Comments on: Friends and Money http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/ Tue, 07 Feb 2012 18:14:07 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Dave http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/comment-page-1/#comment-45009 Dave Mon, 12 Jul 2010 23:59:58 +0000 http://blog.canadian-dream-free-at-45.com/?p=1858#comment-45009 @ Future Money Bags: I'm careful and frugal as well, I think I just put myself in the mindset that I won't see the money again as I would rather maintain the friendship than worry about the loan outstanding. So far I have yet to be burned in this kind of situation. @ Future Money Bags: I’m careful and frugal as well, I think I just put myself in the mindset that I won’t see the money again as I would rather maintain the friendship than worry about the loan outstanding. So far I have yet to be burned in this kind of situation.

]]> By: Future Money-Bags http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/comment-page-1/#comment-45001 Future Money-Bags Mon, 12 Jul 2010 20:05:50 +0000 http://blog.canadian-dream-free-at-45.com/?p=1858#comment-45001 My friends know I am very careful with my money and work very hard for it, so when someone asks me for money I know they will pay back. There is always the risk that they won't, but I make it clear that I want/need it back, but they have a certain period to do it. I make up a contract and payments if needed. I have not done this a lot, but I payed off a friends CC once, and made him promise to always pay it off in the future as it would wreck his credit and explained how bad debt was; They payed me back within the week via: Direct deposit. Since I am so careful and frugal with my money, I can't just lend out money thinking that I will never get it returned. If I think that than I may not 'loan' it out at all. My friends know I am very careful with my money and work very hard for it, so when someone asks me for money I know they will pay back.
There is always the risk that they won’t, but I make it clear that I want/need it back, but they have a certain period to do it. I make up a contract and payments if needed.
I have not done this a lot, but I payed off a friends CC once, and made him promise to always pay it off in the future as it would wreck his credit and explained how bad debt was; They payed me back within the week via: Direct deposit.

Since I am so careful and frugal with my money, I can’t just lend out money thinking that I will never get it returned. If I think that than I may not ‘loan’ it out at all.

]]> By: Canadian Investing & Personal Finance Weekly Wrap Up : Investing Thesis http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/comment-page-1/#comment-44973 Canadian Investing & Personal Finance Weekly Wrap Up : Investing Thesis Sat, 10 Jul 2010 20:53:34 +0000 http://blog.canadian-dream-free-at-45.com/?p=1858#comment-44973 [...] Friends and Money – Do you talk with your friends about money? Find out one blogger’s thoughts on discussing money related topics with friends. [...] [...] Friends and Money – Do you talk with your friends about money? Find out one blogger’s thoughts on discussing money related topics with friends. [...]

]]> By: Financial Ramblings http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/comment-page-1/#comment-44940 Financial Ramblings Fri, 09 Jul 2010 08:58:42 +0000 http://blog.canadian-dream-free-at-45.com/?p=1858#comment-44940 [...] investing is 90% psychology and 10% everything else (in his own opinion). 6. How do you deal with friends and money? Do you talk about it with them? Dave tells us his own experiences with this topic. 7. The case [...] [...] investing is 90% psychology and 10% everything else (in his own opinion). 6. How do you deal with friends and money? Do you talk about it with them? Dave tells us his own experiences with this topic. 7. The case [...]

]]> By: George http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/comment-page-1/#comment-44874 George Tue, 06 Jul 2010 20:44:56 +0000 http://blog.canadian-dream-free-at-45.com/?p=1858#comment-44874 Lending relatives money has been much more difficult. My sister (no dependents) takes offense when it is a loan and is never entirely happy with the gifts as they're smaller than she is always hoping for. Fortunately she treats the loans from us with respect and borrows elsewhere to pay us back . If only she'd manage her own finances in a responsible fashion... We don't even bother lending my brother-in-law any money as we know he'll not be able to pay it back (usually has too many dependents for his income and ex-wife had no sense of how much she spent), so he's always gotten gifts the same size as my sister receives. Typically for keeping the heat on, which means he's a little embarrased to accept the gift. My brother we end up gifting in non-monetary terms and he's been able to manage without asking us for a loan, despite having one dependent and a very low income. Lending relatives money has been much more difficult.

My sister (no dependents) takes offense when it is a loan and is never entirely happy with the gifts as they’re smaller than she is always hoping for. Fortunately she treats the loans from us with respect and borrows elsewhere to pay us back . If only she’d manage her own finances in a responsible fashion…

We don’t even bother lending my brother-in-law any money as we know he’ll not be able to pay it back (usually has too many dependents for his income and ex-wife had no sense of how much she spent), so he’s always gotten gifts the same size as my sister receives. Typically for keeping the heat on, which means he’s a little embarrased to accept the gift.

My brother we end up gifting in non-monetary terms and he’s been able to manage without asking us for a loan, despite having one dependent and a very low income.

]]> By: George http://blog.canadian-dream-free-at-45.com/2010/07/06/friends-and-money/comment-page-1/#comment-44873 George Tue, 06 Jul 2010 20:32:26 +0000 http://blog.canadian-dream-free-at-45.com/?p=1858#comment-44873 I've loaned coworkers money in the $100-200 range to tide them over until the next paycheck while they dealt with something that was interrupting their concentration at work. My friends know how to handle money, so it's not issue that comes up. I, too, have invested in a friend's startup company to good profit (anyone ever hear of Magic: The Gathering?). I’ve loaned coworkers money in the $100-200 range to tide them over until the next paycheck while they dealt with something that was interrupting their concentration at work.

My friends know how to handle money, so it’s not issue that comes up.

I, too, have invested in a friend’s startup company to good profit (anyone ever hear of Magic: The Gathering?).

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