and if they don't pay you back they will be floating down the Swanee River!
Family member starting to ask me for money
- Thread starter Alex P Keaton
- Start date
and if they don't pay you back they will be floating down the Swanee River!
Well in this case I was borrowing the money. There are a few of us who lend each other money from time to time and I've got an open offer to people to borrow money from them at 9 to 10% interest, some have lent me money for a couple of years, it works for both parties.
It's pretty basic, you set terms upfront and stick to them, I'm really not sure what the issue is. Naturally you only do this with a few people who know and understand money
It hasn't backfired on you yet by the sounds of it?
I'll keep my fingers crossed for you, Sanj; you are very trusting - admirable quality.
I still continue to "loan" folks money in the workshop despite knowing I shouldn't - the car suddenly blows up, or the "service" they booked in for turns out to be much worse - they can't pay for the repairs and need the car desperately, etc....
Every now and then I get fleeced.
I got fleeced to the tune of $21k by a friend years ago... a golf colleague who started a new Pro Shop contract, but had no money and no companies would offer much credit. I had a lot of stock I didn't really need at the time, so offered to fill his shop a bit, and he could ,pay me back in installments...
He ended up doing a midnight runner a year or so later, owing companies (and me) a sizeable sum.
That's one of the pitfalls of being a nice bloke. If it were me, I would have asked for a sizeable amount of security.
These people have all the intention of paying you back but in the back of their mind they have an escape plan. But in the end its their reputation that's shattered unless they can redeem themselves.
Nothing worse than having a bad reputation.
These people have all the intention of paying you back but in the back of their mind they have an escape plan. But in the end its their reputation that's shattered unless they can redeem themselves.
Nothing worse than having a bad reputation.
Was the someone a bank, and the verbal agreement "everyone down on the floor" ?
Alex do your development. It sounds like a no brainier and instant equity for you.
If it was three apartments maybe not for you yet.
I lent 10k to a cousin at risk of losing his house. Still waiting to be repaid, but he needs to be employed to refinance. He has had sporadic contract work. Would I do it again? No, he had assets he could have sold off and should have. My rule is apart from my kids I would only lend to my sister now and she is unlikely to ever need a loan from me.
If it was three apartments maybe not for you yet.
I lent 10k to a cousin at risk of losing his house. Still waiting to be repaid, but he needs to be employed to refinance. He has had sporadic contract work. Would I do it again? No, he had assets he could have sold off and should have. My rule is apart from my kids I would only lend to my sister now and she is unlikely to ever need a loan from me.
So only for IPs? Not other asset classes?
Nah too much stress for me! Plus I'd planned to move out of my parents house in January and that is not gonna be possible if I do a development. I'd need to hang around for an extra 6 - 12 months. I need to go soon for the sake of my sanity. Dad is a pita haha. We irritate one another. Im surprised I have lasted 3 years haha, hasn't been easy!
Need my own space big time! Anyway I'll still do ok with my investment plan. Not as good if doing a development but for me number one priority is quality of life. Stress of development, coupled with a longer stay ar parents... No thank you.
My father owes me a tidy sum - I won't see it back.
yeah but you dont know the full story, this person in extended family takes total advantage and always has done for years and years (20 years), always spending for their wants and not budgeting for their needs. i wouldnt mind helping if I could see this person trying really hard and budgeting. I would lend it to them if i knew they would pay me back but i know they wont and they would get another family member to pay me back instead. A bit of tough love needs to happen. Its not their fault entirely though, as there is always an enabler and an enablee involved! Its really quite sad. The enabler needs to cut the purse strings.
My cousin asked me to lend him 1000 last year. I asked why he doesn't just go to his dad or other family members for the money and he said that he didn't want to look bad. I ended up lending him $500 and knew that I won't see the money again but with the condition that I can tell everyone that he borrowed money and didn't repay. He looked after me when I was younger so I don't feel ripped off at all. I just don't want him to keep coming back for more.
1 year passed, total loss of contact with him, which I don't mind, the way I see it, $500 is a small price to pay considering I can just bring that up as a reason not to lend him a cent more in the future.
With parents, I owe them the world, my mum is recently diagnosed with severe rheumatoid arthritis and I forked out a few thousand for gp/specialist visit, blood test, massages and meds. I'm glad that I'm in the position to help. I think it's just my culture though. I just feel that I can never repay them enough!!
1 year passed, total loss of contact with him, which I don't mind, the way I see it, $500 is a small price to pay considering I can just bring that up as a reason not to lend him a cent more in the future.
With parents, I owe them the world, my mum is recently diagnosed with severe rheumatoid arthritis and I forked out a few thousand for gp/specialist visit, blood test, massages and meds. I'm glad that I'm in the position to help. I think it's just my culture though. I just feel that I can never repay them enough!!
I lent an ex-nurse now on a disability pension $3000 to fly overseas to look after her cousin who came down with serious stroke in May. My friend, the ex-nurse, has numerous health issues, including suspected melanoma, a long crack in her hip and a lump in her breast, but still she was determined to go.
Could not say no to a mercy mission, lent the money with no questions asked. Upon her return after 5 weeks, my friend promptly paid me all the money back.
Even if she had only paid me partially back with the rest to follow in installments, that would still have been fine with me. I just knew she was a person of decency and honour and will not hesitate to lend to her again as I know she will try her best to pay me back.
Could not say no to a mercy mission, lent the money with no questions asked. Upon her return after 5 weeks, my friend promptly paid me all the money back.
Even if she had only paid me partially back with the rest to follow in installments, that would still have been fine with me. I just knew she was a person of decency and honour and will not hesitate to lend to her again as I know she will try her best to pay me back.
One of my cousins asked to borrow 5 thousand dollars last year to "buy a shop". The guy is a stoner who has never worked a full day in his life, so I said no.
I don't think a crack in the hip is all that serious. In fact all humans have a crack. One sec, I'll just double check.....yep definitely a crack there
Sorry, but seriously BG you done a great deed by lending your nurse friend 3K. I wish I had friends like that....ones that you can trust with money.
She seems like a honest person, one who really cares for family. Unlike my family, if I had a stroke they'd try their best to get their dirty hands on my money. Now, this thought really cracks me up (no pun intended).
VY, an online bong-shop could be a viable proposition!
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