How to deal with new money?

Question

I'm 35 married and have been struggling financially off and on for years. I've never had the support of any family to help in times of $$ crisis. My close friends and family are all struggling paycheck to paycheck type situations, just like I have been for many years.

Without saying much, I find myself straight out of college making a "training" wage of $500/day - we are currently in day number 18 and we are expecting it to continue for at least three more weeks. (On site Geologist "Geo-Tec" on an oil rig)

Then we will have hopefully a week off, or maybe 10 days. Then on the next location I'm getting paid $1000/day.

How do I help my friends and family, but not just give away money. Is their a book that someone can recommend. How can you maintain relationships with close ones, but not feed them. I haven't even received my first check and it has already begun a little.

I'm not an arrogant ***, in fact just the opposite. I over think things and worry about too much probably.

Answer 1

What exactly is your question?  How to say no?

Answer 2

If you want to lend money to friends and family and place an outside buffer in the process try Virgin Money. You lend the money they take care of repayments so you don't have to ask to be paid back.

Answer 3

Let me give it to you straight out.

THAT IS YOUR MONEY!

My siblings and parents don't get into wealth distribution.

Bank it  and keep your yap shut about it to your family. Build it up until someone is in dire straits and then give them a no interest loan. You will keep peace in the Family that way.

Like my Grandpa used to say,"If you loan somebody $50 and you never see them again, it was money well spent!"

Do you happen to need an assistant?

Answer 4

I don't think there's anything wrong with helping out loved ones. We're all feeling the recession. It's more of a question of how they spend their money. If they're responsible with their money and don't overspend or purchase things they don't need all the time then I say help out anyway you feel morally comfortable with.

However, if it's them that's digging themselves a financial grave by excessive spending, building up credit card debt, or buying outside of their income, I would recommend you help them set a budget. Or tell them to write down all the money they spend in a week and on what they're spending it on. Short term help and long term financial help are usually needed to reconcile money issues.

But don't get me wrong... If it comes down them not being able to eat because they don't have enough money to buy groceries, then by all means spot them some money.

Answer 5

I hope you don't mind an answer from someone as young as me.

I suggest that you save and invest your money wisely, plan for the future.

Be frugal and continue to live a simple(if not sacrificial) life style while building up your bank. This way in the future, you don't have a need to ask family members for help again.

If you save, you can begin a legacy and your children will have something to build off.

Retirement is closer than you think, so save, save, save!