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re: A good buddy called me asking for money yesterday. Update 6/12
Posted on 6/12/23 at 3:57 pm to Cosmo
Posted on 6/12/23 at 3:57 pm to Cosmo
I'm not going to read this whole thread.....but, my rule is this:
If you loan someone under $2,000, expect that you may never see that money again. It's a gift versus a loan.
If over $2,000, I have them sign a contract. Period. Even family.
Your friend seems to have a spending problem. I don't believe you will get paid back. Ever.
If the amount is low enough that you can afford to NOT get paid back, go for it. Otherwise....I believe this guy is juggling debt for debt. My advice? Say no.
If your friendship is based on your money to him, it's not a friendship.
If you loan someone under $2,000, expect that you may never see that money again. It's a gift versus a loan.
If over $2,000, I have them sign a contract. Period. Even family.
Your friend seems to have a spending problem. I don't believe you will get paid back. Ever.
If the amount is low enough that you can afford to NOT get paid back, go for it. Otherwise....I believe this guy is juggling debt for debt. My advice? Say no.
If your friendship is based on your money to him, it's not a friendship.
3
Posted on 6/12/23 at 4:23 pm to WAR TIGER
quote:
Love the guy and his wife but will admit they are the classic 80-90k millionaires that the OT talks about. He drives a new f150. She drives a 2 year old Yukon XL. Big into their kids sports and spend a ton of money doing that half their weekends. Kids in private school. 2 or 3 vacations a year. Has 2 boats and a side by side. Eat out all the time.
Insurance premiums now going up. Other bills going up. Salary isnt.
I could tell it hurt him to call. I asked him what lifestyle changes is he making. He basically said nothing yet, just gotta get through this stretch. I said I would only consider helping him if he helps himself first and shows me he is cutting back, selling some stuff. He gets kinda angry at this point like Im accusing him of something. Calms down and we just kinda end it. Hope I didnt lose a friend.
did the friend ever actually ask the OP for money or just talk about his expenses? if he didn't actually ask for help, that might explain his anger.
Posted on 6/14/23 at 7:26 am to WAR TIGER
man maybe i have a weird family or group of friends...but i have never ever ever been asked to loan money or asked someone to loan to me. so weird.
Posted on 10/7/23 at 7:04 am to WAR TIGER
quote:
I'm not going to read this whole thread.....but, my rule is this: If you loan someone under $2,000, expect that you may never see that money again. It's a gift versus a loan. If over $2,000, I have them sign a contract. Period. Even family.
I do the exact same thing but I use $1000 as a limit for a contract.
It has actually been helpful because one of my family members (who repeatedly would ask for money) - I finally decided to loan him some and had him sign a contract and he has never paid me back.
It was worth the minor $ loss to shut him up for the last 10 years.
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