Handling Restaurant Bills With Cheap Friends

Do you have friends, family members or co-workers who you go to restaurants with and end up in—let’s say this politely—sticky situations? They may be regular lunch or dinner companions and you may even enjoy their company, but when it comes time to pay the bill there’s always an issue.

Somehow or another it always ends up with you subsidizing their meal. If it becomes a pattern, and it usually does, they’ll not only order dinner, but they’ll begin to throw in appetizers, alcoholic beverages and dessert. Even though you don’t order any of these extras, you still end up paying for part of theirs through one manipulation or another.

”Let’s split the bill down the middle”

This is probably the most typical outcome. A single check is ordered for the whole table and everyone agrees to split it down the middle. This isn’t a problem if all parties have roughly equal budgetary constraints and buy equivalent orders. But often the friend orders from the high priced end of the menu while you order from the children’s menu in an effort to offset your contribution to their extravagance.

What often complicates splitting down the middle, is that the party who is taking advantage of the arrangement is usually its most vocal supporter and any attempt to disagree has a high chance of resulting in a confrontation. You and others go along in order to avoid any unpleasantness—which is exactly what the manipulator is counting on.

”Here’s ten dollars—we’ll even it out later”

This is a more extreme version of splitting the bill down the middle. What it really means it that we’ll split it down the middle later, but later will never come. The freeloader is now taking a bold step forward—he’s no longer maintaining even the pretense of a 50-50 split. He’s moved on to capping his contribution at what ever amount he chooses.

”Darn I don’t have any money (left my wallet at home, etc.)—I’ll get you next time”

This usually happens when the offender is feeling so comfortable with taking advantage of you that he’s pushing the envelope even further. He’s gone beyond having you subsidize his extravagance and away from making even a minimal contribution. He’s now forcing you to pay for his entire meal!

At this point nothing short of bold action will fix the problem.

Ultimate solutions

In my experience, this unbalanced arrangement never gets better on its own. You have to take action—and do it very decisively.

Don’t waste your time confronting them. Here’s the thing, if a person has done this to you repeatedly, they know what they’re doing and it’s intentional. Confronting them in any way is likely to a) “offend” them that you’d make such an accusation, b) be a complete waste of time, or c) end the friendship completely. Nothing will be fixed by bringing the problem to their attention, so forget it.

Insist on separate checks. If you want to keep the friendship, insist on separate checks as soon as the waiter or waitress come to your table. You may need to alert the offending party before arriving at the restaurant so as not to step into an uncomfortable situation. Tell them that funds are tight and you have to keep your bill low, but you don’t want that to affect them. Do what ever you have to but be firm. The first time will be the most difficult but after that the lines will be drawn and it will be much easier going forward.

Never go out drinking with them. If eating with such a person is a drain on your wallet or a burden on your credit card, going out for adult beverages will be even worse. No only will liquor dull everyone’s judgment (including yours) but the offending friend may very well take advantage of the confusion to take even bigger advantage of your apparent generosity.

Find new friends. If the friend, family member or coworker resists all of your efforts to stop paying more than your fair share, it may be time to find new friends. Regrettably, for some people this type of behavior is part of the way they operate in life, and if it is it’ll never improve. Often just by insisting on separate checks, you won’t need to distance yourself from the offending party—they’ll do it for you.

Have you ever had friends, family members or coworkers like the ones I’m describing? How did you handle it?

photo by thefoodplace

Myths and Truths About Long Term Care

long term careI just read some staggering Long Term Care statistics in Forbes;

“71 percent of Medicare recipients mistakenly believe Medicare is a primary source for covering long-term care.

87 percent of people under the age of 65 mistakenly believe their private health insurance will cover the cost of long-term care.”

The article focused on long-term care insurance, and contains a wealth of information about the long-term care landscape. Perhaps it’s to be expected that most American’s under the age of 65 wouldn’t know all the ins and outs of long-term care, but it was surprising just how misinformed the general public is in regards to Long Term Care, especially considering Americans are now living longer than ever and the cost of care is rising.

