I developed a strategy to solve some of these issues. If a friend needs help, I advise him/her to start to save as aggressively as they can to have at least 3 to 6 monthly bills emergency savings. And I tell them that only once you have this you can start to learn about being financially stable. This has multiple implications. First, I do not spend weeks teaching someone who will mostly ignore my advice. Second, saving money empowers them, and soon they will want to have 6 months instead of 3, then 12 instead of 6. Savings bring you choice and freedom. Also, numbers increasing will make saving money addictive.
Then you can start to save for the sake of it, once your emergency fund is set aside. Having money ready brings opportunities. When someone needs money and sell something cheap, you can bring cash on the table. Being that car, land or a house. The more you cash you have, the better prepared you are for opportunities. And then you start to invest. I appreciate that I can teach someone the basics of investing in 12-18 months. The good basics, that make you better than 99% of the financial advisors from the bank. When you can read and understand The Intelligent Investor by Benjamin Graham (the guy to mentored Warren Buffet), you pass my class and you can start investing.
Yes, I know, I am that funny. Only 2 people passed until know, and tens, if not hundreds, did not managed to even build the emergency fund. Some people find to time-expensive to learn about personal finance. And it is sad.
I would add to the list of benefits in the first paragraph, that once on that path, it also makes people more aware of other potential uses for money, outside of saving it alone. People who invest in something, tend to pay attention to more than just their investment.
It tells something about them, doesn't it? Out of curiosity, how are those two doing now?
Quite well, reaching 6 digits savings, mortgage for a house and so on.