These techniques could be helpful for anyone who wants to give effective money counsel.
Unsolicited money advice is like stale fruitcake: Most people wish the givers would just keep it to themselves.
Make sure they want your advice Even people who pay for money advice can have trouble following it. Somers learned about something called “non-adherence” while working in health care, and she now trains financial planners in some of the same techniques doctors use to help patients follow treatment plans.
Watch your language Some celebrity money gurus revel in shaming the people who turn to them for advice. Blaming people for their money problems is popular sport on internet forums, as well. But blame and shame rarely succeed in getting people to change their behavior, Somers says.“That leaves the person feeling trapped or disempowered, or really, really bad about themselves,” she says. So they shut down, and your advice — like that fruitcake — is quickly discarded.
Supervision or support also can help people follow through. A parent worried about an adult child’s debt may offer to go with them to see a credit counselor, or set up an appointment with an empathetic financial adviser, Somers says.In fact, leading someone to the right professional may be the best move of all, she notes. Friends and family may reject even your best advice because there are things they don’t want to share with you, or they simply need a more neutral third party to guide them.
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