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08-31-2013, 10:39 PM
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#1 | | RS controls my life!
Join Date: Oct 2005 Location: Burnaby
Posts: 750
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| helping an employee
ok so here is what i'm wondering. is there a place i can direct a couple of my employees to help them with some financial planning?
i have two employees (a married couple) that work for me. one is full time and the other only works a couple days a week but also has a second job. they have two children and two grand mothers living with them. they are in a unique situation where they actually rent their current place from my in laws and are paying significantly less then market value for their accommodations. I know one of the grand parents also receives a pension. so basically i have a pretty good understanding of what they are earning monthly.
the problem is they are always completely broke. always asking for their checks either early or on the cutoff date. they also frequently use that cash money place (we get calls to confirm their employment). i also know they spend money pretty frivolously.
this is an employee that has been working for me for almost 10 years. the last few years things have gotten much worse. clearly they are not able to save and i fear they will struggle to support their current lifestyle and really don't know if they have the ability to plan for the future.
posting this because they are asking to get paid tonight for the current pay period which hasn't ended and they don't want it in check. they are asking now for cash. (still legal and after taxes and stuff just in cash so they don't have to go cash the check or have money held by the bank until the check clears)
and before someone says pay them more, i'm paying them a very fair wage and they have had multiple raises over the last 5 years.
Last edited by jackal; 08-31-2013 at 10:46 PM.
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08-31-2013, 11:04 PM
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#2 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,137
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| Financial Literacy Counsel Inc. | Vancouver Financial Counseling and Education
These guys do corporate workshops for some pretty big names in the lower mainland. Sounds like you have a small business so corp workshop might not work for you. You can call and see if they can do individual workshops.
No matter what workshop your employees attend, they have to want to help themselves otherwise there is no use.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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08-31-2013, 11:54 PM
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#3 | | RS controls my life!
Join Date: Oct 2005 Location: Burnaby
Posts: 750
Thanked 308 Times in 88 Posts
Failed 64 Times in 21 Posts
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yeah i'm a small business with about 30 employees. not to sure if that fits the bill but definitely on the right track. thanks.
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09-01-2013, 06:18 PM
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#5 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,137
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| Quote:
Originally Posted by B!tch  |
Credit councelling society is great and all but if the indivual has a monthly budget shortfall they will not help you. They can only help if your obligations are less than your take home pay. For most ppl if that's the case it's just an allocation problem.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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09-01-2013, 08:34 PM
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#6 | | Waxin’ Punks
Join Date: Jun 2006 Location: South Surrey
Posts: 7,219
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You've been giving inches and they are slowly and will soon ask for miles.. I would help them out one last time then say things are changing and your business can't afford to bend rules for them any longer. This is the problem with being accommodating. Stand firm and hopefully they'll learn to change. I hate to sound insensitive, but you shouldn't have to be concerned with their finances..
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If you drive like an asshole, you probably are one. Quote:
Originally Posted by MG1 punkwax, I don't care what your friends say about you, you are gold! | Quote:
Originally Posted by mikemhg What do your farts sound like then? | | |
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09-01-2013, 11:10 PM
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#7 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,580
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Been there done that with our family business previously. If I was you I would tell them no more advances no exceptions. You have good intentions but the best thing you could do for these people is stop helping them, it's like cutting off an addict and letting them hit rock bottom.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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09-02-2013, 03:09 AM
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#8 | | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 29,957
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I'm sure there are inquiring minds regarding your intentions, but is there a reason for your altruism?
__________________ Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | Quote:
Originally Posted by EvoFire But fuck that exterior is like dating integra girl | | |
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09-02-2013, 08:33 AM
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#9 | | Banned By Establishment
Join Date: Feb 2009 Location: bedroom
Posts: 3,112
Thanked 3,492 Times in 1,176 Posts
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Nope No No way Don't Do It Back Way Never Nope Nope Nope NO!
Do not get involved at that level, dude. It will come back to bite ya in the end and if something ever comes up where you need to fire one, it will be a lot harder.
You can not make people who are bad with money good with money. Just doesn't happen.
I have been in similar situations....someone who rents from me is also an employee of mine. It is a little like shitting where you eat....its never a good thing.
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