re: A good buddy called me asking for money yesterday. Update 6/12

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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.

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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.