Money & Relationships: What to do if your adult children ask for money

money-kids-getty

Money is known to mar even the best of relationships. The conflict over cash could invade the privacy of spouses over something as innocuous as spending habits, rend the sibling bond over a legacy leading to legal disputes, or rip apart a friendship over borrowed money. While we do not aim to span the legal scope of financial disputes in this column, we will try to deal with financial dilemmas and reduce money-induced friction in relationships, be it family, friends or colleagues.

Should you ask your colleague to return the money he borrowed and forgot? What do you do if your relative asks you to be a guarantor to a loan? What if your sibling wants you to be a partner in his startup?

In this new series, we will help you tackle the awkwardness in a relationship caused by money. To start with, we explain what you should do if your adult child seeks financial aid. Should you give him whatever he asks for without considering its impact on your own financial situation? Or should you simply decline? Here are the six questions that will help you take a decision.

1. Is it a one-time help or has it been a frequent demand?
Your decision should be based on the child’s track record regarding such demands. If this is the first time or a rare instance that he is asking for money, you could consider it. If you know him to be facing a financial crisis, or is in a phase of life where your assistance could set him up professionally, you can offer the money, but on the condition that it is returned in a pre-determined time frame. If, on the other hand, this is only one in a long list of monetary demands that have sprung up from time to time ever since he achieved adulthood, it’s high time you put an end to it.

2. Is it likely to impact your retirement?
This is probably the most crucial question to ask yourself. If you do not have spare cash and dipping into your savings could slash your retirement corpus considerably, you should politely turn down the request. No startup or business venture is worth jeopardising your retirement.

If the child needs the money to tide over a crisis, suggest alternate sources of funding: he can monetise his assets by taking a loan against his securities, insurance or gold; he can sell his less important personal assets; use his credit card to meet an emergency; or as a last resort, take a personal loan. He will probably have enough time to shore up his depleted resources, but you may not be able to do so if you have a few years left for retirement. Also, he can take a loan to meet his financial needs; you can’t do the same to fund your retirement.

3. Is the money for a life-threatening situation or buying an asset?
If it’s the former, no parent can say ‘no’. In case of a medical emergency, parents would willingly empty out their coffers for their progeny. A better option is to be prepared for medical crises and advise the child to buy adequate health insurance. If such an option doesn’t exist, try to monetise your assets first.

If, on the other hand, the money is for acquiring a big financial asset like a house or a car, make sure it is offered as a loan and that you retain the joint ownership for the specified asset. Also lay down the terms of the loan clearly, with no ambiguity over the amount, time frame or ownership.

4. Is the money to be given as loan?
Except for medical emergencies, all funds offered as assistance to an adult offspring should ideally be in the form of loans. It is likely that you have already spent a small fortune on educating your children or for their weddings. If you have empowered the child to earn his own living and establish himself professionally, there should be few occasions for him to run to you for financial help. Avoid being the financial crutch for your child and let him meet his own financial challenges or find solutions to the crises he is facing.

5 Should you have a written agreement?
If the sum you are offering your child as a loan is large, make sure that you draft a legal agreement, clearly delineating the loan terms, including the purpose of the loan, exact amount or principal being offered, interest rate, time frame for repayment, options in case of defaults, and any other conditions you want outlined.

Even if the loan amount is not big, have a written contract in place to avoid family disputes later on. Both the parties should have a copy of the agreement and it should ideally be framed with the help of, and in the presence of, a lawyer. Do not be carried away by emotion and treat it as a business transaction to avoid an unlikely fallout at a later date.

6 Are the other siblings aware of it?
While the level of privacy involving the financial help to an adult child may depend on the dynamics of the family concerned, it is advisable to keep the other siblings in the know to avoid family disputes over inheritance. Also, if you are not in a position to offer the entire sum yourself, the other siblings could be asked to join in and reduce your financial burden.

Make sure, however, that all the transactions are in writing and all the parties have a copy of the agreement. In fact, you should also include the details of the loan in your will, so that if you die before the money is repaid, the amount can be deducted from the child’s inheritance and there is no ill-will involving other siblings.

If you have a wealth whine, write to us…
All of us have been in a financial dilemma when it comes to relationships. How do you say no to a friend who wants you to invest in his new business venture? Should you take a loan from your married brother? Are you concerned about your wife’s impulse buying? If you have any such concerns that are hard to resolve, write in to us at [email protected] with ‘Wealth Whines’ as the subject.

