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Should you lend money to friends?

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Dominique
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Use wisdom when lending money. If your friend comes to you in need, give it to them. Don't expect it back, but if you get it back it is a blessing. If your friend borrows money often, then you might want to look at other options, because if they can't be a good steward over their own money, they are not going to value yours either.
Post Sun Jul 09, 2006 1:28 am
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TeenInvestor
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If they need it, then of course I would give them money.

Unfortunately I learned early on some "friends" will put themselves above you and willt ake advantage.

I have only lost about 250$ giving friends money, but I won't make that mistake again.
Post Sun Jul 16, 2006 4:40 am
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No-Brainer
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You got off easy  Reply with quote  

I think my family is into me for about 10 Grand

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Post Sun Jul 16, 2006 4:45 am
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Safora
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Re: You got off easy  Reply with quote  

quote:
Originally posted by No-Brainer
I think my family is into me for about 10 Grand


Ouch!

I think at that point you are no longer helping them, but enabling them.
Post Mon Jul 17, 2006 3:08 pm
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No-Brainer
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Re: You got off easy  Reply with quote  

quote:
Originally posted by Safora
quote:
Originally posted by No-Brainer
I think my family is into me for about 10 Grand


Ouch!

I think at that point you are no longer helping them, but enabling them.

First that's not such an ouch for me and I have a big family so it's spread out. I guess I have to make my own decision when it becomes enabling. I temd to give them at least one chance.

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Post Mon Jul 17, 2006 3:55 pm
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Safora
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Re: You got off easy  Reply with quote  

quote:
Originally posted by No-Brainer
quote:
Originally posted by Safora
quote:
Originally posted by No-Brainer
I think my family is into me for about 10 Grand


Ouch!

I think at that point you are no longer helping them, but enabling them.

First that's not such an ouch for me and I have a big family so it's spread out. I guess I have to make my own decision when it becomes enabling. I temd to give them at least one chance.


Oh I was thinking that was one person. Shocked
Post Mon Jul 17, 2006 5:39 pm
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betaisbetta
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no.
is better to keep the friendship.
Post Tue Jul 18, 2006 9:50 pm
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avenger
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LENDING MONEY  Reply with quote  

HI TO ALL,

HERE IS MY TWO CENTS WORTH,GAINED WITH VAST EXPIRIENCE ON THIS SUBJECT.

AFTER LENDING MONEY TO MANY FRIENDS AND NEVER GETTING A CENT BACK
[OVER TEN GRAND] I READ TWO BOOKS WHICH EXPLAINED MY MISTAKES.

"#1 'THE RICHEST MAN IN BABYLON'.A MUST READ.[FREE ONLINE]

#2 'THE 48 LAWS OF POWER' BY ROBERT GREENE.A MUST READ.

IN THE RICHEST MAN IN BABYLON,RULES OF LENDING MONEY[TO ANYONE] ARE EXPLAINED BY THE "MONEY LENDERS" OF BABYLON.WHAT A LIGHT BULB MOMENT THAT WAS.I WISH I HAD READ THIS BOOK AS A TWENTY YEAR OLD.IT WOULD OF SAVED ME HEAPS OF MONEY AND FRIENDS.

IN THE 48 LAWS OF POWER,LAW #2 IS;

"NEVER PUT TOO MUCH TRUST IN FRIENDS"

WHY?

"BE WARY OF FRIENDS-THEY WILL BETRAY YOU MORE QUICKLY,FOR THEY ARE EASILY AROUSED TO ENVY.THEY ALSO BECOME SPOILT AND TYRANNICAL".

I LAUGHED WHEN I READ THIS BECAUSE IT IS SO TRUE.SPOILT AND TYRANNICAL.HOW MANY FRIENDS DO YOU HAVE WHO FIT THIS.2 OR 3 THATS FOR SURE.

HOW MANY STORIES HAVE YOU HEARD OF PEOPLE BEING DUDDED BY FRIENDS,FAMILY,BUSINESS PARTNERS ETC. ETC.? PLENTY I BET.

HERE ARE SOME QUOTES I LOVE FOR THEY ARE CANDID AND TRUE.

"PICK UP A STARVING DOG AND MAKE HIM PROSPEROUS,HE WILL NEVER BITE YOU.THIS IS THE PRINCIPLE DIFFERENCE BEETWEEN MEN AND DOGS"
BY MARK TWAIN.

"LORD,PROTECT ME FROM MY FRIENDS;I CAN TAKE CARE OF MY ENEMIES"
BY VOLTAIRE.1694-1778.

AND THIS ONE IS PROFOUND TRUTH.

