1. Check His Track Record The first time your boss asks you for money, you may feel pressured to give it without hesitation. However, it might be a good idea to check with other colleagues to see if this is a habit and he regularly asks for money from others, or you are the only person he has approached for this. if it’s real Financial Crisis Or emergency, giving money may be fine, but make sure he knows it’s a loan and needs to be paid back. If, on the other hand, this is a frequent practice, you should make up an excuse and refuse because you are unlikely to get the money back.
2. Check Yours own finance It’s natural to feel scared when your boss asks you for money, but it’s important to take a look at your own financial situation before succumbing to pressure. If the amount asked is small but the frequency of borrowing is high, it can affect your own cash flow and household budget, as well as create problems with your spouse. So try to explain your situation or make excuse and refuse to lend money.
3. Have an open discussion If your boss is a nice person and you have a friendly relationship with him, try to have a frank and open discussion about the issue. Also, if it is a habit or his money management skills are poor, he becomes short of cash every month. a. suggest help financial planner Or recommend behavioral counseling, if possible. It is important to point out that his habit is making everyone in the office uncomfortable and he needs to take control of the situation.
4. Prepare for Debt Write-off If you are lending to a boss or a co-worker, do so with the understanding that you are unlikely to get the money back. So lend only what you are willing to write off and an amount that does not affect your own finances. It will also help you avoid any conflicts and resentment over the unpaid amount and you will be able to maintain a more professional attitude at work.
5. Report to the supervisor If the boss is constantly in debt and you can’t afford to lend but don’t want to ruin your relationship, learn the art of saying no without offending him. If it is a threat to the entire team or multiple colleagues and is affecting your work, report it to his supervisor as a team to solve the problem. Don’t be the only one reporting this because if he comes to know about it then you may have to face his anger.
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We all get into financial trouble when it comes to relationships. how do you say no to a friend who loves you invest In your new business venture? Should you take a loan from your married brother? are you worried about your wife impulse buying, If you have a concern that is difficult to address, write to us at etwealth@timesgroup.com with the subject ‘Wealth Vines’.
Disclaimer: The advice in this column is not from a licensed health care professional and should not be construed as psychological counseling, therapy or medical advice. ET Wealth and the author will not be responsible for the outcome of the suggestions given in the column.