Financial Intervention – Is it Called For?
By Neal@Wealth Pilgrim on May 1, 2009 in Money Stress
Photo by: agjimenez at Flikr
Have you ever found yourself amidst a financial intervention?
I was having a nice phone conversation with Jon yesterday. He is the son of a friend and he was telling me all about his new business venture.
Jon got more and more excited as he told me about his new real estate business in Denver.
I became more and more worried as I listened. I don’t know much about the real estate business and I know even less about Denver, but I didn’t like the direction the conversation was going in.
It just didn’t sound like Jon had a solid business plan and I was concerned. At the same time, I realize that many successful businesses start on the back of a napkin. Who am I to lecture this young entrepreneur? He hadn’t asked for any input from me so I didn’t give him any. Was I wrong? What would you have done?
When I later spoke to his father, I did raise my concerns because he asked me what I thought. Would you have shared your feelings with Jon’s dad if you were in my place?
I wonder if you’ve ever been faced with a similar predicament. Have you?
On to the weekly roundup:
Carnival of Debt reduction had some great ideas about reducing debt. I really liked Bob’s article about Saving is A Life Skill. You can see all the articles here.
There are some gems at Carnival of Personal Finance – Lau Tzu Edition. A very beautiful article was “The Three Most Influential Lessons My Parents Taught Me”. It was written by My Life ROI and it appeared at Frugal Dad.
I’m not sports fanatic but I also liked the list of articles at Money Hacks Carnival- Playoff Edition
My personal fav? Money Ning’s “What Drives You To Be Frugal?”
Other articles you may want to check out this weekend:
JLP says,”Pontiac is gone, are you sad?”
Bargaineering offers some delicious ways to save money.
Cash Money Life had some great advice on resigning on good terms.
Moolanamy continues the conversation about how college kids should take financial responsiblity.
My Two Dollars gives you a wonderful idea for an inexpensive mother’s gift that she’ll love.
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4 Comment(s)
By tom on May 1, 2009 | Reply
It is a good question. Some people may come out honest and ask and be concerned why others will probably not want to go there because they think it’s not their business. Both sides are valid and it really depends on the situation.
However, personally i usually go direct to the person and ask them what is going on. If they are unwilling to listen or want help then I see it as a lost cause because i am not going to waste my time running after that person trying to help them when they don’t want the help.
I have better things to do then worry about someone else. I think our first priority should be putting our own life in order and in the process helping others if you can.
By ObliviousInvestor on May 1, 2009 | Reply
Oh man…this is something I struggle with all the time. It’s hard to know what to do when a person brings up some investment strategy they’re using, which–if it came up on my blog–I’d be talking about how absolutely terrible it is.
Also, thanks for the link.
By Hans on May 1, 2009 | Reply
I think that many people are really against unsolicited advice.
A similar situation to the one you describe is the gym. There are a few of us that have spend years perfecting techniques when lifting weights there but the only time I would ever give anyone advice on their technique is if they solicited it or were making mistakes that would end up injuring them in the long run.
I apply the same mentality to investment and financial advice. I will offer it if asked or fear that the person would be hurting him-/herself by continuing on the same path.
By Neal on May 1, 2009 | Reply
Tom. Nicely said. Words to the wise. Thanks.
Oblivious, I’m with you on that.
Hans, great analogy. YOU WEALTH PILGRIMS ARE A SMART BUNCH……
You know what, I’m just going to forward my calls to you guys from now on! Thanks…