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.”]

What PR Pros Must Do Before Collecting Insights From Media Coverage

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Measuring media relations success has to start at the top. Meaning, before you start collecting insights from your coverage, you need to have a benchmark of what your ideal story is, and everyone, from the CEO level down, needs to be in agreement about what that is.

This was the central media relations tenet expressed by Visit Philly’s communications team at PR News’ recent Measurement Conference in Philadelphia. Paula Butler, VP of communications, Dana Schmidt, director of social media, and Kevin Lessard, senior analyst, have a clear idea of what the perfect story is for Visit Philly, the official visitor website for Philadelphia travel and tourism.

Visit Philly’s top-down-agreed-upon ideal story:

  • Published in a high-profile outlet
  • Has a great headline
  • Is a full-length feature as opposed to a mention
  • Includes a great image or video (preferably credited to Visit Philly)
  • And it links to one of Visit Philly’s websites, which is their perfect call to action

Obviously, every organization has its own version of what its ideal media story is. But unless you hash it out with the C-suite on down the line, measurement efforts and the reporting of metrics will quite likely result in so-what shrugs and glazed expressions.

With its ideal story in mind, the Visit Philly communications team starts by measuring the traditional things like:

• clip counts

• impressions generated

• the breakdown of coverage by media type

• sentiment

Then they dig into the earned media data they’re collecting. These additional metrics can be changed depending on what you value in your coverage, Lessard said:

Coverage by topic—This drives Visit Philly’s content strategy. What performs well, and when?

Coverage by type of placement—Visit Philly places an emphasis on driving more feature coverage (vs. mentions).

Coverage using beautiful images—If you have visual resources, make sure the media knows about them. (Visit Philly recently launched a redesign of its online pressroom, placing a big emphasis on visual content.)

Coverage conveying key messages from a corporate standpoint.

Geographic breakdown of coverage (by DMA)

Coverage in A-list media—For Visit Philly, A-list media comprises local, regional and national travel/lifestyle outlets (see image above).

All efforts to pinpoint a brand’s ideal media story and select the right metrics go down the drain without meticulous tracking and smart repurposing of coverage for internal and external stakeholders, Lessard said. Beyond sharing coverage on social media, you should consider repackaging media coverage in the form of a regular e-newsletter sent to employees and boards of directors. You helped create the good news about your organization—be creative about distributing that good news.

 

[“Source-prnewsonline”]

Samsung Gear Sport 2: what we want to see

We’re not sure whether we’ll get a Gear Sport 2 or a Gear S4 next from Samsung, but one of them is probably in the works, and we’re starting to hear about what it might feature.

You’ll find all that below, along with thoughts on the likely release date and price, and we’ll keep this article updated as we hear more.

But while we wait for the leaks and rumors to properly start rolling in we’ve also come up with a wish list of what we want from the Samsung Gear Sport 2, as the previous Gear Sport is a capable but overly familiar wearable, so we’re hoping for some big changes for the next model.

Cut to the chase

  • What is it? Samsung’s next smartwatch
  • When is it out? Probably sometime in 2018
  • What will it cost? Likely upwards of $299 / £299 / AU$499

Samsung Gear Sport 2 release date and price

There aren’t any release date rumors yet, but with the Samsung Gear Sportbeing announced in August 2017 (before hitting stores in October) there’s a fair chance we’ll see the Samsung Gear Sport 2 in or around August 2018.

Samsung also launched the Gear S3 and Gear S2 in August of previous years, so it’s very likely we’ll get some kind of smartwatch this August, though whether it will be called the Gear Sport 2, Gear S4 or something else entirely is currently unknown.

As for the price, that will probably be at least as high as the Gear Sport, which launched for $299 / £299 / AU$499.

Samsung Gear Sport 2 news and leaks

While we haven’t seen any news or rumors that mention the Gear Sport 2 by name, we have seen a handful of Samsung smartwatch patents, so it’s possible that some of their features will be included in the Gear Sport 2.

