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Coming into Money

Written by admin, Monday, January 18th, 2010 in Q&As

I recently have acquired a significant sum of money. Now everyone is asking me to share or help them out. I really don’t want to. What do I do?

Easy: you don’t do it.

As is stereotypical with this sort of thing, whenever you suddenly find yourself having a lot more money than you did before (and especially when it’s noticeable- such as if you win the lottery or inherit well-known riches), people tend to come out of the woodwork and ask for money for anything and everything- from requests to pay off their loans to simply requests for raw cash.

In a sense, there’s nothing wrong with sharing the wealth with people you like and want to share with- that’s something you probably already know. If you’ve really come into a significant amount of money, it doesn’t hurt to purchase a family member a gift or something- but only if you want to. You are not, in any sense, obligated to give anyone money for any reason merely because you happen to have more than you had before.

As for avoiding conversations on the topic, I recommend doing two things: avoiding the topic and obfuscating information. For the former, just avoid mentioning anything about the money, especially pertaining to how much you have now or what you’ve done with the money, as the less you mention, the less it is in the mind of those whom you know. As for the latter, try to avoid being too direct with the money or allowing people to know who-got-what or what you used the money for: neither are appropriate topics. If someone directly asks you, use a phrase like “a good amount” or “just enough”. If they keep pushing, directly refuse to answer. Never share information about whom you gave money and/or gifts to. Just avoid the topic.

With that being said, just be prepared for a lot of questions and requests- it’s almost expected with money. Just learn to politely refuse people.

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2 Responses to Coming into Money

  1. Uberjustice says:

    One option available is to tie up the money in such a way so you don’t have immediate access to it. For example, you could put a significant portion of the cash into a certificate of deposit for anywhere from 3 months to 5 years. You would be earning higher a interest rate compared to a standard savings account, and you would be able to use the penalties associated with withdrawing from the CD as a way to deflect requests for money.

  2. Asa says:

    If you do cave in, and odds are someone will eventually break all your barriers, remember to keep tabs on every penny you lend/give. If people are going to think of you as a bank, act like one: keep records!

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