motivation to succeed -- and encounters a fertile environment that enables the potential for accumulating wealth -- will find extraordinary opportunities."
Cora has identified three key characteristics that she believes most wealthy people possess: risk-taking, creativity and perseverance. Although these traits do have a genetic component, they can also be coaxed along and brought to the forefront.
What's more, studies show that kids want to learn about money. According to Charles Schwab's annual Teens & Money survey, 89% of teens say they want to learn how to make their money grow.
Trouble is, a lot of kids aren't getting the financial coaching they need. According to the Schwab survey, fewer than one in three respondents believe their parents or guardians are making sure their teens learn the basics of smart money management. And only five states require financial education, reports the National Council on Economic Education.
