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Liz Weston

Q&A: Unsolicited financial advice

February 9, 2015 By Liz Weston

Dear Liz: Your answer to the financially savvy brother whose advice is lost on his sisters was a bit harsh and shortsighted, so my guess is that you may not know anyone who has siblings who will continue for the next few decades to need help. It is hard to deny a sibling help while enjoying the benefits of prudent saving. It is harder to watch a sibling suffer, even if they should have avoided it. Seems to me completely different from giving advice about child rearing, which I might add is sometimes simply a statement of the obvious and one that should not even have to be mentioned, like don’t let your kids scream in public. This young man is almost certainly going to live with either guilt over not supporting his sisters when the mother dies or the frustration of having to give up hard-earned funds to avoid the guilt. You should have said he needs to write them a letter citing the guidance given and making it clear not to come to him when they get in trouble.

Answer: Thank you for providing a perfect example of why people find unsolicited advice so annoying.

The brother asked what he could say to his sisters to make them more financially responsible and to his mother to make her realize she should stop supporting them. The answer, of course, is nothing. There are no words that can make other people change unless they want to change. Since his family has made clear they’re not interested in his advice, continuing to offer it would be pointless.

The brother didn’t express concern that he would wind up supporting either his mother or his sisters. Even if he has such concerns, writing such a letter would be churlish, at best. If he’s asked for help, he can make his position known then.

Filed Under: Q&A Tagged With: financial advice, follow up, q&a

Friday’s need-to-know money news

February 6, 2015 By Liz Weston

HealthCare-Medical-Identity-TheftToday’s top story: What to do if you’re an Anthem insurance customer. Also in the news: TurboTax stops state filings, how your own personal lottery can add up to big savings, and how your pet can fetch a tax deduction.

Millions of Anthem Customers Exposed: What It Means for You
Find out what you should do if you’re an Anthem customer.

TurboTax halts state filings amid fraud outbreak
What this means for TurboTax customers.

Pay Your Own Personal “Lottery” to Save Money Regularly
Then ten dollar a day habit that could add up to big bucks.

How Your Pet Can Dig Up a Tax Deduction
A deduction, not a dependent.

4 frequent flier mile pro tips that anyone can use
Getting the most from your miles.

Filed Under: Liz's Blog Tagged With: Anthem, data theft, frequent flier miles, pets, Savings, tax deductions, Taxes, TurboTax

Thursday’s need-to-know money news

February 5, 2015 By Liz Weston

downloadToday’s top story: There’s been a massive data beach at Anthem Insurance. Also in the news: Personal finance questions that should be answered before you say “I do”. learning your investment vocabulary, and assumptions that could hurt your retirement plans.

Massive breach at health care company Anthem Inc.
As many as 80 million customers have had their personal information stolen.

Personal Finance Questions Before Marriage
Questions to ask before walking down the aisle.

The Many Different Types of Investments, and How They Work
Learning the investment vocabulary.

4 Dangerous Assumptions That Could Hurt Your Retirement Plan
You know what they say about assuming…

7 Home-Selling Mistakes to Avoid
Keeping your sale trouble-free.

Filed Under: Liz's Blog Tagged With: Anthem, couples and money, health insurance, Identity Theft, Investments, real estate, Retirement

Wednesday’s need-to-know money news

February 4, 2015 By Liz Weston

smartphones_financeToday’s top story: Americans and their 401(k) savings. Also in then news: How to make taxes easier with your smartphone, what you should know about long-term care insurance, and what to do if your teen is destined for bad credit.

Good News and Bad News for Americans’ 401(k) Savings
Get your hand out of the cookie jar.

Want to Make Taxes Easier? There’s an App for That
Apps that can help you track your receipts all year long.

What you need to know about long-term care insurance
Protecting you and your family.

4 warning signs your teen is destined for bad credit
How to get them back on the right path.

6 Things You’re Spending Too Much Money On
Finding cheaper alternatives.

Filed Under: Liz's Blog Tagged With: 401(k), Credit, long-term care insurance, Retirement, tax apps, teens and money

Tuesday’s need-to-know money news

February 3, 2015 By Liz Weston

HopeToday’s top story: When it’s time to look for a new bank. Also in the news: Personal finance questions you need to answer, how to upgrade your financial life, and ten ways to have a financially happy marriage.

6 Signs It May Be Time to Switch Banks
Time for a new relationship?

8 Personal Finance Questions Most of Us Flunk
How did you do?

10 Steps to an Upgraded Financial Life
Give yourself a boost.

10 Ways to Have a Financially Happy Marriage
There are better things to argue about.

Filed Under: Liz's Blog Tagged With: banking, banks, couples and money, personal finance, tips

Monday’s need-to-know money news

February 2, 2015 By Liz Weston

Household-Budget1Today’s top story: Why treating your household like a business could help your budget. Also in the news: The money moves you need to make right now, why it’s going to get tougher to get a student loan, and how to take advantage of the home office deduction.

How to Manage Your Household Budget Like a Business
Thinking of your home as a business can help keep your budget on track.

The Money Moves to Stop Procrastinating and Take Care of Now
No more excuses.

The Student Loan Rule Change That Could Hurt Parents With Bad Credit
Getting a student loan just became more difficult.

Tax Season: Demystifying the Home Office Deduction
Making sure your home office is legitimate.

Nationwide ad meant to be jarring
The insurance company defends depressing Super Bowl ad.

Filed Under: Liz's Blog Tagged With: advertising, budgets, home office, home office deduction, Insurance, money moves, Student Loans, Taxes, tips

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