One of them talks about having a battery built into the strap, which could provide extra life to the watch or could simply replace the battery that would otherwise be built into the watch body, leaving extra room there for new features.

Another details a blood pressure monitor, which could use a light source and a light receiver to monitor your bloodstream, somewhat similarly to how heart rate monitors work.

The Gear Sport 2 might make better use of its bezel. Credit: Patently Mobile

Patently Mobile has also shared a patent (pictured above) which talks about a screen built into the bezel of the watch, which could potentially tell you things like the date and the weather, leaving the main display free for other functions.

And another patent, this time spotted by 3Dnews, shows a watch that strangely has a camera built into the middle of the screen.

The camera sports optical zoom and while it leaves you with less screen, that could be made up for by the strap, which also has a screen on it, shown in the patent as offering shortcuts to apps and functions.

Could the Gear Sport 2 have a camera in the screen? Credit: 3DNews

We wouldn’t count on any of these features making their way to the Gear Sport 2, especially as many seem ambitious or impractical, but anything’s possible.

What we want to see

We don’t know much about the Samsung Gear Sport 2 yet, but we have plenty of ideas for what we want from it.

1. Better exercise tracking

Although the Gear Sport can track some things well, we found in our review that it had real issues tracking certain exercises, such as star jumps and lunges.

Not only that, but it doesn’t provide training plans, so for example you have to manually set how many of each exercise you want to do each day, rather than the wearable gradually increasing the number over time on its own.

We want to see some serious improvements for the Gear Sport 2. At the very least we want it to accurately track all the exercises that it claims to be able to, but ideally we also want it to push us to do more.

2. More accurate heart rate monitoring

Hopefully the Gear Sport 2’s heart rate monitor will be more accurate

Although the Gear Sport has a heart rate monitor it’s really not a very good one and it gets even less accurate in cold weather, so we’d like to see some major improvements here. Given that the Gear S3 also has a poor heart rate monitor though we’re not optimistic that the Gear Sport 2’s will be much better.

3. Improved GPS

Although not as bad as the heart rate monitor, the GPS performance of the Gear Sport also isn’t always great, proving slightly erratic in our review.

Given that GPS is likely to be a key feature for many buyers it really needs to perform well. Hopefully it will do for the next model.

4. Better battery life

The Gear Sport is actually a downgrade from the Gear S3 when it comes to battery life, offering around two and a half days where its predecessor offered up to four.

That’s still not awful, but it’s disappointing, especially when the watch looks to track your sleep as well – something you won’t be able to do so much if you’re regularly having to plug it in at night, so for the Gear Sport 2 we want to at least see a return to the life of the Gear S3.

5. A slicker strap

Putting a watch on should be easier than it is with the Gear Sport

Not a big deal, perhaps, but the Gear Sport’s strap can be awkward to get through the holding loops, and what with the regular charges needed it is a watch you’ll be taking on and off quite a lot, so we hope that for the Gear Sport 2 Samsung gives the strap some thought, and makes it faster and less fiddly to put on.

6. More apps

While the Gear Sport has some apps, including notable ones like Spotify and Swim.com, there isn’t a huge selection overall, even compared to other smartwatch platforms like Android Wear and watchOS.

This is likely a side-effect of the Gear Sport using Samsung’s Tizen – an operating system which is less popular than rivals. We doubt Samsung will ditch Tizen for the Gear Sport 2, but hopefully it will convince some more big names to support the platform.

7. A bigger screen

The Samsung Gear Sport has a decent quality Super AMOLED screen, but at 1.2 inches it’s quite small, and a reduction in size from the 1.3-inch display on the Gear S3.

We don’t want a massive screen on our wrists, but a return to the 1.3-inch displays of old could be desirable, as that small difference makes it slightly easier to interact with and means you can see more on your wrist at once.

  • These are the best smartwatches available right now

Related product: Samsung Gear Sport

Our Verdict:

Samsung’s Gear Sport does seem like a limited upgrade, but new features including support for Spotify offline and swim tracking means this could be a great new watch for very particular sport lovers.

