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Advice for Spendthrift Friends in Debt

While reading a post on GetRichSlowly.org, I came across an article called: “You are your own worst enemy“.

We all have friends like the “Gillian” that is described in the article.  Often time (at least in my case), we are too polite to say “What is wrong with you!  You can’t afford that!!!

Well, I finally found a funny but relevant advice video to show your friends and close ones that have this problem.

So the next time someone asks you your opinion about buying something “crazy expensive”, and they are in over $10,000 in debt to the credit card companies… already…  Have them watch the above video on youtube.com (search words”  Newhart Stop It”).

😉

-D

5 Responses to Advice for Spendthrift Friends in Debt

  1. If only the “stop it!” actually works. I think we all have “stop it!” epiphany’s and they only work when we ourselves have them rather than someone simply telling us to “stop it.”

    Nevertheless, funny video.

  2. SJGR; 🙂 Newhart has a dry humor that aways make me crack a smile… It really comes down to how much you want it. Most of my peers and friends complain about debt, but they never follow thru with a budget or other financial techniques to stop spending soooo much…

    Miato; Welcome to the site! thx

  3. Thank you for this. I am losing two old friends over their addiction to shopping/spending/debt. Both had much better careers and family situations than I did. Both made more money, inherited money, had family trusts. They spent more money too and lived much more lavish lives. Now I’m ahead of the game (savings, zero debt, house, secure job), and they resent it. Both pressured me (one directly, one indirectly) to lend to them. I lent small amounts to both in earlier years and never got it back. It is painful to say NO to them now when they are really in deep crap (one has over $60K in cc debt, one over $30K and upside down on mortgage by $200,000). They will not talk reason about any of this. They just expect to be bailed out by their friends/relatives who didn’t squander their income/savings/inheritances!

  4. Palo, I understand exactly where you are coming from.

    I have an old friend that made much more than I did, do the same thing. While he wasn’t entirely responsible for his financial problems, his wife helped too, he should have stopped spending years ago. I’ve treated him to a few dinners, but nothing too expensive. I can tell he dances around in his head about asking for money, but I just play dumb and never offer. He’s still to proud to out and out ask.

    Now he is divorced, and living with his parents. I wish I knew a way to make people listen to me about debt, but I think once you get use to spending, it’s hard to stop. The worse thing is he has three kids (of course they are still going to an expensive private school).

    Although the Newhart video is funny, it’s what people who keep spending unrealistically need to hear. There are websites out there of stories of bloggers that went from having debt to being debt-free. The theme all of them have is that “they” made the decision to change. I don’t know of any of the bloggers that said, “so and so help me to realize that I’m spending too freely”. It really has to start with them wanting to change and having the willpower to do so.

    I wish I could tell you something that helped me with my friend, but I’ve never been able to get him to think the way I do about finances. I don’t see him as much, we only meet maybe twice a year now. Sad really…

    Good luck in your situation!