Disclaimer: The advice in this column is not from a licensed healthcare professional and should not be construed as psychological counselling, therapy or medical advice. ET Wealth and the writer will not be responsible for the outcome of the suggestions made in the column.

[“source=economictimes.indiatimes.”]

Google Search Now Shows a Screening Test If You Search for Depression

Google Search Now Shows a Screening Test If You Search for Depression

HIGHLIGHTS

  • Google to show depression test widgest on similar searches made in the US
  • Google’s Knowledge Panel will walk you through a test series
  • It will also list symptoms and possible treatments for depression

People in the US will soon have an option to take a screening test on Google to know if they are depressed or not.

Now, when users in the US will search for “depression” on Google, they will see a box atop the results on mobile, which the search giant calls a Knowledge Panel. The Knowledge Panel contains information on what depression is, what its symptoms are and the possible treatments.

“Now when you search for ‘clinical depression’ on Google on mobile, you’ll see a Knowledge Panel that will give you the option to tap ‘check if you’re clinically depressed’, which will bring you to PHQ-9, a clinically validated screening questionnaire to test what your likely level of depression may be. To ensure that the information shared in the PHQ-9 questionnaire is accurate and useful, we have partnered with the National Alliance on Mental Illness on this announcement,” Google said in a blog post.

google depression DepressionAccording to Google spokesperson Susan Cadrecha, cited by The Verge, the feature is being rolled out on mobile in the US soon and it is not meant to subvert a medical evaluation.

“The results of the PHQ-9 can help you have a more informed conversation with your doctor,” according to National Alliance on Mental Illness (NAMI), which partnered with Google on the questionnaire.

According to NAMI, clinical depression is a fairly common condition with almost one in five Americans experiencing an episode in their lifetime. But only about 50 percent of people who have depression get treated for it.

“Mental health professionals often refer to major depressive disorder as clinically significant depression or clinical depression. Clinical depression is a treatable condition which can impact many aspects of a person’s life. The PHQ-9 can be the first step to getting a proper diagnosis,” the NAMI statement added.

Written with inputs from IANS

[“Source-gadgets.ndtv”]

Acer Swift 7 and Spin 7 Seem Useful for Mobile Business — If You Don’t Mind the Price

The Small Acer Laptops, Swift 7 and Spin 7, Seem Useful for Mobile Business -- If You Don’t Mind the Price

When Apple launched the MacBook Air, it introduced a new level of portability in computing with a very slim form factor and functionality that got everyone’s attention. Although it has taken a while, Acer (TPE:2353) has one upped Apple with the announcement of its new laptop and a two-in-one, called the Swift 7 and Spin 7 respectively, at the IFA 2016 in Berlin.

The need for small and powerful portable computing is extremely important for business users, because remote work, collaboration and hosted services are all key for the way today’s workforce access digital technology. And the two computers by Acer are not only slim, but they also feature the latest Intel processors so you should be able to tackle even the most demanding applications without too much trouble.

A Look at the New Small Acer Laptops

The Swift 7

Small Acer Laptops: The Swift 7

The Swift 7 is 0.39-inches or 9.98mm thick (or thin), making it the first laptop thinner than a centimeter, and according to the company, the world’s thinnest laptop. At only 2.48 pounds it is also light, but Acer has added powerful components that business users now demand with their portable computing.

This laptop is a Windows 10 machine with a 13.3-inch Full HD IPS display that is powered by the latest Intel 7th-generation Core i5 processor, 8GB of RAM and 256GB of SSD storage. The system doesn’t have a fan, so it is a passively cooled design with an aluminum uni-body chassis.

Small Acer Laptops: The Swift 7

The Swift 7 has two USB-C 3.1 ports and a headphone jack with a battery that Acer says will give you nine hours of power by leveraging the new Intel chipset.

The wireless connectivity delivers 3X faster wireless speeds using a 2×2 802.11ac with MU-MIMO technology.

A feature that might seem odd is the very large touchpad. The company says it will give you more space to navigate with so you can scroll and click with improved accuracy.

Small Acer Laptops: The Swift 7 Has a Wide Precision Touchpad

The Swift 7 is going to be available first in China sometime in September, followed by the US and Europe in October for $999.99.

The Convertible Spin 7

Small Acer Laptops: The Convertible Spin 7

The Spin 7 is a two-in-one that is also slim, coming in at 0.43 inches (10.98mm) thin and weighing 2.6 pounds. It also runs on Windows 10 along with Continuum, an application that can detect the device that is being used and adjust accordingly to optimize the functionality. What this means for the business user is, when you switch from laptop to tablet, Continuum will modify the system so you can be more efficient.

