I heard from one of my buddies about an employee of his who is constantly having money issues. My buddy said he had switched companies that handle his payroll and when that happened, there was an extra day between paychecks for his crew. He said, “You would think the world was coming to an end. He had to borrow money from me to pay a bill due that day.”

Gang, if you have employees like this that are good workers, just poor money managers, get them some help. It is hard to find good employees that can get in and get the job done. If you have one, a little extra help finding someone who can help them with debt and money management is a smart move.

We attended a Dave Ramsey event over eight years ago, and have given away or sold over 550 copies of his book, Financial Peace. We consider it a basic primer on managing personal finances. While we help construction business owners with their business finances, Dave Ramsey can help anyone with their personal finances.

You are not a bank, and you do not need the distraction of an employee constantly asking you for loans or draws against their labor. Pay them regularly, fairly and on time – and if needed, help them learn to manage what they have. Dave Ramsey is as good as it gets.

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Mitch Stanley
Mitch Stanley
June 24, 2010 2:22 pm

Not a problem I’ve had but I completely agree that if they are good employees, it’s well worth taking the time to get them help, even helping to pay for it by buying the book or getting personal coaching. You can teach skills like pounding a nail or money managing, but you can’t teach attitude, aptitude and drive.

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