Global Wealth Harbor on Featured Bloomberg: Holiday Money Conversations
- Jiayi (Kristy) Xu, MBA, CFP®
- Nov 26
- 2 min read
As Thanksgiving kicks off the holiday season and a time for family gathering, it’s my pleasure to be invited by Bloomberg reporter to share my thoughts as a financial advisor on a timely, and occasionally awkward, topic: how to ask a family member for financial support during holiday season.
Whether you’re pitching a wealthy relative on what you believe is a billion-dollar startup idea or asking for help with the down payment on your dream home, here’s my take on this:
Wealthy individuals are so accustomed to being asked for money. Because of this, their willingness to help usually has little to do with how persuasive you are. In fact, the harder you try to persuade them, the more likely you are to trigger the same defensive mindset they use when declining requests from non-family members. A hard sell could put a family member into “negotiation mode,” which is the opposite of what you probably want in a moment of need. So, it might be better to share your situation in a more natural way - the same way you would talk about anything else happening in your life. You probably don’t need to spell out the exact amount you’re hoping for or make a formal request. Once your hopeful benefactor hears your story, they already have a number in mind - an amount they feel comfortable giving based on your relationship and their own assessment of what you need, not based on how much you ask for. In short: It’s not about the "ask". It’s about the relationship, the storytelling, and giving them the space to offer support on their own terms.
I hope this short piece brings a bit of insight and maybe even a smile as you think back on times you’ve given or received support from family. Wishing you and your family a warm and happy Thanksgiving!
If you’re interested in reading the full article, you can find it here:
Timely and good advice.