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My husband and I are doing quite well financially. We both make a very large income and have lots of money left over after we pay our bills. We also have been doing quite well with our investments. Getting great jobs and making lots of money was a combination of luck, good fortune based on some gambles, and committing ourselves to education and professional development.
My brothers and sisters (all are working class folks making less than $10 an hour) are not doing so well financially. All of them are hard workers and most of them work 2-3 jobs. They are always working but can't get their heads above water due to expenses in our inflationary times.
They think it is only fair that my husband and I send them money help them out on a regular basis because we hit the jackpot with our successful careers and good investment choices, and they didn't.
Do you help support less successful members of your family due to a very successful career and investments? Should you?
* Should someone like a Bill Gates (a Billionaire) see that his working class family all live well because he has more money than he can ever spend? (As long as they don't waste the money and continue to work full time)
** Sorry to report I am not Bill Gates but we are doing fine.
What do YOU think?
That's all that matters.
Personally, I wouldn't just send checks. I would help them with education (or their children) if they want it. I would mentor them on making better decisions and networking.
People suggested that I pay for the school of my brothers and sisters and not send them an allowance. I did that for one of my sisters a few years ago. I paid for her to go to a beauty school and attended and got bored and flunked out about three quarters of the way through. Now she works as a grocery check out person and makes about $9 an hour. No beauty career for her.
People suggested that I pay for the school of my brothers and sisters and not send them an allowance. I did that for one of my sisters a few years ago. I paid for her to go to a beauty school and attended and got bored and flunked out about three quarters of the way through. Now she works as a grocery check out person and makes about $9 an hour. No beauty career for her.
You tried a reasonable approach, and it failed with her. You don't owe her anything more IMO, since she wasted the opportunity provided, especially if that school was HER choice and something SHE chose to try.
Regardless of one's financial position, the decision to financially assist family members is a personal one, and would be a good one to be made on a case-by-case basis.
I'm also of the opinion that any monetary transactions between family members should be arranged as a gift and not a loan, but that's also a personal thing. I know I do not give money away that I expect to get back.
My husband and I are doing quite well financially. We both make a very large income and have lots of money left over after we pay our bills. We also have been doing quite well with our investments. Getting great jobs and making lots of money was a combination of luck, good fortune based on some gambles, and committing ourselves to education and professional development.
My brothers and sisters (all are working class folks making less than $10 an hour) are not doing so well financially. All of them are hard workers and most of them work 2-3 jobs. They are always working but can't get their heads above water due to expenses in our inflationary times.
They think it is only fair that my husband and I send them money help them out on a regular basis because we hit the jackpot with our successful careers and good investment choices, and they didn't.
Do you help support less successful members of your family due to a very successful career and investments? Should you?
* Should someone like a Bill Gates (a Billionaire) see that his working class family all live well because he has more money than he can ever spend? (As long as they don't waste the money and continue to work full time)
** Sorry to report I am not Bill Gates but we are doing fine.
Simply put: NO.
Giving cash to anyone is not a good idea.
But, if you are THAT well off, then give nice gifts during the holiday.
The problem with cash is many things. How do you keep track of all the cash you give. They WILL talk about how much you give them and compare.
How will they spend it? On McDonalds? Or college classes? You won't likely know.
Picking up a meal at a Restaurant when you go out is a nice thing, or maybe even if you take a vacation, paying for the hotel room.
But giving cash is really not a good idea, family, friends, or anyone. It just gets complicated.
Interesting replies so far but let me clarify my question:
My brothers and sisters think we should share out wealth and basically send them a supplemental income based on the fact that we are doing so well and they are not.
They should not be entitled to any of your money, period. If you are willingly giving them money, and they are grateful for it, and they are using it to pay bills/eat and such, then I think it's a different situation.
I mean, this thread reminds me of athletes of any popular sport that is chosen in the 1st round. The moment your name is called, all of a sudden family members that you NEVER speak to start calling you up and holding there hand out for free money.
Location: Huntersville/Charlotte, NC and Washington, DC
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As a personal banker, the only time I would advise for any money to change hands (outside of gifts) between family is in emergency situations without expectation of repayment.
The fact that they expect you to send them money, tells me NO.
I was really considering it could be possible, but if they expect it, no way. How rude and inconsiderate is that? Unless they are in dire need and seem to be doing EVERYTHING they can. Then again.. NO
You don't owe anyone anything. I would be wary of giving money to anyone who assumed I owed them it just because things worked out better for me. And I wouldn't give money to anyone who wasn't doing their best to hold down a job and make good choices, even if I was a millionaire. Some people are just leeches waiting to happen. I have no problem with the idea of taking care of my family, but I will not be a cash cow for someone who's just waiting for me to shower them with money because they're not interested in doing better for themselves.
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