A request to help a family member or close friend who’s in a bind can really tug at your heartstrings and make you do something you wouldn’t normally do.“It can ruin relationships,” said Bruce McClary, vice president of the. “People often lend money on good faith and they don’t put things in writing. They don’t sit down and talk about the arrangement and what’s expected. Failing to set expectations and write it down always leads to regret.
“That just shows you how powerful the emotional element is and how it can make otherwise rational people do some crazy things with their money,” McClary said. “I’ve seen a lot of bad decisions that aren’t backed up by careful consideration.” Personal finance advisors contacted by NBC News BETTER have this advice: If you’re don’t feel comfortable lending that person money, don’t do it. If you agree to do it, consider it to be a gift that won’t be repaid. So, don’t lend more than you can afford to lose.
BETTER 🤦🏻♂️I’ve wrote a few checks w/loan on the memo line.. haven’t seen a payment over the past years.....🤔... “if you can’t afford to loose it don’t loan it”😂
BETTER I only lent money to a friend once and I did not see them anymore after that. Fool me once shame on you. Fool me once shame on me.
BETTER
BETTER This is something new?
BETTER Never loan money, give what you can & move in.
BETTER I never loan what I can't afford to give.
BETTER I learned my lesson the hard way to. no borrowingnd no loans.
BETTER Never 'loan' money to family. Give it to them. If they care to give it back, fine. Otherwise, be happy you were able to help them out and leave it at that.
BETTER So true
BETTER The other 54% are lying
BETTER Of course, they never pay you back... and it’s hard to get it back from them... even if you have them sign a contract...
BETTER Only 45%?!
BETTER Moral of the story is, if you're going to lend money without a contract, then don't expect to get it back.
BETTER
BETTER But the beautiful thing is usually when you loan someone money, you never see them again
BETTER Duh
BETTER Been there
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