It is always advisable for an individual to offer assistance where necessary. This is due to the fact that there is economic imbalance, it leaves some with plenty to spend on basic needs and luxury while others don't have single to spend.
In the developing world where more than half of the citizen live on less than a dollar per day, individual's, organizations or governments from stable economies would chip in with goodies. The aid is meant to enable one survive as he or she work out ways for a better life.
Important to note however is that over financial dependence may prove to be dangerous to both the donor and the recipient. In most cases donors are drained dry and left with no money to invest for future use. Individuals who are over- engaged in philanthropy may end up charting their path towards poverty without much knowledge.
According to Geoffrey who works with a multi-national company specializing in soft drinks, assisting relatives or siblings all the time may drain one economically. “ As much as it necessary to assist, there is need to put a limit” he says. Geoffrey has an annual income of about $9375, he supports his siblings and parents back at home.
According to financial experts, irrespective of how much an individual may earn, tolerating unnecessary expenses is a waste of time and hard earned dollars. Despite earning good amount of money Geoffrey always ran into constant debts, with the father's medical bill and his brothers accommodation, clothing expenses he was financially overstretched.
Supporting family members and relatives is a nightmare to many especially those who don't know how to end it. As much as we were supported during our childhood, supporting other family members should not be such an obligation.
Everybody should learn to be independent and be responsible. Financial institutions have different products which allows one to plan in advance for future financially, they include retirement benefits authority. It makes one financially independent at old age.
In order to avoid financial stress from Dependants, it is ideal to state to all how much it cost to cater for their expenses. Remind all on the importance of self-dependence.
There is no harm in making hard decision, minimize over -dependence by keeping your relatives away and if possible bar them from visiting you unnecessarily. Stop un called for funding on luxury like giving out money for picnic or for buying fashionable clothes.