Getting Rid Of Money Leeches
If you have not yet read Part 1 of this article, please click here READ PART 1 NOW
Okay, let’s continue where we left off and go a little deeper on being more financially prepared so that wealth starts flowing towards you instead of away from you.
Our lesson today is about being aware and effectively stopping your Money Leeches!
Money Leeches as I’d like to call them are the People, or “Cosmically uncanny” situations that just happen to show up at the very exact moment you come into some money. Sound familiar? Think back…Do you remember the time that you got that P5,000 bonus from your job, or a sideline or unexpected business from a client?
Who called you or showed up at your doorstep needing urgent help or “who just happened to drop by” that very same week needing exactly P5,000?
Did your car, refrigerator, cell phone, or something else break down needing some urgent repairs totaling more or less P5,000?
Did you just happen to go to the mall that weekend, which incidentally was having a 50% off Sale on all items and bought something that you would never ever use for more or less P5,000?
I’m pretty sure you are smiling right now because you know exactly what I’m talking about don’t you? Yup, whoever he or she is, whatever “situation” arose the last time you came into money, you have just identified your money leeches.
I know because I used to have lots of them. And I thought that that was the story of my life. And because I thought that way, the next time I got into some money, the Money leeches would come! It became a reality for me, so much so that all the money I made almost always went to some “Urgent” or “Useless” expense.
The problem is that most of these money leeches are usually family members or close friends. Or when situations arise, like your appliance breaking down or a cellphone being stolen or any similar incident is that you feel that it was by divine providence and that it was beyond your control and you just have to give in.
Let me say right now, they can be stopped and it can be controlled. But it will take a major attitude and cultural change in you. It will require a lot of effort and a very “thick” face but if you apply what I will share, you will immediately achieve a Major breakthrough in our “wealth transfer project.”
First, stop thinking that having money leeches is normal. It is not. You have to change your attitude right now, here’s your first assignment that will help you do just that.
1.) On a blank piece of paper I want you to hand write the following: >>Make sure that it is “Hand written” not type written:
“Having Money Leeches will kill me financially, I am now aware, I will defend myself and get rid of them now! ___________. (print your first name on the blank space then sign your name on top of it)
2.) Scan that piece of paper or take a digital picture of it.
3.) Email it to me as soon as you can. Please note that if you email it to me, you are allowing me to post it on my blog should I choose to do so.
4.) Prominently place that piece of paper in your wallet so that you can see it every time you open it.
The exercise above is meant to “kick start” your brain to acting and thinking about defending yourself against these money leeches. And yes, it is true, If you do not fix it right now, you will die financially.
Next, identify the people who are NOT immediate family members who constantly ask for money from you. Note, these are the people who are NOT your wife, your children, your brother, your sister oryour 2 parents.
Here’s what you tell the people who are NOT immediate family the next time they ask for money:
Situation: My _______ just got hospitalized, Can I borrow P5,000? (Or whatever amount)
Response: “I’m so sorry to hear that, I hope _______ is alright. I wish I could give you P5,000 but I can only afford to give P50 right now hope you understand.
Regardless of the situation or any amount that a Non-immediate family wants to “borrow” from you, only offer P50! There will be 3 possible reactions: reaction 1: insulted, and will never want to ask money from you again. Reaction 2: they are grateful and they take it. Reaction 3: They negotiate. Regardless of their reaction only be willing to give P50 and not a centavo more.
It might seem heartless to you but it has to be done if you really want to get rid of the money leeches. Remember, this is to be used ONLY for non-immediate family. They are not your burden, they are not your problem. The priority you should always be your Immediate family. What if, God forbid, something should happen to any one of your children? Your wife? Your Husband? Your sister? Your brother? Your Parents? And you don’t have money because you gave your money to someone else. Now that would be a real tragedy. If you can’t do this for yourself, then do this for your immediate family, reserve your generosity for them. But be smart about how you go about it. In the next article, I will talk about how to financially protect your immediate family and yourself from Money Leeches within your immediate family.
Lastly here is your 2nd assignment, give me feedback. Post a comment about this article or part 1: What I am interested in is not praises (although that would be nice too), instead, complain to me about the problems you have in completing the assignments. Yes, you read it right, post a comment below on why you don’t think this or any of the assignments I have given you will ever work for you. Believe me, I will read every single one — even yours and I promise that I will not ban you or even get mad at you when you do. It is all part of the process.
Good luck and see you in the next article!
