Diane Bourdo, CFP and President of The Humphreys Group, was recently featured in an article on Investopedia titled How to Financially Support Loved Ones Without Sacrificing Your Well-being.
Bourdo highlights the importance of proactive communication and setting personal boundaries when supporting loved ones financially. She advises, “Be proactive and plan a conversation when you have time to talk things through calmly” to reduce the potential for emotionally charged discussions. Scheduling these conversations in advance can ensure both parties are relaxed and comfortable, making the dialogue more effective.
The article explores various strategies for balancing financial support with personal well-being. Key points include:
Assessing Your Financial Situation: Understanding your income, expenses, and savings is essential to make informed decisions about providing support.
Effective Communication: Maintaining open and honest discussions with loved ones about financial assistance to foster healthy relationships.
Alternative Support: Offer non-financial assistance such as emotional support and sharing time and expertise.
Setting Boundaries: Establish clear limits on financial help and learn to say “no” when necessary.
Professional Advice: Seeking guidance from financial planners to manage complex situations and maintain personal financial health.
The article references the 2024 Her Money Mindset Survey, which found that 67% of women have financially supported a loved one, often while managing their financial challenges. These findings highlight the need to balance generosity with personal financial security.
Bourdo’s insights are particularly relevant given statistics from the U.S. Census Bureau, showing that many women lack retirement savings and may face increased financial risk in later years.
The Humphreys Group, a women-owned and women-operated wealth management firm based in San Francisco, California, is dedicated to helping clients confidently navigate their financial lives. Specializing in personalized financial planning and disciplined asset management, they offer resources to assist clients in balancing their financial support for loved ones without compromising their financial well-being. Their team guides proactive financial conversations and setting personal boundaries, helping clients maintain healthy relationships and financial stability.
For more information on managing financial support for loved ones without compromising your financial well-being, contact our team.
