Comments on: Your Take: Lending Money to Friends & Family http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/ Where Financial Nerds are Cool Sat, 11 Feb 2012 22:14:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: J. Money http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-6290 J. Money Sun, 15 Aug 2010 18:25:56 +0000 http://www.budgetsaresexy.com/?p=2789#comment-6290 "Wealth is a state of mind. Money has very little to do with true wealth" - love this!! Really really appreciate you dropping your thoughts here, the more people understand this the better off they'll be forever :) “Wealth is a state of mind. Money has very little to do with true wealth” – love this!! Really really appreciate you dropping your thoughts here, the more people understand this the better off they’ll be forever :)

]]> By: BillyD http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-6276 BillyD Sat, 14 Aug 2010 07:03:30 +0000 http://www.budgetsaresexy.com/?p=2789#comment-6276 Good comments. Some of you need to learn a lesson that took me a long time to learn. Money is a thing and nothing more. Wealth is a state of mind. Money has very little to do with true wealth. Some say you worked hard for your money. Good for you, job well done! A computer programmer works for their pay. A ditch digger does as well. Fast food workers also put in the grind for their pay too. Who works hard for their money?........They all do. Are any of the abpve wealthy? It depends on how they view wealth. If the programmer makes $60,000 a Yr. and is in an unhappy Marriage, deep in debt. Ah, he may not feel so wealthy. And if the ditch digger makes $15.00/ Hr but is in constant pain with his knees and back he may not think about wealth at all. The Fast Food worker makes minimum wage. Works 32-40 Hrs per week. She married her H.S. Sweet Hart. has two beautiful kids, and gets free day care from a very happy Grand Mother. She looks around at their small, tidy, comfortable house as her Husband get's home from work. And she knows God has Blessed them with Great Wealth! Wealth is a state of mind. It's not abundance, it's enough. It's not having the best, It's being with the best. I wish I would have learned this when I was young. I know now! It is fum to buy for someone who has nothing. If someone is in true need and you have the means to help them, you should. It makes you feel real good about yourself, and perhaps you will begin to see just how wealthy you are! Good comments. Some of you need to learn a lesson that took me a long time to learn. Money is a thing and nothing more. Wealth is a state of mind. Money has very little to do with true wealth. Some say you worked hard for your money. Good for you, job well done! A computer programmer works for their pay. A ditch digger does as well. Fast food workers also put in the grind for their pay too. Who works hard for their money?……..They all do.

Are any of the abpve wealthy? It depends on how they view wealth. If the programmer makes $60,000 a Yr. and is in an unhappy Marriage, deep in debt. Ah, he may not feel so wealthy.

And if the ditch digger makes $15.00/ Hr but is in constant pain with his knees and back he may not think about wealth at all.

The Fast Food worker makes minimum wage. Works 32-40 Hrs per week. She married her H.S. Sweet Hart. has two beautiful kids, and gets free day care from a very happy Grand Mother. She looks around at their small, tidy, comfortable house as her Husband get’s home from work. And she knows God has Blessed them with Great Wealth! Wealth is a state of mind. It’s not abundance, it’s enough. It’s not having the best, It’s being with the best. I wish I would have learned this when I was young. I know now! It is fum to buy for someone who has nothing. If someone is in true need and you have the means to help them, you should. It makes you feel real good about yourself, and perhaps you will begin to see just how wealthy you are!

]]> By: J. Money http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5755 J. Money Sat, 31 Jul 2010 15:58:34 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5755 I lived in South Korea too!!! So cool :) Was right in Seoul at the American Base there - freakin' loved it. Are you enjoying it so far? I like the 0% interest rate idea too. I've taken many of those from the Bank of Mom & Dad over the years ;) I lived in South Korea too!!! So cool :) Was right in Seoul at the American Base there – freakin’ loved it. Are you enjoying it so far?

I like the 0% interest rate idea too. I’ve taken many of those from the Bank of Mom & Dad over the years ;)

]]> By: Miss Lissy http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5725 Miss Lissy Sat, 31 Jul 2010 03:55:52 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5725 Having recently been on the receiving end of a loan, this is my take on it. It is very much dependent on the situation. For example, I am currently in South Korea through my school. However, when the first payment was due, didn't line up with my paycheck schedule and it was either miss the payment and not go or find some other way to pay it. My friend Austin knew of my situation and knew that I was too prideful to take a straight up gift of 250 dollars (which is what he wanted to do) so he agreed to loan it to me on my payment terms with zero interest. I paid him back before I left and got him a really nice gift while I was here. Miss Lissy Having recently been on the receiving end of a loan, this is my take on it. It is very much dependent on the situation. For example, I am currently in South Korea through my school. However, when the first payment was due, didn’t line up with my paycheck schedule and it was either miss the payment and not go or find some other way to pay it. My friend Austin knew of my situation and knew that I was too prideful to take a straight up gift of 250 dollars (which is what he wanted to do) so he agreed to loan it to me on my payment terms with zero interest. I paid him back before I left and got him a really nice gift while I was here.
Miss Lissy

]]> By: Follow Finance Friday: Connected Edition http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5676 Follow Finance Friday: Connected Edition Fri, 30 Jul 2010 11:53:44 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5676 [...] Budgets Are Sexy – Lending Money to Friends and Family [...] [...] Budgets Are Sexy – Lending Money to Friends and Family [...]

]]> By: Maria http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5671 Maria Fri, 30 Jul 2010 01:55:55 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5671 I think it really depends on the relationship between Bob and his colleague and their ability to talk about difficult things. Depending on my relationship with the person, the amount requested, and the purpose of the loan, I might just give the money, loan it informally, loan it with some understanding, etc. If I give the money, I make sure I really feel okay about it, don't want to hold them in any other way like Rachel's aunt. I had given a friend a significant amount of money and I don't regret a bit of it because what it was for and because the character of my friend. I have given a small amount and regret it a lot. The first one, we talked a lot about it before we loaned it. The second one, it was an impulse giving since she was a family member. I think it really depends on the relationship between Bob and his colleague and their ability to talk about difficult things. Depending on my relationship with the person, the amount requested, and the purpose of the loan, I might just give the money, loan it informally, loan it with some understanding, etc. If I give the money, I make sure I really feel okay about it, don’t want to hold them in any other way like Rachel’s aunt.

I had given a friend a significant amount of money and I don’t regret a bit of it because what it was for and because the character of my friend. I have given a small amount and regret it a lot. The first one, we talked a lot about it before we loaned it. The second one, it was an impulse giving since she was a family member.

]]> By: Greg McFarlane http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5666 Greg McFarlane Thu, 29 Jul 2010 19:14:33 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5666 When did "gift" become a verb? Gift me a break. When did “gift” become a verb? Gift me a break.

]]> By: Beckey http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5590 Beckey Thu, 29 Jul 2010 09:46:58 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5590 I personally won't loan to family or friends anymore. I let my mom borrow money and, while it took her over a year to pay it back, it was frustrating for me to keep hounding her for payments. I also let my younger sister borrow $675 for moving expenses (I was proud of her that she saved up enough for first and last month's rent for the new apartment), so I assisted her. I have received exactly $60 back in payments, and its been almost two years. It is stressful for me, as I am sure it is for her, when I have to ask her when she will be making another payment. I try to avoid having to ask her but I want my money back at the same time. I personally won’t loan to family or friends anymore. I let my mom borrow money and, while it took her over a year to pay it back, it was frustrating for me to keep hounding her for payments. I also let my younger sister borrow $675 for moving expenses (I was proud of her that she saved up enough for first and last month’s rent for the new apartment), so I assisted her. I have received exactly $60 back in payments, and its been almost two years. It is stressful for me, as I am sure it is for her, when I have to ask her when she will be making another payment. I try to avoid having to ask her but I want my money back at the same time.

]]> By: SAFTM http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5573 SAFTM Thu, 29 Jul 2010 03:34:48 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5573 AB if I were you I would be very careful. Unless you completely stop charging on your credit cards and carrying a balance, you risk ending up with credit card payments/balances and parent payments that you may not be able to afford. It happens a lot with home equity to pay off credit cards and then ended up with more credit card debts because they didn't stop their spending habits. It sounds like you're responsible with your payments generally - that's great. Maybe literally give your cards to your parents to hold until you pay them back... or cut them up (but don't cancel unless you are comfortable with (or don't care about) what it may do to your FICO score). AB if I were you I would be very careful. Unless you completely stop charging on your credit cards and carrying a balance, you risk ending up with credit card payments/balances and parent payments that you may not be able to afford. It happens a lot with home equity to pay off credit cards and then ended up with more credit card debts because they didn’t stop their spending habits. It sounds like you’re responsible with your payments generally – that’s great. Maybe literally give your cards to your parents to hold until you pay them back… or cut them up (but don’t cancel unless you are comfortable with (or don’t care about) what it may do to your FICO score).

]]> By: SAFTM http://www.budgetsaresexy.com/2010/07/lending-money-to-friends-family-loans/#comment-5572 SAFTM Thu, 29 Jul 2010 03:15:49 +0000 http://www.budgetsaresexy.com/?p=2789#comment-5572 This one hit close to home. I am new to blogging and just started one to share my thoughts and just had to give props to J Money for this post and add my thoughts (which are probably too long for a comment anyhow - below is a link). It's getting into trouble. I agree that if you can just give the money and it is not a lot to you then go for it. But - for me - the first time for anything sets the standard. Saying no on the first call can prevent a lifetime of "loans." I, for example, spent a lot of time in school and spend a lot of time and effort earning my money. I work hard and believe that hard work leads to money. If someone I care about works as hard as me and runs into a real emergency, I may consider helping them out of a bind. There is no "right" answer to this one IMO. Here's my take in a little more detail - and my family loan story: http://www.stepawayfromthemall.com/2010/07/lending-money-to-friends-or-family-good.html This one hit close to home. I am new to blogging and just started one to share my thoughts and just had to give props to J Money for this post and add my thoughts (which are probably too long for a comment anyhow – below is a link). It’s getting into trouble. I agree that if you can just give the money and it is not a lot to you then go for it. But – for me – the first time for anything sets the standard. Saying no on the first call can prevent a lifetime of “loans.” I, for example, spent a lot of time in school and spend a lot of time and effort earning my money. I work hard and believe that hard work leads to money. If someone I care about works as hard as me and runs into a real emergency, I may consider helping them out of a bind. There is no “right” answer to this one IMO. Here’s my take in a little more detail – and my family loan story:

http://www.stepawayfromthemall.com/2010/07/lending-money-to-friends-or-family-good.html

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