Kevin O’Leary has one rule for giving money to family. It works at any income
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…
When friends and family members ask billionaires for money, one of them, Kevin O’Leary, suggests a rule to keep relationships intact. O’Leary, a Shark Tank investor, revealed on a podcast that his issue with being wealthy is deciding how to handle requests for cash from loved ones. He explained that some family members may ask for money but don’t want him to invest in their ideas or give them loans.
To avoid ruining their relationships and Thanksgiving dinners, O’Leary has developed a rule: he will give them the money as a gift, but he never wants them to ask for more money in the future. This one-time gift rule has inspired other wealthy people to adopt a similar approach. While most people don’t face the same financial power as billionaires, they can still learn from O’Leary’s strategy.
Financial planners recommend avoiding loans or investments from family because they can strain relationships. Instead, a flat one-time gift, such as helping with tuition or a down payment, might be a better option.
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