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My friend has over $150K in student loans..I'm not sure if i should help her. Helping means spending alot of time going through her finance. I'm just worry i will get stuck in helping her out with money. Should I just excuse myself?
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Is she asking for help? If she is interested in having someone help her figure out how to better manage her money and you are willing and able to do that, I think that's fine. If she hasn't asked for help, I wouldn't go pushing it on her.
And why would you be worried that you will get "stuck" giving her money? Has she asked you for money before? It isn't your debt. It is hers. No reason you should be paying for it.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
I would give her the advice, but I would not help her financially. Good advice might change her life, not giving or receiving it would be a shame.Comment
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If you are going to advise her, I hope she would lessen the time you would need to spend on it by organizing her information ahead of time. It should not be up to you to sort bills and to think of what bills might be upcoming, and what is high interest, past due, in collections, in deferment, etc.
You might refer her to SavingAdvice.com or some other if you don't really want to get involved."There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid
"It is easier to build strong children than to repair broken men." --Frederick DouglassComment
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You may be aware your friend is not using her income effectively but until she recognizes that she is not managing money well, she will not take action nor make significant changes you suggest. It's that old...take a horse to water...
If she has asked for help you can define the parameters of your assistance like a long term plan to reduce debt, creating EF, basic retirement planning. Make it clear you are in a position to offer information. If she asks for money, explain you've learned that is a sure way to lose a friend.Comment
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I agree with Snafu....
Show her the long term plan and also show her that it won't be easy. Also ensure that you explain how much better she will feel knowing that she worked the plan and that the successes she achieves, will be of great personal satisfaction.Comment
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