About borrowing and giving -- How much does it cost to find the worth of people you know?

http://www.fatwallet.com/forums/topic_view.php?catid=52&threadid=944367&start=180

http://www.fatwallet.com/forums/topic_view.php?catid=52&threadid=944367&start=0

I've heard too many stories of loans between family or friends ruining relationships, even before reading this thread. In my opinion, it isn't worth it. We don't loan money to family or friends. If a friend of ours is genuinely in enough need to ask for financial help, we will give them some but make sure to let them know it is a gift and we don't expect it back, and we don't ever bring it up again. Someone being out of a job, having big medical expenses, or even just living beyond their means doesn't necessarily make them a bad friend, and it isn't worth losing their friendship over money. Now, if someone were abusing our generosity (not using the money they needed from us for the purpose they claimed, or repeatedly putting us in a position where we couldn't refuse to give them money), that might make them a bad friend and worth losing.



Date Posted: Aug/12/2009 11:07 AM
Rating: 0

timothy86 said:

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Whenever I loan money to close friends or family members and expect to get it back I make them sign a loan agreement, even for small amounts. If I don't care if I get it back I don't.

Never ever loan money without a written agreement. It is the best way to loan money to friends and STAY friends. However, keep in mind, that often (I won't say always) after you loan money to a friend, your friendship changes a little.

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