What to Do with a Dependent Sibling
What to Do with a Dependent Sibling
A lot of troubles occur between families because of sibling dependency. When a relative particularly a younger brother or sister loses their job and have nothing to cover for themselves they turn to their older siblings for help.
According to an expert, Suzanne de Baza, who is also VP at the Ameriprise Financial for wealth studies, more and more cases of these sibling dependencies are occurring in the society nowadays.
It is hard to shoo them away because you feel responsible for them, but at the same time, tolerating it is not very healthy for your financial life. Studies show that divorce and losing a job are the most common reason why people become mooches.
Divorce costs are quite expensive, also not to mention the emotional feeling you get after the break up. It would be even worse if you and your ex-partner have kids and you have poor credit.
Here are the measures you have to make when you have a sibling who wants to move in and ask for your help financially.
First, say what is in your mind. Do not keep quiet when you feel being taken advantage of. Negotiate with your sibling, give them a time frame when they will have to move out and stick to it. Talk to him nicely about it, tell him you understand what he’s going through but you are also unable to support him.
Second, do not expect for loans to be repaid. Just think of it as a present, if your sibling borrow money may it official with a contract, this will prevent any family conflict between you two.
Finally, follow-up on your sibling. See how he’s doing, do not be hesitant to call him up and remind him of his bills, ask him how he is doing or if he has to leave your apartment in a few days.
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