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We have all experienced those uncomfortable money moments.
Whether -- be splitting the bill at dinner or having a close friend ask for a money favor.
-- -- -- -- But it can be done.
-- he do it so you'll never feel money embarrassment again.
-- debt Wheeler is the director -- consumer education at credit dot com Jerry thank you for joining us what you say.
He's the biggest money embarrassment people talk about.
Well I informally -- the people today and said what are embarrassing money moments for you certainly ask having a friend or family member asked for a loan was a big one.
Splitting that snack.
Getting hit up for money for charity or panhandle or you're not sure -- deals are things that all of us encountered some hammer -- so let's.
Through those one at a time how do you react what's the proper.
Word change each hit -- well.
When at -- member a close friend ask you borrow money a large -- to.
He added this is a common one and I think there's a couple things -- think about personal if you're not willing to make -- -- that do not lend the money because they're asking you because they can't get along some more out so there's a good chance they will not be able to repay you.
But the other thing to do is to say you know what if you are going to go ahead -- make the loans they.
-- -- I've been burned by this in the past I don't wanna stay ruin our relationship let's just put it down and write easily make sure we're on the same page if they're not willing to do that then maybe you better say I'm -- can't.
What about getting a little bit more our financial and actually assigning an interest rate to it that's below market for -- -- right so the person actually passed said.
Continue to make any kind of payment or without -- set the terms and the timing of the loan.
But if you put a -- interest rate on its so the person -- loaning money to actually has to blanket.
Yeah actually the IRS once you to put an interest rate I didn't get the interest very -- the IRS website that you.
Don't feel comfortable blame the -- residents say by law and -- to assign an interest rate to this.
And then even like smaller scale if you have in knowing sister or brother who's costly like asking for twenty or fifty bucks you know it.
One time fine but if it's just kind of -- think again not a big sum of money now -- talking about just a couple of bucks but just the routine of it is just getting on your nerves had to stop that.
It can really -- happened that can happen with a coworker who seems to forget their wallet every time you're -- -- or whatever it may be and so.
At some point you have to decide you know what I'm gonna say no if they're not willing to give them money.
That I'm going to have to say no and eventually they're gonna get the message and what about charities.
This is a tough one because if you're involved in your community your going to be asked a lot of times to donate to various charities and quite honestly we can't donate to every cause that we care about -- you have to decide what's important here.
That you may want to set some boundaries let's say you set aside a certain -- journal but terrible budget you say.
And that -- support people I know we're doing good things our community won't be a lot of money but it's something you friend it's.
Walking sixty miles for breast cancer you're gonna say I'm gonna give you at least a little bit to help you support you in that effort.
At the other thing you can do as you can pick one or two charities.
And when someone has -- CD's of the -- and supporting this year at a friend who did this she had a personal story about a charity to help her family she shared with me.
And yeah it it really made -- respect why she was supporting -- charity and not others that year all right great advice thank -- Jerry.
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