Some people are just a lost cause

[pickup]

Great, I quoted myself.

 

[BrownChoice]

Theres always edit!! Hahah

 

[UpstateNYUPSer(Ret)]

Dave Ramsey is kindly,(firmly , but kindly) asking you to turn in your Fan club badge and decoder ring.

One of the loans was to my son for damage he and his quad mates had done to their dorm room. I paid for his share and in return he signed over that amount from his income tax refund. I do his taxes so it was very easy to make sure I got my money back. The other was to a friend who was going through a rough patch----she fully repaid the loan but was upset that I made sure we got it in writing.

Golly, 6 months?!? That's like 178 days! If only he had ChickenLegs' financial advisor...

The he was actually a she who liked to take dead days. Can you imagine if you were eligible to retire on Monday but knew you had to work another Peak because you had taken too many unpaid days off?

 

[kingOFchester]

I don't loan money to ANYONE!!! Period!! A couple bucks fine but when we're talking hundreds to thousands.....not a chance. I'm not an enabler.

And give up easy money? Rules to lending money:

Get a better return then you can get anywhere else.
Get collateral that has a value to the lender that is equal to or higher then what you are lending including the interest.

 

[UpstateNYUPSer(Ret)]

And give up easy money? Rules to lending money:

Get a better return then you can get anywhere else.
Get collateral that has a value to the lender that is equal to or higher then what you are lending including the interest.

Both of the loans that I made were interest free. The loan to my son was to make a point. The other loan was to a friend who was going through a rough patch----asking for interest would have been like rubbing salt in her wound.

 

[bleedinbrown58]

I have several friends that are fortunate to have very good jobs and handle their finances well. I'd rather sleep in my car, get a 3rd job and eat ramen noodles before I'd ask a friend for a loan.

 

[oldngray]

I loaned from my Dad when i was 19 and working for him at the time. The agreement was the amount would be taken from my check in increments, which in turn made me want to work more to stay on top of the money.

I haven't asked him for any loans since or anyone else for that matter, haven't needed to. Every friend family or even foe knows without an inkling of a doubt im one of the select few that always keeps their word, no matter what. Whether it relates to money or not.

Theres a spectrum where loaning money can do some good with the right intentions.

Something i take great pride in, and is part of being a real man, i think.

Family loans should be considered gifts with no expectation of getting paid back. You may get your money back but never loan to a relative expecting that outcome. I have loaned money to my sister and she paid me back (but slowly) but me having the attitude of not worrying about the money eliminated any problems. My attitude was if I get repaid OK but if not then whatever.

 

[bleedinbrown58]

Family loans should be considered gifts with no expectation of getting paid back. You may get your money back but never loan to a relative expecting that outcome. I have loaned money to my sister and she paid me back (but slowly) but me having the attitude of not worrying about the money eliminated any problems. My attitude was if I get repaid OK but if not then whatever.

Daddy!! Can I borrow a million dollars?

 

[oldngray]

Daddy!! Can I borrow a million dollars?

Sure! My bank is in Nigeria so I will send you their contact information.

 

[bleedinbrown58]

Sure! My bank is in Nigeria so I will send you their contact information.