We are all connected in this world. Especially when it comes to money.
It could be a friend, family member, even a stranger who is having money issues and it could affect your finances.
You are probably thinking "there is no way that anyone affects my money!"
Let's start with the closet people to you. Family are the easiest people who can mess up your money. If your parent or parents are alive think about their preparation for the time they are no longer here. Do you know if their affairs are in order? Do they have insurance? Do they have a will? If that day comes and the coverage is not in place guess whose finances will take a hit? Yours, and if you don't have the money then what that parent owns will have to stand for what they owe. Just like that you have to sell their belongings to pay for a funeral and any debt they may have had.
Friends can put your money in jeopardy as well. There are a lot of friends who stay with each other in apartments. They split the rent, utilities, groceries, and other bills. Where the problem rises is when one friend wants to move out in the middle of a lease because they can no longer afford to stay there. That leaves the other friend with the decision to either foot the entire bill or break the lease which will also cost money.
When it comes to strangers you won't even know when they are costing you money because the money problems that they are having are hidden. How they affect your money will be indirect and you won't even know it is because of their money problems. For example that coworker that you don't even know on the 4th floor is having money problems and those problems have been going on for six months. That same coworker during the last six months has been working on a project that directly affects the project you are working on. The problem is that their money issues have destroyed their focus and they are doing a bad job on their project which will directly impact the outcome of the project you are working on. Both projects fail and now that bonus you were counting on is not going to happen.
Although you personally may not be having money trouble does not mean that others and their money problems can't take money from your bank account. Always be prepared.
If you enjoyed this post please like and/or share with others!
For more money tips please visit www.DebtSucksUniversity.com
Tools for your money journey: Learn More