 FOR

  • Offline Spotify support
  • Great design
 AGAINST

  • Limited upgrade
  • Some strange straps

[“Source-techradar”]

Gear that improves on what was and changes what might be

Gear that improves on what was and changes what might be

Consider these new products for savvy travelers. (Handout)

hape-shifting innovations put a twist on the familiar in this gear roundup.

Picture perfect

The quality of photos from a smartphone is so good that many travelers leave their clunky camera gear at home. To give you even more photographic flexibility, Pixter has introduced a pack of four compact specialty lenses that clip onto any smartphone.

The Pixter Pro Pack includes a wide-angle lens; a 238-degree super fisheye lens; a 10X macro lens; and a telephoto lens. The lenses come in a padded travel case and have front and back lens caps.

Cost, info: Pixter Pro Pack lists for $154.90 (lenses are about $55 apiece a la carte).

Twofer toy

Pillow Pets

Taking a buddy along can make children happier and when that pal is a plush companion that morphs from a toy into a pillow, you’ll please and placate your child.

Pillow Pets are chenille-stuffed animals (also some cute cars) that widen and flatten into a pillow with the release of a cinch strap. Sizes average 12- to 16-inches-square when fully open. All are machine washable.

Pillow Pets also come as zippered sweatshirts. Bunch up the garment for a nice, fat cushion or use just the padded hood part as a pillow and wrap the rest around your child for an extra-warm hug with pockets.

Cost, info: Pillow Pets run $20 to $25; animal-head hoodies cost about $20. www.mypillowpets.com

This bag does tricks

Eagle Creek

Pulling a rabbit out of a hat is just a trick; pulling a backpack out of a wheel-aboard bag? That’s magic.

That’s what the wizards at Eagle Creek Luggage have conjured with the new Morphus International Wheeled Carry-On. With a quick unzip, what had been a single 20½-by-13¾-by-9-inch roller bag separates into a backpack and a wheeled bag, offering about double the space you started with.

Both are made with polyurethane-coated polyester and have top- and side-padded grab handles, double lockable zippers and reinforced seams.

The wheeled bag has thick, treaded wheels; a hinged kickstand keeps the bag upright. The soft backpack has zip-away padded interior sleeves that can accommodate a 15-inch laptop and a tablet, as a well as a nifty built-in cord winder, a key fob and padded pouches for fragile electronics.

The backpack’s two trolley straps can slide over the wheeled bag’s telescoping pull handle. Zipped back together, the bag can be wheeled, or carried using the pack’s back straps.

All this abracadabra isn’t cheap, but it’s a class act, even without the wand.

Cost, info: Morphus International Wheeled Carry-On costs $329.

A bag that suits

Selk’Bag

Is anything as yummy as curling up in your tent inside a toasty sleeping bag on a chilly night camping? Is anything as awful as having to get out of that warm sleeping bag to go out into the elements?

No problem if you have the new SelkBag Wearable Sleeping Bag, designed to keep you comfy in and out of the tent.

It looks like a giant snowsuit, but lets you be much more mobile. It has zip-off booties, big kangaroo-style pockets and flaps at the wrists that let you quickly free your hands.

It’s made of ripstop nylon and polyester with hollow fiber polyester insulation, and its insulated adjustable hood extends from a high thermal collar.

The zip-off booties let you substitute your own shoes when you are active, and the booties’ reinforced nylon soles and lateral grips for traction make them tough enough for a stroll.

The bag comes in a range of colors and patterns, including Star Wars-themed designs, in adult and children’s sizes.

One quibble: The SelkBag is not equipped with a drop seat so you must wriggle out of the bottoms when nature calls. A fix is in the works.

Cost, info: SelkBag Wearable Sleeping Bag in adult sizes costs about $170 for the Original (warmest) model; a lighter, less-insulated model costs $99. Children’s SelkBags cost $69 to $89. www.selkbagusa.com

[“Source-latimes”]