Tag: budgeting

Friends and money: How to offer advice on savings and investments

During this and age where people call for rather complex principles to be normalized, one that is missed out is friends giving friends advice on finances. When one suffers a breakup, their friends run to their side and offer advice. Why not on finances? Here’s how to become a caring friend to one who suffers from bad financial decisions. Steve Sorense Embezzlement.

Some finance experts believe that money shouldn’t be a subject one must keep a secret. Of course, for purposes of decency, talks regarding money should be approached with caution. Encourage friends to make a budget and stick to it. Acknowledge challenges that come with it and avoid downplaying one’s financial struggles. Be empathetic and sincere when offering financial advice. Steve Sorensen Embezzlement.

Individuals who offer advice and do it in a kind and gentle way are usually the ones being listened to. Choose words wisely and practice patience. Your friend may not get things right the first time. Stick with them through the process. Once the budgeting hurdle is done with, encourage them to save and invest. Offer to help them start bank accounts dedicated for emergency funds, savings, and investments. Steve Sorensen Embezzlement.

Others may go beyond offering financial advice to friends and start investing on behalf of their friends. This practice isn’t exactly the best and is often discouraged by financial experts. Investing another person’s money and applying one’s own strategy can be tricky and opens a whole new world of problems. Stick to offering advice and helping friends build better financial habits that would encourage them to eventually get started on investing. Steve Sorensen Embezzlement.