Comments on: What is your Money Lending Rule? http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm Building Wealth through Saving and Investing Sun, 12 Feb 2012 20:56:43 -0330 http://wordpress.org/?v=abc hourly 1 By: TTCMartin http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-90840 TTCMartin Tue, 07 Jul 2009 23:05:06 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-90840 It was not a cash money lend it was a friend buying a 3 wheeler from me years ago. We had a payment plan of $50 a week. He sent me all the money (i was keeping track) then I get another $50 check in the mail. I called him and told him that was one too many checks. He chuckled and said he was not keeping track. I only would do it with him, do to the fact that we have been best of friends since 1st grade. We are in our late 40's now. But I have many family members that I would not give a dime too as a loan. I would help them if they were willing to help themselves. Like getting a job for starters. It was not a cash money lend it was a friend buying a 3 wheeler from me years ago. We had a payment plan of $50 a week. He sent me all the money (i was keeping track) then I get another $50 check in the mail. I called him and told him that was one too many checks. He chuckled and said he was not keeping track. I only would do it with him, do to the fact that we have been best of friends since 1st grade. We are in our late 40’s now. But I have many family members that I would not give a dime too as a loan. I would help them if they were willing to help themselves. Like getting a job for starters.

]]> By: pjwlk http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-16256 pjwlk Fri, 09 Nov 2007 18:17:21 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-16256 Fortunately for me, everyone thinks I'm the cheapest prick that ever lived and nobody has the balls to ask me for any money...lol Seriously though, I don't lend money to anyone as a general rule unless the circumstances are extreme. When the cicumstances warrant it, I will lend what I can afford to lose. Before lending I also ask about the person capacity to repay me and how and when they expect to do so. A friend of mine always asks for some form of collateral. His most recent example was a guitar that the loanee cherished very much and was probably worth 3 times the $400 loan. My friend states that if he doesn't receive payment "in his hand" by midnight on some agreed date that the item becomes his to do with as he sees fit. He got his money... that time. A previous time though with the same two fellows the collateral was a nice 10-speed bicycle. The loanee failed to pay on time, no doubt expecting some leanency and my friend then cold-heartedly executed his rights. A few days later the loanee stood in disbelief at my friends doorstep ,money in hand, as my friend announced that he had sold the bike... C'est la vie... Fortunately for me, everyone thinks I’m the cheapest prick that ever lived and nobody has the balls to ask me for any money…lol Seriously though, I don’t lend money to anyone as a general rule unless the circumstances are extreme. When the cicumstances warrant it, I will lend what I can afford to lose. Before lending I also ask about the person capacity to repay me and how and when they expect to do so.

A friend of mine always asks for some form of collateral. His most recent example was a guitar that the loanee cherished very much and was probably worth 3 times the $400 loan. My friend states that if he doesn’t receive payment “in his hand” by midnight on some agreed date that the item becomes his to do with as he sees fit. He got his money… that time. A previous time though with the same two fellows the collateral was a nice 10-speed bicycle. The loanee failed to pay on time, no doubt expecting some leanency and my friend then cold-heartedly executed his rights. A few days later the loanee stood in disbelief at my friends doorstep ,money in hand, as my friend announced that he had sold the bike… C’est la vie…

]]> By: Best of Million Dollar Journey: Oct 2007 | Million Dollar Journey http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-16210 Best of Million Dollar Journey: Oct 2007 | Million Dollar Journey Fri, 09 Nov 2007 07:34:01 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-16210 [...] What is your Money Lending Rule? (29 [...]

[...] What is your Money Lending Rule? (29 [...]

]]> By: Aleks http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14716 Aleks Fri, 19 Oct 2007 20:03:46 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14716 I lend money to family and friends all the time (or have it loaned to me) and it always gets repaid. It probably helps that my friends and family are all fairly good with money and the loans are merely for convenience. I lend money to family and friends all the time (or have it loaned to me) and it always gets repaid. It probably helps that my friends and family are all fairly good with money and the loans are merely for convenience.

]]> By: Blain Reinkensmeyer http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14709 Blain Reinkensmeyer Fri, 19 Oct 2007 15:27:00 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14709 I will only lend money to certain family members like my brother who I know will pay me back. A few years back I lent my brother $3,000 and it took him a year to pay it back but now recently he lent me a $1,000 when I needed it. I like to think good deeds come back to help you which is true but you definitely need to be working with the right people. I will only lend money to certain family members like my brother who I know will pay me back. A few years back I lent my brother $3,000 and it took him a year to pay it back but now recently he lent me a $1,000 when I needed it. I like to think good deeds come back to help you which is true but you definitely need to be working with the right people.

