Has anyone ever had a loved one who makes terrible financial choices? If so, do you tell them you think they're screwing up?
I answered this letter last week from a reader whose inlaws have made some very questionable decisions with money in the past. https://www.thepennyhoarder.co...aw-retirement-plans/ In this case, the father-in-law seems to be calling the shots, while the mother-in-law gets extremely stressed about discussing money.
For me, it's a no-brainer to tell your spouse or partner when you think they're mishandling money since their decisions impact you. It's trickier when it's a parent-child relationship. Adults are allowed to make bad decisions if they want to. But if you know they'll probably ask you to bail them out if they get into trouble, how do you handle it?
I guess my approach in this situation would hinge on: 1-Do I actually have any knowledge that would prove helpful? Telling someone about a resource they don't know about is helpful. But telling someone they've been screwing up for as long as you can remember is not. 2-Is there any reasonable chance they'd take the advice? If you know the odds of someone changing are zilch, it's probably not worth introducing conflict.
Have you ever tried to tell a loved one they're mismanaging money? If so, how did it go?
Or if you've ever been on the receiving end of unsolicited financial advice, how did you feel about it? Did you find it helpful, or just intrusive?
