Welcome back Ladies & Gentleman!
This is second publication of the the #moneytalkswithmary! Let us get right onto answering this week's questions, shall we?
Q1. "My sugar daddy and I have gotten into a dispute and he has been holding off giving me an allowance for a few weeks now. The problem is a fair amount of people rely on the money he gives me and without it, I'm really struggling to finance myself without allowances from him. Help?"
Thank you for writing in. The first cause of action is prioritising necessities and to try stabilising your credit. The benefit of stabilising your credit will enable you to carry out a loan if worse comes to worse. Try your best to keep up to date to keep up with bills ( phones, any direct debits), as failing to pay these on time has a negative effect on your credit. If possible contact companies or the bank before payments are due (at least 5 working days) and attempt to shift payment dates. Should you be struggling to keep up with necessities, such as utility bills, these companies may suggest an affordable payment plan however entering a payment plan agreement does have a negative effect on your credit and Credit Agencies will be notified.
With regards to the people reliant on this money, just be honest with them about your current situation. In the mean time, try to find another source of income and base your lifestyle on that for now. If that is not an option, simply find another sugar daddy.
Q2. " Have you made investment mistakes that young people can learn from"
An investment is never a mistake but rather a lesson learnt. I would say Trading (Forex) was the biggest mistake, I have made. The biggest mistake of it all was not believing in my own ability and entering an agreement with "an experienced broker" that was not as lucrative as expected. There is money to be made, but you must be careful. The best lesson it taught me, was that an investing is only an option when you have mastering the knowledge of what it is you are investing into. Furthermore, invest what you can AFFORD to lose. A loss is unfortunately an option, so do not make an investment that could send you the cleaners.
Q3."Mary, I caught feelings for this guy I was seeing and I have a feeling he only used me for my square. He claims he doesn't do fraud but all his friends do and I am scared to confront him about it. How do I go about handling the situation?"
1) To be certain block the card and request a new one from the bank.
2) I think the main issue here is that you do not trust him. Find out why you are struggling with those trust issues ( whether it is to do with you or him), and tackle it. If you do not confront it, your suspicions will only grow based on assumptions which may have a negative effect on what is supposed to be a good thing.
Q4. " When is the right time to spend money on a guy you're seeing?"
I'm joking! Play hard to get, but there is no need for stinginess. There is nothing wrong with being thoughtful, IF you are progressing towards seriousness. If you are exclusively dating then spend generously, but wisely. If he has no intentions of a relationship and is still sending you "U up?" texts at 3am, save your coins.
*P.S. Never suggest or pay for the first date under any circumstances. Men who take you on first dates with the intention of splitting are in the process of being made redundant on the basis of bad manners in 2019.
I hope you have all learnt from these Q&A's, please get in touch via the socials below.
Until next time,
A financial advice column written and led by MaryFay Tita-Kuna. The idea is that people private message me financial dilemmas, scenarios and questions, which will be answered weekly in the advice column. This is to encourage discussions about finance within members of our youth and help them learn from either mistakes or great steps that people have taken.