On Lending Money to Friends and Family

By Jayson Biadog

I can say that lending to family and friends is pretty much easy and fast. It does not have any requirements or financial documents to back it up. As a sign of goodwill, friendship and love. However, often it is abused. Why I know all these things? Because I experienced it on hand. Sometimes you will have a hard time in collecting the money to a family member or friends.

The worst thing to happen is that you do not talk to each other even bad mouth and blocked each other to social media. There is a lot way to avoid and minimize these. I have seen some successful businessperson said to a family member or friend. I do not want to lend you money instead; I am going to give it to you because I cared for you. Nevertheless, consider this as a contract that this would be your last or you will not do it anymore.

I am a fan of the Business TV series show called Shark Tank, in here they discuss the percentage of buying and selling the value of start-up company. Mostly I agree with Mark Cuban Deal often, and I would say that Kevin O’Leary or Mr. Wonderful deal is a totally lowball sometimes. But this is quote that I applied from him in real life, of not lending anybody money, instead giving it to them with terms.

Some say if you are ready to lend a family member or friend money, you are also ready to lose it. Which I totally agree.  Me personally I do not borrow money. I can take a loan if its business related or something really in need. So if you are on emergency or in calling for business investment or ventures.

You may try this app and get money before pay day. However, as far as tech, sports, hobby and travel is concern. I do not borrow money work hard and I buy my own. As a grown adult, we need to be responsible for our own finance and not depend on any friend or family member. In that way we can took pride of ourselves that we did it with our own way without depending on anyone.

Having a good cash flow and itemized budget itinerary is also attractive. It defies our personality on what we truly prioritized. Like it is easier and fast for me to invest in new tech, travel, racing and golf equipment’s because I am a Tech, Travel and Sport person. It really depends on your personality on how you are going to budget your finance.

Some people I knew invest a lot on Pets, as if they spend too much to it more than they do to themselves. In addition, some business people, who choose to buy many properties and rent it out for cash flow instead of luxurious holidays.  Like we all have different priorities and likes that we carry in our backpacks in our daily life. We just need to make sure we are responsible for it and must not hurt any family member, friends or anybody when it comes to finance thing in dealing with it.