As parents or grandparents, we want to help our families in any way we can. However, when it comes to debt, we have to be very careful. Despite our best intentions, it can be easy to make the problem worse. Many parents and grandparents simply give money when asked, but this can just turn you into an enabler and does not solve the underlying issues. As an old proverb once said: “give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime”.
This week, we’ve consulted with a multitude of financial experts on this issue. Here are the top 8 tips on how to provide financial assistance to your family the right way.