YOU Magazine - May 2018 - Friendship and Money
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Fred Gruber     Fred Gruber
Director / Principal / Broker
First Rate Financial Group
Phone: (800) 620-8802
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Corp. License: NMLS #1777223, CA-DRE 02075839
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Friendship and Money

Friendship and Money

There are as many opinions about money as there are people, and for lots of folks it's a sensitive subject. Experts suggest the following six tips to handle touchy money issues with friends, without jeopardizing your relationships.

You're never obligated to answer questions about personal finances. If someone asks how much you paid for something, you can give the hint simply saying, "A little more than I should have. But I really enjoy it." Or if a friend wants to know your salary, create a clear boundary by replying with, "Nothing personal, but I have a policy of not discussing finances with friends."

Splitting dinner checks down the middle is fine if everyone's meal cost about the same. But, it can get tricky with large disparities. If all you ate was a salad when the rest of the group ordered filet mignon, once it comes time to settle, say something like, "I figure X dollars will cover my food and tip. Does that sound right to you?" This is a polite way to avoid a big bill that didn't involve your order.

Soliciting donations for causes you or your kids are passionate about is common, but use common sense for how many times you ask the same people. In general, immediate family can be approached for every fundraiser you support. But distant relatives and friends should be limited to two or three requests per year. You should also understand the causes they like to support and ask accordingly.

Paying for advice from friends who are lawyers, accountants, decorators or other professionals is the right thing to do, even if they love their job. Ask for advice but add, "Let's handle the business side of this, too. Will you draw up a contract that outlines what you'll do and how much you'll charge?" Getting it in writing shows you value both their time and your friendship.

Contributing to group gifts can be touchy. If someone has already purchased a lavish gift for a mutual friend, family, boss or teacher, and the split is out of your budget, simply say "I already had another gift in mind, so I won't be able to contribute." Then, go buy something in your price range.

Cash out with apps. You may not carry much cash these days, but it's simple to send and receive money person-to-person for splitting dinner checks, contributing to group gifts, or repaying a little cash, and it usually costs no more than a few taps on your smartphone. Trusted apps like Venmo, Zelle or PayPal make settling up a snap.

Don't let money get in between you and your relationships, give these tips a try!

Source: Real Simple


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