The processor for the Spin 7 is more powerful, taking advantage of the Intel Core i7, but the RAM, storage and ports are the same as the Swift 7. As for the battery, you get one hour less at eight hours, which is still respectable considering the size of the display.

The biggest difference from the Swift is the 14-inch full HD IPS touchscreen that flips all the way back. This flexibility lets you use the Spin 7 in four different modes: laptop, stand, tent and tablet.

Small Acer Laptops: The Convertible Spin 7

The price for the Spin is higher, starting at $1,199 and with the same availability date in the US.

Value

The Swift 7 and Spin 7 are not the cheapest portable computers, but the market is proving business users are willing to pay for powerful devices that are highly portable and functional. Apple, Microsoft,  Samsung, Huawei and Xiaomi have similar products at very different price points. So if you are in the market for one of these computers, take your time and find out what your needs are, because you have many options.

Images: Acer

[“source-smallbiztrends”]

Acer Swift 7 and Spin 7 Seem Useful for Mobile Business — If You Don’t Mind the Price

The Small Acer Laptops, Swift 7 and Spin 7, Seem Useful for Mobile Business -- If You Don’t Mind the Price

When Apple launched the MacBook Air, it introduced a new level of portability in computing with a very slim form factor and functionality that got everyone’s attention. Although it has taken a while, Acer (TPE:2353) has one upped Apple with the announcement of its new laptop and a two-in-one, called the Swift 7 and Spin 7 respectively, at the IFA 2016 in Berlin.

The need for small and powerful portable computing is extremely important for business users, because remote work, collaboration and hosted services are all key for the way today’s workforce access digital technology. And the two computers by Acer are not only slim, but they also feature the latest Intel processors so you should be able to tackle even the most demanding applications without too much trouble.

A Look at the New Small Acer Laptops

The Swift 7

Small Acer Laptops: The Swift 7

The Swift 7 is 0.39-inches or 9.98mm thick (or thin), making it the first laptop thinner than a centimeter, and according to the company, the world’s thinnest laptop. At only 2.48 pounds it is also light, but Acer has added powerful components that business users now demand with their portable computing.

This laptop is a Windows 10 machine with a 13.3-inch Full HD IPS display that is powered by the latest Intel 7th-generation Core i5 processor, 8GB of RAM and 256GB of SSD storage. The system doesn’t have a fan, so it is a passively cooled design with an aluminum uni-body chassis.

Small Acer Laptops: The Swift 7

The Swift 7 has two USB-C 3.1 ports and a headphone jack with a battery that Acer says will give you nine hours of power by leveraging the new Intel chipset.

The wireless connectivity delivers 3X faster wireless speeds using a 2×2 802.11ac with MU-MIMO technology.

A feature that might seem odd is the very large touchpad. The company says it will give you more space to navigate with so you can scroll and click with improved accuracy.

Small Acer Laptops: The Swift 7 Has a Wide Precision Touchpad

The Swift 7 is going to be available first in China sometime in September, followed by the US and Europe in October for $999.99.

The Convertible Spin 7

Small Acer Laptops: The Convertible Spin 7

The Spin 7 is a two-in-one that is also slim, coming in at 0.43 inches (10.98mm) thin and weighing 2.6 pounds. It also runs on Windows 10 along with Continuum, an application that can detect the device that is being used and adjust accordingly to optimize the functionality. What this means for the business user is, when you switch from laptop to tablet, Continuum will modify the system so you can be more efficient.

The processor for the Spin 7 is more powerful, taking advantage of the Intel Core i7, but the RAM, storage and ports are the same as the Swift 7. As for the battery, you get one hour less at eight hours, which is still respectable considering the size of the display.

The biggest difference from the Swift is the 14-inch full HD IPS touchscreen that flips all the way back. This flexibility lets you use the Spin 7 in four different modes: laptop, stand, tent and tablet.

Small Acer Laptops: The Convertible Spin 7

The price for the Spin is higher, starting at $1,199 and with the same availability date in the US.

Value

The Swift 7 and Spin 7 are not the cheapest portable computers, but the market is proving business users are willing to pay for powerful devices that are highly portable and functional. Apple, Microsoft,  Samsung, Huawei and Xiaomi have similar products at very different price points. So if you are in the market for one of these computers, take your time and find out what your needs are, because you have many options.

Images: Acer

[“source-smallbiztrends”]