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Setting boundaries with your family about money does not make you selfish. In fact, it makes you responsible.
Transcript
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Setting boundaries with your family about money does not make you selfish. In fact, it makes you responsible. If you're the first person in your family to make real money, you already know how this goes. Your phone rings and someone needs something from you. This could be help with school fees, a medical bill, rent for a cousin, a family event going on back home.
And every time you feel like you have to say yes because how could you say no? You're the one that made it out. But here's what I see happen to a lot of first generation hireers. They give from pressure, not from a plan. And when you give from pressure, two things happen that I've noticed.
You never know how much you're actually giving. and you start to feel resentful towards the people that you love the most. That's not a money problem. That's a structural problem. I face the same problems. So, here's what I do to overcome this problem. First, decide ahead of time what you're going to give.
Pick an amount or pick a percentage of your income and seriously make it a line item in your plan. For my wife and I, this is a specific number that that we give per month. And it's a line item just like our rent or retirement savings. Then, when that call comes, you're not making a decision under pressure.
You're following the plan. And if a request goes beyond that number, it's okay to say, "I can't do this month, but this is what I can do." That's not you turning your back on your family. That's you making sure that you're showing up for them for the next 20 or 30 years. Because if you burn out on your own finances, no one wins.
Not you and definitely not the people counting on you. Boundaries are how you take care of your family properly. And I want you to understand and remember that. Thank you. Can I pray one for that?
This video is for general educational purposes only and is not personalized investment, tax, or legal advice. Every situation is different. Talk with a qualified professional about your circumstances before acting. PLC Wealth Partners is a registered investment adviser. See our disclosures.
