3 steps to stopping the cycle of financial abuse

Below are three steps to ending the cycle of financial abuse: 1. Stop Enabling, Start Empowering:

The old Chinese proverb ‘Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime’ is applicable to many financial situations. By providing your kids, friends or family members with a financial security blanket, you are continuing to enable them to live without basic money survival skills. Remember, real need inspires real motivation. People will not learn to be responsible as long as they know they will always have you as a backup plan. 2. Refer Those in Need to Community Resources and Services:

Rather than reaching for your wallet the next time you receive a request for a little monetary support, cut the financial cord. Actions speak louder than words and as much as you may threaten that this is the last time you will help, what you do will speak much loudly than what you say. 3. Remove Yourself From the Equation:

This is not about you doing a good deed or being the family martyr-in fact, this is not about you at all! This is about each person figuring out life for themselves. If nothing else, remember that the money you continue to dole out to irresponsible friends and family members could be used to get yourself out of debt, buy your first home, or save for your retirement. Financial abusers do not care about you or your future and when the money runs out, they will just move on to the next overly generous enabler.