Page 29 - Cornerstone Connection Magazine - Volume 22 - Issue 6

Helping Friends Dear Dan,

Dear Dave, Going into business with family isn’t my big concern here.
I’ve said many times that partnerships are the only ships that
I’m on Baby Step 2 of your plan, and I’ll be debt-free except won’t sail, and I’m a firm believer in that philosophy. I would
for my home by the end of the year. I have a friend who is very encourage you guys to set up a situation where one of you is
irresponsible with his money, and he often asks to “borrow” the owner, then figure out a plan where the other guys get
cash between paychecks. I don’t want to be cruel, but things paid off the bottom line—as if they were owners. Trust me,
are getting out of hand with his requests for money. anything with three heads is going to end up being a monster
at some point.
James Here’s the thing about family businesses. When everyone
understands their role and has the best interest of the com-
Dear James, pany in mind, family businesses can be a lot more fun and
more successful than non-family businesses. Statistics show
I think you should tell your friend the truth. Let him know the average family business lasts 60 years, while the average
you’ve decided to get control of your money; you’re trying publicly-traded company lasts about 15 years.
to get out of debt, and you simply don’t have cash to spare. So, there’s nothing inherently wrong with the family part
Be sure to do it with a kind spirit, but sometimes you’ve got of the equation. It’s the partnership aspect I’d stay away from.
to look at the big picture in these situations. You’re not re-
ally helping someone if you participate in their misbehavior —Dave
and enable bad habits. Sometimes, you have to love someone
enough to tell them no. This article was reprinted with permission from the Lampo Group, Inc. 2020. For more
Let your friend know how hard you’re working to get your financial advice, follow Dave on Twitter @DaveRamsey and on the web at daveramsey.com.
finances in order, and how it’s making a big difference in your
life. Maybe you could offer to show him the steps you’ve taken
so far and let him know he could be successful doing this,
too. You might even try to show him how to make a monthly
budget, and act as his guide and accountability partner if he’s
willing to accept this kind of help.
In some cases, helping someone means offering what you
know they need instead of what they want. But you’re never
really helping someone who’s incompetent with money by
simply handing them cash.
Good luck, James!

—Dave

The Partnership, Not the Family, Is the Problem
C D
Dear Dave, O C R T
M I I B A
My two brothers-in-law and I have been thinking about go- Answers to A P P E A R A N C E B
ing into business together as a side project in the real estate C K T E
world. One of them is an architect and licensed general con- Crossword U H R
tractor, one has a successful painting business, and I’m a chief Puzzle on T I M E L N
financial officer with a CPA background. Plus, I had a lot of S C T H E L A W
construction experience as a young man. I know you’re not a page 30 E I H C
big fan of business partnerships, but how do you feel about a C S P O K E L
family business like this? G L O R Y I M E
E O S
Dan D O C T R I N E

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