Q&A-19 & SUPPORTING MY FAMILY
7:46 PM Posted by MS.NOVA
*via email*
I live an awesome life but man, it comes with stress. My love for music paid off when i got a 6 figure production deal with a major label. I'm 19 so this is awesome. I watch my money and I can admit that I am surprisingly responsible except when it comes to my family. We never came from money, I got cousins and uncles in the hood. I give and give and give but now I have to draw the line. I feel soooo bad, but I know they will take until I'm dry. How you gonna let a 19 year old support your 34 year old ass?
How do I draw the line when it comes to money and family?
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February 6, 2011 at 12:23 PM
Yes, money and family can be a very touchy subject. Often times because we are never fortunate enough to experiencing the shoe being on the other foot, and knowing if the other person would be as generous with you, as you have been with them.
I think this is pretty simple. Decide which family members you wish to support (by that I mean, make their lives a little bit easier...NOT by paying for luxuries that they don't need).
For example:
You may have a cousin who's a single mom and is trying to go back to school. Help her with her grocery bill by buying her Gift Cards to her favorite supermarket. She gets a burden lifted, while you can feel comfortable knowing where the money is going.
You may have an uncle who works very hard, but certainly cannot enjoy the lifestyle you are leading because maybe he's a baker and they don't make Producer's salaries. Resolve to give him a monthly allowance of some sort so that he can treat himself to something special once a month, but how he chooses to do so is completely up to him. If he wants something that costs $1,000 and you give him $200/month...then he needs to save up for 5 months.
You are NOT anyone's bank account. Your talent and skill earned you that 6-figure salary, and at 19, you may want to have a family of your own one day, and you are going to want to make sure that you are in a position to put your future spouse/kids ahead of any extended family.
Position yourself now, or the headache will be even greater down the road. AND at 19, you shouldn't have huge expenses, so put as much as you possibly can into a 401K or some type of secure savings plan. Money seems right at 19, but make sure YOU can benefit from your good fortune at 65.