Kevin O’Leary Has 1 Rule for Giving Cash to Household. It Works at Any Revenue
Even if you can’t afford to write huge checks like Kevin O’Leary, you can still learn something from billionaires’ approach to giving.
EXPERT OPINION BY JESSICA STILLMAN, CONTRIBUTOR, INC.COM @ENTRYLEVELREBEL
It’s pretty hard to feel bad for billionaires, but according to a host of incredibly wealthy people there’s one aspect of being filthy rich that is no fun at all: deciding what to do when friends and family ask you for money.
How do those who can afford almost anything choose how to respond when someone they love comes looking for cash? Is there a way to balance a desire to help with a need to keep financial ties from spoiling your relationships? Shark Tank investor Kevin O’Leary recently talked through how billionaires think through these requests on a podcast.
His words offer a peak into the hidden
His words offer a peak into the hidden world of the super rich. But according to financial planners, they suggest a framework regular people can use to think through how and when and how to offer financial help to loved ones too.
Being rich has one big downside
Before we get into O’Leary’s comments, let me take a moment to try and convince you that the ability to cut a huge checks to loved ones is actually a problem. Having nearly limitless reve spoken publicly about how being a potential piggybank to everyone you meet can spoil relationships
The daily digest for entrepreneurs and business leaders
An Inc.com Featured Presentation
Gates, for instance, told the New York Times how relieved he was that his daughter didn’t ask him for money when she was fundraising for her (now scandal plagued) e-commerce startup.
I would have kept her on a short
“I would have kept her on a short leash and be doing business reviews, which I would have found tricky, and I probably would have been overly nice but wondered if it was the right thing to do? Luckily, it never happened,” he said.
He wasn’t the old Gates parent concerned that mixing money and family would end badly. His ex-wife, Melinda French Gates, also didn’t invest, stressing that financial hand outs rob kids of learning opportunities. “She’s growing from this,” French Gates explained.
Source: www.inc.com
