Overcoming Overspending with Friends and Family

Many people struggle with overspending. When those close to you are struggling financially, it’s helpful to understand the how and why behind the addiction. This will also help them on their journey of overcoming overspending.

Today, you will learn how to better help those in need of money and how to ensure your decision won’t impact your financial future or retirement.

You will love today's episode if you want insight to help family and friends who overspend.

In this episode, you will learn:

>> (4:42) The first recommendation when dealing with a spendthrift

>> (5:21) How excuses often justify overspending

>> (8:13) The psychological reason people overspend

>> (9:13) How emotions impact overindulgence

>> (11:45) The problem with distracting our negative emotions

>> (13:30) How a disciplined approach can impact your life in more ways other than just money

>> (14:20) What is more valuable than giving a broke person money?

>> (15:50) Real-life example of determining how to help an over-spender

>> (17:53) How to leave money to a beneficiary who is a spendthrift

>> (19:06) Why it’s essential to be the example and how to remap the brain

Having friends and family ask for money is rarely fun, especially when they expect you to give them money whenever they ask you for help. Establishing clear boundaries, creating a plan they must follow, and being the example they need is essential.

Today’s insight will help you understand why people overspend and how to support but not enable your loved ones.

Links Referenced in the Show:

The Magical Affluent Budget Template: https://themillionaireinsider.com/mbt

Get your Free Financial Checkup:  https://themillionaireinsider.com/fc

Show notes and more information: https://themillionaireinsider.com/74

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.