Am I crazy to offer a gift of financial planning services to my cousins?
December 20, 2009 5:10 AM Subscribe
My Aunt, Uncle and cousins have never been good with money, and have also never had well paying jobs. My Uncle has just inherited a (low) six-figure sum. Do I try to help them out by offering to build a financial plan for them?
posted by RecalcitrantYouth to work & money (11 answers total) 1 user marked this as a favorite
I'm a well-off thirty-something professional, with some accounting and finance training. My Aunt and Uncle are in their fifties, and the cousins are in their twenties and still living at home. From what I can tell, they have lived paycheque to paycheque for years. They own a home rather than renting, but that is mainly because of an earlier inheritance (and the home is not paid off). Without help, I fear that they will fritter away this latest windfall, and there's no more inheritance money to come.
They live about two hours away from me, so most of the planning work (other than an initial consultation) would be by phone or email.
I'd like to help them out, but I'm afraid it's just a recipe for unhappiness and family strife. Has anyone tried this before? Did it work out well or poorly? Any other ideas for ways to help?