So you ask yourself, if Medicare nor private insurance is not the primary source for covering the costs of long term care, then who is responsible covering the costs? Good question. Generally, there are three ways to pay for long-term care, each with their own very different ramifications.

Public Funding

This includes Medicare and Medicaid. Medicare can help pay for some expenses, but there are rigid constraints that need to be met. For anyone with a long-term condition requiring constant care, Medicare will generally not cover those services.

Medicaid is for the indigent; you have to be below a certain income threshold to qualify. If you have financial assets you’ll need to spend them down or place them in a family member’s name in order to qualify. One needs to carefully consider whether these options are viable.

Self-Funding

A small percentage of people might be able to pay for care out-of-pocket or with the help of family and friends. Again, one needs to consider the long-term effects of needing to spend significant amounts of money on care. A hard-earned nest egg can quickly disappear with large medical expenses, not to mention the enormous emotional toll that comes from relying on family and loved ones for help.

Long-Term Care Insurance

Finding a long-term care insurance policy that allows you to find care in the type of facility and state of your choice, and also does not exclude certain common conditions including stroke and Alzheimer’s disease, is often the only way to ensure you have control of financial, emotional, and physical well-being when you need it most. The younger you solidify your long term care plans, the less expensive the policy will be, as the state of your health affects policy cost. It’s important to give some thought to your future before it becomes a necessity.

photo by 14646075@N03

Invest in your Home the Smart Way

There are essentially two types of purchases that you can make: purchases that will increase in value over time, and purchases that will depreciate. Houses can go either way. If you don’t properly invest into your home then you may well see it becoming worth even less than you spent on it to begin with.

Here are a few tips to investing in your home and making sure that it’s worth more tomorrow than it is today:

Find Great Mortgage Loan Rates

Without great mortgage loan rates you wind up with a home that you’re still paying off long after you’ve actually paid the purchase price. You have interest rates and fees and fines when you make late payments, you may even wind up having to take out a second mortgage. Getting the right mortgage the first time is a big part of getting ahead on your home and winding up with an investment, not an expense.

Improve Your Own Neighborhood

A lot of people will buy a home and then worry that it’s depreciating in value because their neighbors are being foreclosed upon, local businesses are being shut down and so on and the value of the whole area is dropping no matter how much work they put into keeping their house in good condition. Well, what’s to stop these people from improving their own neighborhoods? There’s no reason to try and find a home in a great neighborhood if you’re not even going to support the small businesses in that area. There’s no reason to find a great neighborhood if you’re not going to talk to your neighbors. Be a part of your community, help out with community efforts, host barbecues on your front lawn to get to know the neighbors. Make your neighborhood a good place to live.

Wait for the Market

People who become overly anxious or worried about housing market slumps are missing the big picture and thinking in the short term. This is good news for you as an investor as it means that they’re often trying to bail out on a home simply because the price is dropping. The housing market always has ups and downs, it always comes back sooner or later. For the patient investor the housing slumps can be a major part of your strategy, but by riding out the slumps, at the very least, and waiting until the market looks better to try and make a sale. The economy may still be recovering right now, but a weak housing market right now does not necessarily mean that it will still be weak in five years. The patient prosper in real estate.

Renting Out

You don’t need to sell your home in order to turn a profit, you can turn it into a rental property. You don’t even need to spend a lot of money or worry too much about finding tenants to do this. Chances are you have a friend, a co-worker or a cousin who you can rent the home to at a fair price. Enough to cover mortgage payments, maintenance costs and so on. This can be a good way to turn a profit immediately or to allow your home to pay for itself while waiting until the perfect time to sell.

Whatever your long term strategy when it comes to investing in your home, long term planning is key. If you’re only looking to flip a home in a few month’s time you might not always get what you want out of the deal, but if you’re patient and hard working you may be able to turn a nice profit.

photo by alancleaver

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