- Posted June 7, 2012 by
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My Ten Sense: How to loan money to loved ones
You’ve done it. I’ve done it. We’ve all done it. At some point in your life, you asked to borrow money for something you thought was so important or such an urgent need that you couldn’t wait until you actually earned the money to get it by your own means.
You said whatever it took to get someone to agree to give you a loan to bail you out of a jam. But once the emergency was over, did you pay the person back the money you borrowed?
I admit sometimes I did. Sometimes I didn’t. I know I’m not the only one who has never paid someone back money I borrowed. Look at all the home foreclosures and bankruptcies from people reneging on paying what they owe. Heck, even the federal government hasn’t paid all of its debt, so we’re running a deficit in the trillions and China owns us.
This is why I advice you not to loan money to anyone because you may not get your money back and that can ruin or end your relationship with a family member or a friend.
Instead you should give away your money. Find out how much and why, when to just say no and the reason I recently turned a family member in need on my blog, www.mytensense.com.