Does your boss keep asking you for money? How to handle the situation without impacting your work
1. Do a background check The first time your boss asks for money, you may feel pressured to give it to him without thinking. However, it may be a good idea to check with other co-workers if this is a habit and if he regularly asks others for money, or if you are the only person he has contacted for the same thing. If it’s a real financial crisis or an emergency, it may be okay to give the money, but make sure he knows it’s a loan and that the money must be returned. If, on the other hand, it is a frequent practice, you should find an excuse and refuse because it is unlikely that you will get the money back.
2. Check your own finances It’s natural to feel intimidated when your boss asks you for money, but it’s important to keep an eye on your own financial situation before giving in to the pressure. If the amount requested is low, but the frequency of borrowing is high, this can impact your own cash flow and your household budget, in addition to creating problems with your spouse. So try to explain your situation or find an excuse and refuse to lend money.
3. Have an open discussion If your boss is a good person and you have a friendly relationship with him, try to have a frank and open discussion about the problem. More so, if it’s a habit or his money management skills are poor, leaving him short of cash every month. Suggest the help of a financial planner or counsel behavior counseling, if possible. It’s important to convey that his habit makes everyone in the office uncomfortable and that he needs to take control of the situation.
4. Prepare to Forgive the Loan If you lend money to the boss or even a colleague, give it knowing that you are unlikely to get the money back. So only lend the amount that you are willing to write off and that does not affect your own finances. It will also help you avoid disputes and heartburn over the unpaid amount and you can maintain a more professional attitude at work.
5. Report to the supervisor If the boss is a frequent borrower and you can’t afford to lend, but you don’t want to disrupt your relationship either, learn the art of saying no without offending him. If he poses a threat to the whole team or several colleagues and affects your work, report him as a team to his supervisor in order to resolve the problem. Don’t be the only one to report it because you may have to deal with his wrath if he finds out.
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We have all faced a financial dilemma when it comes to relationships. How do you say no to a friend who wants you to invest in their new business? Should you take out a loan from your married brother? Are you concerned about your wife’s impulse buying? If you have such hard-to-resolve concerns, email us at [email protected] with “Wealth Whines” in the subject.
Disclaimer: Advice in this column is not from a licensed healthcare professional and should not be construed as psychological advice, therapy, or medical advice. ET Wealth and the author will not be responsible for the outcome of any suggestions made in the column.