If you are a wealthy man or woman or an entrepreneur who intends to create at a reasonable level, you will need to protect your money from anyone who can easily access it. Your family member and friends know how to get money from you, especially if they know you have money somewhere.
The truth is, if your goal is to achieve financial stability as an entrepreneur, you need to be financially disciplined. Financial discipline means you only spend money when it is absolutely necessary, not on impulse. Financial discipline as an entrepreneur means you must be able to channel your business capital diligently, and you must be able to reinvest your profits back into your business if your goal is to grow and develop the business. .
Without a doubt, if you are rich people will always look to you for financial help, and the truth is if the rate you pay with cash is lower than the rate your business or investment is earning. money for you, then you will soon go bankrupt.
For example, if you have $ 1,000 in your account and 10 different people (family members and close friends) come at different times to borrow or ask for $ 100 to solve urgent problems. If you give in to their demands, by the time you’re done you will likely end up with nothing, giving 10 e $ 100 per person This is why it is important to protect your family and friends money.
Now let’s take a quick look at the steps you can take to protect your money from your family and friends;
9 Reliable Ways To Protect Your Money From Family Friends
1. Put some of your money in a term deposit
One way to protect your family and friends’ money is to put most of your savings money in a fixed escrow account. Fixing your money earns more interest than a regular savings account, but you can’t withdraw money when you haven’t already. came. At the same time, even if your family and friends ask you and tell them that your money is secured in the bank, they will understand.
2. Reinvest your profits in your business
If you’re in business and don’t want a ton of free business money (profit) in your hands, the best way to handle this is to put the money back into your business. The truth is, once your family and friends notice that you have free money, they’ll want to make requests. Reinvesting your profits in your business is therefore a way to protect your money from family and friends.
3. Start a new business
If you’ve won the lottery or inherited tons of money, you’re likely to bring in family and friends who will need you to help them with some of their financial issues because they know you have money. One way to protect that kind of money is to start a new business. If people come to you to borrow money and notice that you are starting a new business, they will probably take a little step on the pedal.
4. Invest in stocks
Another reliable way to protect your money from family and friends is to invest in stocks. Of course, once your family and friends notice that most of your money is invested in stocks, they won’t put unnecessary financial demands on you.
5. Invest in bonds
Investing in bonds is another way to protect your money from family and friends. Of course, when you invest in bonds, it takes time to recoup your investment with interest. Therefore, if you want to protect your money from family and friends, you need to invest in bonds.
6. Invest in a hedge fund
Another way to protect your money from family and friends is to invest in a hedge fund. You can search around for hedge fund managers and then invest the money that you are not going to spend.
7. Buy and store gold and silver
If you want to protect your liquid funds from your family and friends, one way to do that is to buy and store gold and silver, of course, as soon as your family and friends notice that you have invested most of your money in gold and silver. , they won’t put financial pressure on you. Unlike term deposits and other forms of investment, with gold and silver you can easily get your money back by selling it back as soon as the need arises and you get trapped.
8. Invest in the commodity market
Investing in a commodities market is another way that you can use to protect your money from family and friends. If you invest your money in goods, it means that you can only get your money back with interest on an agreed date in the future, or the goods will be delivered to you on an agreed date in the future.
9. Invest in real estate
If you have a lump sum of cash and don’t want to do charity, you need to protect the money. Part of what you need to do to protect your family and friends’ money is to invest in real estate. The truth is, once your family and friends notice that you are on a construction project, they won’t take unnecessary financial burdens on you.
10. Join a charitable and cooperative association
If you are an employee and want to protect your reserve money from family and friends, you just need to join a charity and co-op.
All of the above points will not only help you to protect your family and friends money, but also help you earn more money. …