"MEN ARE MORE READY TO REPAY AN INJURY THAN A BENEFIT,BECAUSE GRATITUDE IS A BURDEN AND REVENGE A PLEASURE"
BY TACITUS,c.A.D.55-120

PLEASE DONT GET ME WRONG,I LOVE MY FRIENDS DEARLY BUT I DONT PUT THEM IN A POSITION TO SCREW ME.AND I MADE MY OWN SAYING.TEACH IT TO YOUR KIDS;

"PUT YOURSELF IN A POSITION TO BE SCREWED AND 9 TIMES OUT OF TEN,THATS EXACTLY WHAT WILL HAPPEN.
BY JIM TAYLOR.1967-?

SEE HERES THE THING,"YOU ARE WERE YOU ARE BECAUSE THAT IS WHERE YOU ARE SUPPOSED TO BE"

IF YOU ARE IN FINANCIAL TROUBLE IT IS YOUR FAULT NOT MINE.YOU HAVE BEEN STUPID WITH YOUR MONEY AND A LESSON IS BEING PRESENTED TO YOU.IF YOU STEP IN AND LEND MONEY YOU DELETE THE LESSON THUS PROMOTING THE PROBLEM FURTHER.

EVERONE I LENT MONEY TO WHO DID NOT PAY ME BACK ARE STILL IN THE SAME POSITION THEY WERE IN YEARS AGO WHEN I MADE THE LOAN.SO I DID NOT HELP THEM AT ALL.ALL I DID WAS DELAY THE LESSON THEY NEEDED TO LEARN.

ONE OF THE POSTS HERE SAID LEND THE MONEY LOSE A FRIEND,DONT LEND THE MONEY LOSE A FRIEND.THIS IS SO TRUE.

WHAT I SAY TO EVERONE NOW IS,I HAVE A SHELF COMPANY/LLC/TRUST SET UP TO PUT MY MONEY INTO FOR INVESTING/TAX MINIMISATION AND THE TRUST PAYS ME A WAGE OF $650 A WEEK WHICH IS ALL I HAVE TO LIVE ON.
[WHICH IS TRUE] THEY WILL SAY BUT I SAW YOUR WALLET,ITS PACKED AND I SAY IM ON THE WAY TO PAY A MONTHS MORGAGE PAYMENT.

I TELL THEM IF YOUR HUNGRY COME TO MY HOME AND I WILL GIVE YOU A FEED.FUNNY THING IS NO ONE TAKES THE FOOD THEY JUST WANT THE CASH.

DO NOT BE CONCERNED ABOUT ANY UNTRUTHS YOU MAY TELL.IN THE LONG RUN YOU ARE DOING THEM A FAVOUR GETTING THEM TO STAND OWN THEIR OWN FEET.YOU HELP THE FRIEND,KEEP THE FRIEND AND YOU DONT LOSE YOUR MONEY.

THE CHRISTIAN DESPOTS WILL SPEW AT THIS BUT THEY HAVE BEEN PLAYING OSTRICH FOR MILLENIA.

SO TO FINISH UP ITS THIS SIMPLE"PAIN OR INFORMATION" THE CHOICE IS YOURS.TAKE THE INFORMATION OR TAKE THE PAIN AND TRUST ME YOU WILL CONTINUE TO GET THE PAIN UNTIL YOU TAKE THE INFO.

MANY THANKS

JIM.











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Post Fri Jul 21, 2006 1:44 am
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bijan814
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It depends on how much money your going to give your friend, I would never let my friends borrow more than $20. Anything more than $20 they will not pay back. I mean I let my friend borrow $500 chances are they won't even be able to pay me back. I have let friends borrow money before, and they never payed me back. So I learned never to lend out money to your friends.
Post Tue Jul 25, 2006 5:27 am
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Pegasus
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Of course, it depends on how much you want to give your friend. Ask yourself - how much you're sure in your friend.
I have couple of good friends to which I can borrow up to $1K and I'm sure - they will do their best to return. Unfortunately I have also not so "trustworthy person", to which it's hard to give even $20. Of course, they return the money - but when?! MAy be in a month, may be in a year...
Post Wed Jul 26, 2006 5:41 am
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Monika555
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I lend money only as a last resort. I have a family and combine work and study, so I can't give money when I know that I won't see it. If your friend is a real friend, he will understand. There are other ways to get money, after all. You can suggest your friend looking for a job or get online payday loans in MI https://maybeloan.com/payday-loans/mi. In my opinion, it can help him to become more financially responsible.
Post Fri Oct 02, 2020 6:48 pm
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