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A lot of things might happen when you come into a large sum of money suddenly.
Because she gave birth to her and raised her, she felt entitled to have this money.
Bored Pandagot in touch with money coach and therapistFanny Snaith.
Read on for our conversation with her below!
She says that whether a family member feelsentitled to anothers moneydepends on their history.
However, Snaith emphasizes the importance of communication.
What seems to be lacking here is discussion yet expectation is present.
Conversations around money are so important, yet people find them hard to initiate.
Snaith says the person should clearly state to thefamily memberthe reason for the conversation.
Generally, Snaith recommends that any financial transactions between family members happen as formally as possible.
If giving the money, state clearly whether there are any strings attached make this very clear.
Resentment comes very easily when lending with a hidden agenda that is not met, the financial coach explains.
For those who suddenly come intoa large sum of money, Fanny Snaith recommends working out your goals.
Take some advice from a financial advisor, for instance, she advises.
All those things need [consideration] before making decisions.
Some parents might feel theyre owed financial assistance from their kids because they provided for their children growing up.
But experts say that its important to set financial boundaries with all family members, includingparents.
Of course, this also depends on cultural and social aspects.
Every family is different, and whats appropriate to some may seem overboard to others.
Yet, according toMoney Digest, children shouldnt feel pressure to give their parents money.
They should express gratitude in ways that feel appropriate to them.
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