]]> By: Friday Elite Money Links - Stock Trading To Go http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14707 Friday Elite Money Links - Stock Trading To Go Fri, 19 Oct 2007 15:23:26 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14707 [...] What is your money lending rule? [...]

[...] What is your money lending rule? [...]

]]> By: chrisperruna.com » Blog Archive » Friday Elite Money Links http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14694 chrisperruna.com » Blog Archive » Friday Elite Money Links Fri, 19 Oct 2007 12:52:08 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14694 [...] What is your money lending rule? [...]

[...] What is your money lending rule? [...]

]]> By: This and That http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14648 This and That Thu, 18 Oct 2007 23:18:24 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14648 [...] Frugal Trader asks if you have a money-lending rule. [...]

[...] Frugal Trader asks if you have a money-lending rule. [...]

]]> By: Mrs. Micah http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14509 Mrs. Micah Tue, 16 Oct 2007 11:36:39 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14509 I don't expect repayment. And so lend accordingly and communicate this to the borrower. If someone pays me back, it's a nice surprise. If they don't, no sweat because I wasn't expecting it. Otherwise I think it has the potential to completely ruin relationships. And I'd rather not take a chance on that. I don’t expect repayment. And so lend accordingly and communicate this to the borrower. If someone pays me back, it’s a nice surprise. If they don’t, no sweat because I wasn’t expecting it.

Otherwise I think it has the potential to completely ruin relationships. And I’d rather not take a chance on that.

]]> By: v http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14493 v Tue, 16 Oct 2007 03:11:46 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14493 i learnt this when i was 16 to never lend out money ever again i lent a friend 200$ which was alot at 16...and i had to chase after him for it though i got it back in full but we never spoke after i lent him the money.... nor after i chased him for the money and he paid it back. unless its my immediate family.. and they need it life or death then good day. i learnt this when i was 16 to never lend out money ever again
i lent a friend 200$ which was alot at 16…and i had to chase after him for it
though i got it back in full
but we never spoke after i lent him the money…. nor after i chased him for the money and he paid it back.

unless its my immediate family.. and they need it life or death

then good day.

]]> By: Welcome to Carnival of Personal Finance #122 at Mighty Bargain Hunter http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14443 Welcome to Carnival of Personal Finance #122 at Mighty Bargain Hunter Mon, 15 Oct 2007 05:05:56 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14443 [...] Dollar Journey is so tough to rhyme On lending your money: When’s the right time? A question is asked by our Dividend Guy: “Smallish-cap stocks: How much and [...]

[...] Dollar Journey is so tough to rhyme On lending your money: When’s the right time? A question is asked by our Dividend Guy: “Smallish-cap stocks: How much and [...]

]]> By: Welcome to Carnival of Personal Finance #122 at Mighty Bargain Hunter http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14444 Welcome to Carnival of Personal Finance #122 at Mighty Bargain Hunter Mon, 15 Oct 2007 05:05:56 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14444 [...] Dollar Journey is so tough to rhyme On lending your money: When’s the right time? A question is asked by our Dividend Guy: “Smallish-cap stocks: How much and [...]

[...] Dollar Journey is so tough to rhyme On lending your money: When’s the right time? A question is asked by our Dividend Guy: “Smallish-cap stocks: How much and [...]

]]> By: nancy (aka money coach) http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14351 nancy (aka money coach) Sat, 13 Oct 2007 06:12:21 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14351 When I give seminars about debt, I always list possible creditors (visa, LOC, car) and include family/friends in the mix. Then I ask how one might prioritize repayment. It's usually by highest interest or the most significant impact for not repaying. Then I bring up ... but why would you pay back Visa instead of your brother? If you lose your relationship with Visa, there's always mastercard. If you lose your relationship with your brother ... and there's always this stunned silence in the room. I don't necessarily recommend neglecting visa in favour of family, but it sure mixes it up! Food for thought. (and on a personal note, I've been both the recipient and giver of loans in my lifetime. In all cases there's been a confidence of repayment at a time that 'worked' and that has indeed been the outcomes. I'm glad I am able to help out, and always grateful for those who freely helped me out when I needed it.) When I give seminars about debt, I always list possible creditors (visa, LOC, car) and include family/friends in the mix. Then I ask how one might prioritize repayment. It’s usually by highest interest or the most significant impact for not repaying. Then I bring up … but why would you pay back Visa instead of your brother? If you lose your relationship with Visa, there’s always mastercard. If you lose your relationship with your brother … and there’s always this stunned silence in the room. I don’t necessarily recommend neglecting visa in favour of family, but it sure mixes it up! Food for thought.
(and on a personal note, I’ve been both the recipient and giver of loans in my lifetime. In all cases there’s been a confidence of repayment at a time that ‘worked’ and that has indeed been the outcomes. I’m glad I am able to help out, and always grateful for those who freely helped me out when I needed it.)