Author Box:
Mark So is a fervent businessman, Investor and educator. He is the Chairman and CEO of Businessmaker Academy—a business, finance and corporate training center. He is the founder and Chief Forex Trainer of Forex Club Asia, A Trading club of Forex Traders across Asia. He is also the Founder and Chief Trainer of the Philippine Franchise Institute which specializes in training and growing existing Franchise businesses. A sought after speaker for business, investing, You may email your comments and questions to: mhso@businessmaker-academy.com or call the office at 6874445 / 6873416 / 6874645 for a schedule of his seminars
i would love to hear and receive more from you. because i know that i am earning more than anyboby that i know in my field, but all the earnings that i have, is sadly gone, i can relate to this article and willing to take the chance of how will money will run after me.
Hi Jon, thanks for writing in. If you haven’t done so, please complete the assignments in this article. Then read part 1 and do the assignments there. Talk soon!
this just happened to me recently. the only problem is… (well, not really a problem
was that it was my wife who asked. it was for some family related medical assistance and i was happy to oblige 
Hi Bern, thanks for writing in. In Part 3 I talk about immediate family concerns. This article, part 2, I talk about Non-Family related issues
Mark, my problem with the first assignment is and always have been, my husband and I don’t pool together our resources. Eversince I worked and have been earning more than my hubby, he does not share his expenses with me. Always telling me that he spends his money for the family.
It is so hard for me to make a budget, much more stick to it.
I really don’t know how to change my financial pattern without the cooperation of my husband.
hays,,,,
Bea, I totally understand your situation as I was once like that to my wife. It is really a “Man” thing to be secretive with money matters for a few reasons. I will discuss these in a future article. I and my wife too started with separate accounts and we have found a system that works well for us after lots of “adjustments” to one another. I will be discussing more of this (with my wife) in an article down the road.
In the mean time, I suggest that you practice first with your own account and your own money and then later on, integrate your husband, We will try to expound in the future article how my wife convinced me and how I finally became more astute with money handling so that hopefully you and your husband can do the same.
Hi Sir Mark. I always enjoy and learn a lot from your posts. I recommended your blog to my college friends, though I need to work on their mindset more (the starting point). But I’m just very grateful for the knowledge you share in every post. Looking forward to Part 3!
Money Management Simplified helped me a lot. It’s very simple and I’ve shared this also to teach my pamangkins.
More power Sir Mark!
Thank you very much. I look forward to posting a lot more very, very soon. Please do come back often and share these articles on facebook. There is a link below each article for you to do just that.
Best!
Hi sir Mark, What a powerful mind blowing technique in eradicating “Money Leeches” even if it seems heartless, the truth of the matter is you have to do it or either you will remain in the same
financial state.Regarding the first assignment I think it is very helpful reminders that is very effective due to its location in our wallet and if we can add more private place to put it the better.
More power…from Cartagena,Colombia.
Thanks Jovanie, if you have not yet done so, please read part 1 of this article and also complete the assignments there.
I liked your article is an interesting technology
thanks to google I found you
what if the one who needs money is my best friend? (I’d just let her borrow money from me, and yup, its 5000 pesos) Can I just say 50 pesos? I think I’m going to feel guilty
If she is a money leech,who habitually “borrows” money and never returns it, then yes. P50 is what you offer her.
this is so true I am so happy to read your article i love it and yes i will do the assignment
Good luck and God Bless
Glad you were able to read the articles. Please do read part 1 as well and be sure to comment and do the assignements there too.
hi mark, in my life i’ve encountered a lot of such money leeches. in myself right now is a little revolutions happened, accepting change sometimes is hard rather than taking a pill. Eventhough there’s a willingness to follow still my stubborn and arrogant attitude wants to lead, i remember a friend who told me that i should be teachable. I have made this meaning of M.O.N.E.Y. that says Money Owns Nothing Except You!!! yes, money owns nothing but our attitude sometimes makes money owns us. Keep on following you i know that i will learned this things one at a time with an humble and obedient heart. God is great!
hi Mark, your article is wonderful and timing. I’m looking forward of more articles, and that i also love to share with my friends.
Hi Gayel thanks, if you haven’t done so, please go to http://wealthflowproject.com once there, click on the picture and sign up so that you can get updated on this series. Talk soon
My eyes can’t bear the strain of reading for long periods. I have to give them rest for a very long time before I could back again to reading…so I’ll be lagging behind the others but I won’t give up. I have yet to find an opthalmologist who can give me lasting relief.
Hi Rico, thanks, please continue your reading at http://wealthflowproject.com so I can respond promptly. I don’t check this site as often anymore, thanks. Talk soon
sir mark,
thanks for the eye-opener… money leeches are ever present in my situation, thanks for the
advice on how to get rid of those leeches
Thanks Alvin, please continue your reading at http://wealthflowproject.com
But I find joy always in giving whatever i have to people (even if i’ll end up broke before the next salary day). Or it somehow became automatic to me. How can I be wise but helpful at the same time, or is that even possible? thanks.
Read the rest and you will find out. Go to http://wealthflowproject.com and sign up for the wealth plan
nice advice… I learned a lot….