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I always follow one rule. I don't lend money to family or friends because they'll being to feel that your obligated to do them the favor. That's just me.
Update. I set her up on a payment plan so I'd be paid off in just under 1 year. I received my last payment yesterday. It was actually a double payment so she paid it off early. Persistance and the other person wanting to do the right thing pays off!
I am glad it paid off for you! (Literally!)
Congratulations!
Well now I hope you know never to loan money unless you are ok with losing it!
This has taught me that some people don't think like I do so I now have a whole new outlook when it comes to "lending" money. It's more like giving money to someone and they might give it back.
@masscredit wrote:This has taught me that some people don't think like I do so I now have a whole new outlook when it comes to "lending" money. It's more like giving money to someone and they might give it back.
+100
Several years ago an older coworker told me I should never lend money to family; I should give it to them. If they someday paid me back I should simply feel fortunate, but if they didn't it's no problem since it was a gift anyway.
It made absolutely no sense at the time, but later it made perfect sense, and I've been living by that "rule" for a while now. I admit it does make things a bit easier; at one time I would be quick to use a credit card for family, but since that's not "money" I no longer do that... only money in my account is available for "gifting", not my credit.
Anyone in my family close enough for me to loan money, are close enough for me to give money. I often call it a loan to make them feel better...ie Pay me back when you can! You might think that I would suffer due to this, but somehow I am never short of resources. My entire adult life I always had a good job and steady income. Any past money troubles I had were of my own making before I became generous with family. Maybe God has rewarded my generosity with more income than I needed BECAUSE of my generousity.
My brother in law (our wives are sisters) decided not to pay the $1500 owed me in a sales transaction. Now he refuses to come to my home. Best money I ever lost.
I do agree with the comment that if you can't afford to give it away, never loan to family or friends.
@Turbobuick wrote:My brother in law (our wives are sisters) decided not to pay the $1500 owed me in a sales transaction. Now he refuses to come to my home. Best money I ever lost.
I do agree with the comment that if you can't afford to give it away, never loan to family or friends.
hrmmmmm, I have a son in law (per se) I'm trying to get rid of. May be worth $500. Great idea, thanks!