Do you lend money?

Have you ever loaned money to a family member or friend? Abundance times it ends in a loss of a friendship, uncomfortable holidays, and losing your money. I remember back as a teenager when my Dad told me the best way to lose a friend is loaning them your cash. Of course my Dad didn't know what he was talking about, right? Well as we later find out in life our parents know what they are talking about. Here are some tips that may keep your money in your pocket and your family/friendships in tack.
1. Be suspicious when someone asks for cash. You need to ask WHY? If you have a friend with medical bills that is totally different than a drug worry, gambling debt, or just wanting the money for fun.2. In no way loan what you can't afford to lose. This goes without saying….Sometimes its best to say I just can't afford to loan money right now.3. In no way ignore a risk on a business loan. A mass of people have pipe dreams on organization startups that don't have a chance. While it may sound like a business plan that has commitment it's usually not. Most anyone that needs cash to start a organization can go through the SBA. They make a determination on the business plan and help the individuals get the loan they need. So please avoid the friend that needs cash to start a business. If you are a softie and feel like you need to help the person out then please put it in writing. You can go online and find loads of info for setting up a contract and a payment schedule. Also, make sure you charge interest. This will make the borrower take you seriously. It seems in the world we live in today hugs, kisses, and hands shakes are unfortunately forgotten.
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