]]> By: Financial Hack http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14289 Financial Hack Fri, 12 Oct 2007 12:01:50 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14289 My rule is simple. Any money I give is given as a gift with no expectation of it coming back. If I'm not willing to give the money outright like that, then I don't. This takes away a lot of issues that can cause trouble down the line. My rule is simple. Any money I give is given as a gift with no expectation of it coming back. If I’m not willing to give the money outright like that, then I don’t. This takes away a lot of issues that can cause trouble down the line.

]]> By: Dave http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14258 Dave Fri, 12 Oct 2007 02:32:48 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14258 I've never lent out large sums of money but I have one friend and one cousin that have been known to ask me for $20 once in awhile. Like Make Money Online said, I consider it a gift but don't let them know that. They usually pay me back but I don't dwell on it. But the more times I lend out to someone who doesn't pay I tend to remember and then my response is "sorry I don't have the cash on me". I’ve never lent out large sums of money but I have one friend and one cousin that have been known to ask me for $20 once in awhile. Like Make Money Online said, I consider it a gift but don’t let them know that. They usually pay me back but I don’t dwell on it. But the more times I lend out to someone who doesn’t pay I tend to remember and then my response is “sorry I don’t have the cash on me”.

]]> By: The Financial Blogger http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14253 The Financial Blogger Fri, 12 Oct 2007 00:59:53 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14253 you can always ask to the mobbs ;-) as long as your knees are right, your credit is right :-D you can always ask to the mobbs ;-) as long as your knees are right, your credit is right :-D

]]> By: Brian http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14245 Brian Thu, 11 Oct 2007 23:54:06 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14245 "The borrower is SERVANT to the lender." I don't care who or what the circumstances, lending money to a friend or family member has the makings of changing the relationship forever...and not for the good. I have refused to 'lend' money to friends after having learned this lesson the hard way more than once. If they are really a friend and I have the money, I will give it to them if in fact, I believe that it will not involve me in being an enabler of bad habits. “The borrower is SERVANT to the lender.” I don’t care who or what the circumstances, lending money to a friend or family member has the makings of changing the relationship forever…and not for the good.

I have refused to ‘lend’ money to friends after having learned this lesson the hard way more than once. If they are really a friend and I have the money, I will give it to them if in fact, I believe that it will not involve me in being an enabler of bad habits.

]]> By: the Wealthy Canadian http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14235 the Wealthy Canadian Thu, 11 Oct 2007 20:06:56 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14235 I like FB's comment. I don't mind lending money if I know what it's for (i.e., it's not for some consumer goods) and there are agreed upon terms. Calvin, I understand where you're coming from. Family is important but without those set terms then the loan may inadvertently just become a gift. Then you suffer poor family relations, etc. I like FB’s comment. I don’t mind lending money if I know what it’s for (i.e., it’s not for some consumer goods) and there are agreed upon terms.

Calvin, I understand where you’re coming from. Family is important but without those set terms then the loan may inadvertently just become a gift. Then you suffer poor family relations, etc.

]]> By: FourPillars http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14229 FourPillars Thu, 11 Oct 2007 18:03:31 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14229 Gates - you just reminded me that about 12 years ago I couldn't pay my visa bill off and I asked my mom for a loan and she turned me down saying I should go apply for my own loan at the bank (I was working fulltime). I have to admit that her actions helped me turn around my finances. Mike Gates – you just reminded me that about 12 years ago I couldn’t pay my visa bill off and I asked my mom for a loan and she turned me down saying I should go apply for my own loan at the bank (I was working fulltime). I have to admit that her actions helped me turn around my finances.

Mike

]]> By: Gates VP http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm/comment-page-1#comment-14227 Gates VP Thu, 11 Oct 2007 17:47:52 +0000 http://www.milliondollarjourney.com/what-is-your-money-lending-rule.htm#comment-14227 I use the simple axiom: <i>"Bank are for lending"</i>. Banks have way more money than I do and if they can't afford to lend money to my friend/family, how am I going to? So I just look at it as a gift. If I can't afford to give the money as a gift or the money is not some form of "business partnership", then I simply can't afford the loan and I have to say no. I use the simple axiom: “Bank are for lending”.

Banks have way more money than I do and if they can’t afford to lend money to my friend/family, how am I going to?

So I just look at it as a gift. If I can’t afford to give the money as a gift or the money is not some form of “business partnership”, then I simply can’t afford the loan and I have to say no.

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