Hi all,
Has anyone helped out close friends with budgeting and cutting back? If so, how did it go? Was it appreciated? If you helped out a couple - did one person resent any of your suggestions?
Evidently, wanting to retire early has made me the 'finance guy' amongst my friends and my wife's co-workers. I've helped a couple people roll over old 401k's into Vanguard and given very, very basic info on types of accounts and IRA's.
Very good friends of ours (who also live in our building) have asked me to help them with their finances. While I am fine with offering basic info and help, I am a little wary of reviewing their budget. I don't want someone saying "well, Vespito said you need to stop buying coffee every day". Then I'm the bad guy who caused an argument/resentment.
Maybe tell them that if I help out there are some ground rules - they both need to be on same page to be successful, that cutting back does not necessarily mean denying yourself pleasure and that there is to be no arguing when someone spends too much money (it's going to happen, as it does to everyone once in a while).
They both seem committed to improving their situation so I'd like to help them out, but not at the risk of messing up a great relationship.
edit: grammar