It’s something we don’t talk about. People don’t tend to throw up a “My mom needed help with her mortgage payment” story on Instagram alongside their “I just bought my first house!” post.
For many of us, relationships with family and friends are where money shifts from a simple numbers game to a complex web of emotional and financial obligations.
As a former Wall Street trader, founder of Your Rich BFF, and the author of “Well Endowed” who made my first million by age 27, I know it’s important not to sweep these things to the side.
Finding the delicate balance of setting up your own safety net while still being there for the people you care about will look different for everyone, but no matter your situation, not planning and setting boundaries is almost guaranteed to get you into a sticky situation or two. Because as great as it would be to give your nearest and dearest infinite help, you also can’t set yourself on fire to keep others warm.
There are plenty of “teach a man to fish” tactics you can use with your parents to help them without literally giving them money:
