Quote of the day

A quote from John Maynard Keyne you must read

"If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours"

Loans between family members or friends can result in an entirely unexpected set of problems. Even though you want to be a good person, and you want your friend or family member to love you, don’t lend him or her money if you can help it. Gently refuse the loan, and determine the best way to help your loved ones, instead of enabling them.

Sometimes loving someone involves doing something that they do not want, and they may be disappointed or mad. But if you have their best interests in mind, you can rest easier knowing you won’t jeopardize your relationship. If you can afford to loan money to a family member or friend, have an open and honest conversation to discuss any potential problems with the loan. Most of the time, issues related to these types of personal loans can be quickly resolved with a frank discussion.

Another disadvantage about lending money can be, the possibility that you will never get paid back. Early three quarters of people who borrow money from friends or family never pay the loan back in full. Rather than expecting to get paid back, you should view the loan as a gift in your mind. Chances are you’ll never see that money again, so only lend as much as you are comfortable parting with.

Besides, you may be the one who needs the money, and in this case you don't have it or you can't count on its return, and that's when it will really make you feel uncomfortable to have lent it. 

For these and many other reasons, we must avoid lending money, at all costs. Situations that arise through money are often very delicate, and we must try to deal with them only and exclusively with ourselves.

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