Dr. Patty Ann Tublin’s tips on money and friends

(WTNH) — Money can often drive a wedge between you and the people you work with, or even you and your friends. Dr. Patty Ann Tublin has tips for success when it comes to investing and splitting money.

Question 1 from Robert in Guilford: A close friend of mine is starting a business and asked me if I wanted to make a financial investment in her company. I’m not sure what to do. Any advice?

Answer:  You didn’t say how much money the friend was asking you to invest.  For our purposes here, I will assume it is not an outrageous amount of money.  So here are some considerations to discuss with your entrepreneurial friend.
1. Ask to see their business plan. No business plan = no investment. If the business plan is not thorough, ask for more information.
2. Once you’ve seen the business plan, and if you decide to invest – create a contract and get the agreement signed.
3. If upon seeing the business plan you are not comfortable making an investment, have a conversation with your friend and try to be clear that your lack of interest for investing in his company is strictly a business decision, and in no way reflects upon your feelings for him as a friend.  If possible, perhaps you can find a creative to help your friend’s business become successful!

Question 2 from Steven in Westbrook: I can’t stand my wife’s best friends husband. He’s one of those loud obnoxious guys who drinks like a fish and orders the most expensive meal on the menu.  And then he wants to split the tab.  I’m tired of paying for his drinks and steak. Can I say anything without hurting everyone’s feelings?

Answer: ABSOLUTELY!! Here is my suggestion.
1. At the beginning of the meal when the waiter comes around to take drink orders, tell the waiter you would like two separate checks so each couple gets their own check.
2. OR when your wife makes plans with her girlfriend, tell your wife to tell her friend that you would prefer to have two separate checks and not split the bill any longer.

To post your question please go to:
@drpattyann on Twitter.

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