Friends & family asking for money

[Kariuki Daniel]

People are always asking for financial help from me. It's frustrating. I am in college and working part-time as an SEO writer. I am saving to start my own SEO agency but my friends and family are always asking for money. I always find myself spending even money I save for use as capital. What should I do?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Odysseus M Jones]

People are always asking for financial help from me. It's frustrating. I am in college and working part-time as an SEO writer. I am saving to start my own SEO agency but my friends and family are always asking for money. I always find myself spending even money I save for use as capital. What should I do?

Buy them copies of TMF

 

[MJ DeMarco]

What should I do?

Grow a spine and tell them no? It's your money and your life.

 

[Kak]

MJ summed it up well concerning your situation, but the thread title doesn’t match the subject matter very well. I’ll add that they shouldn’t know you have money in the first place. You could easily masquerade as the poor college student, and as you’ve observed, that could make your start in life easier.

With regards to spending vs saving… I always say do stuff you can afford and don’t piss away your future entrepreneurial agility for a present luxury.

On the other hand, pinching pennies is for the job person with linear growth that needs to survive the last 30-40 years of their life without income. Don’t be that person either.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Speculatooor]

People are always asking for financial help from me. It's frustrating. I am in college and working part-time as an SEO writer. I am saving to start my own SEO agency but my friends and family are always asking for money. I always find myself spending even money I save for use as capital. What should I do?

You have set up a pattern of expectations, that are now biting you in the a$$. You have to break those patterns, which will probably mean small/big conflict depending on how you handle it and how they take it.

 

[Nodus]

Coming from a third world country, this is normal. You find yourself giving alot of money to family members and relatives in desperate needs, I faced this challenge alot.

I then decided to invest every cent into my business to the time it hit my pocket no matter how small.

You need to have everything scheduled up and know exactly what money goes where and do what needs to be done when you get your hands on it, and when an issue arises, your business is already secure and whatever you give doesn’t come at the expense of what you are trying to build.

 

[Guyfieri5]

It sounds like your running some sort of charity organization. Have you tried shutting that down to focus on your business?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kevin88660]

People are always asking for financial help from me. It's frustrating. I am in college and working part-time as an SEO writer. I am saving to start my own SEO agency but my friends and family are always asking for money. I always find myself spending even money I save for use as capital. What should I do?

Remain semi uncontactable until they “get it”?

There are ways to politely say no. You can learn them.

“I have no money too” is a perfect excuse.

Your relatives and friends who are trying their luck will just move on.

 

[Mattie]

People are always asking for financial help from me. It's frustrating. I am in college and working part-time as an SEO writer. I am saving to start my own SEO agency but my friends and family are always asking for money. I always find myself spending even money I save for use as capital. What should I do?

I believe it's kind of an interesting perception since you have people that ask for money, and others who do not ask for money. Which one is the real slacker?

I agree hand them one of M.J.'s books instead. I wish i had his book 20 years ago.

 

[Andy Black]

Thread title changed from “Pinch pennies or Spend big.”

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[WestCoast]

Maybe I missed it... but, how do these people even know you *have* money?

I downplay my financial situation in every situation that comes up.
'I invested every penny in my latest business deal'
'I'm using my points to stay in AirBNBs'
'I don't own real estate'

I highlight a couple concepts everyone assumes mean I don't have money.
And, then no one asks me for handouts.

When people don't know -- they don't ask.

--
I do all charitable giving anonymously and privately, so no one knows about that.
I don't have social media, so people don't know I fly First Class internationally, every single week.
I keep my mouth shut about money to everyone - even close friends.

Don't talk about it, don't show it off, and no one asks for anything.
It's great.

--
I guess it gets harder when you decide to buy a big house, or fancy car.
Haven't done that yet, zero interest.... but if you're in college working part time - there is zero reason anyone should expect you have money to give away to them. Unless you're giving them a reason to think so...

 

[Ing]

Everyone gets some bucks from me. Just mow my lawn, You ll get so e.
So give them jobs, if they like to have your money.

But best is not to let them know.

 

[Kariuki Daniel]

Maybe I missed it... but, how do these people even know you *have* money?

I downplay my financial situation in every situation that comes up.
'I invested every penny in my latest business deal'
'I'm using my points to stay in AirBNBs'
'I don't own real estate'

I highlight a couple concepts everyone assumes mean I don't have money.
And, then no one asks me for handouts.

When people don't know -- they don't ask.

--
I do all charitable giving anonymously and privately, so no one knows about that.
I don't have social media, so people don't know I fly First Class internationally, every single week.
I keep my mouth shut about money to everyone - even close friends.

Don't talk about it, don't show it off, and no one asks for anything.
It's great.

--
I guess it gets harder when you decide to buy a big house, or fancy car.
Haven't done that yet, zero interest.... but if you're in college working part time - there is zero reason anyone should expect you have money to give away to them. Unless you're giving them a reason to think so...

I appreciate you taking the time to answer my question. Your answer has given me great insights regarding what sprouted this 'charity organization' that I have been running. I just need to grow a spine to nip what caused this in the bud.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.