Borrowing: Better to Give to Friends than to Lend
Most relationships are fine until money comes into the equation. Friends and family are close to us and when we are in financial trouble, it’s natural we turn to them or the bank. It’s also natural for friends and family to want to help but many times it doesn’t turn out well.
Many times, our friends/family mean well but their situation doesn’t improve and even they feel bad that they can’t return the money at the time they promised. As much as they love us, it just can’t be helped.
A close friend of mine once told me that he never lends money to people anymore. He just gives a small amount out of the generousity of his heart and he doesn’t ask for it back. In view of many situations I have seen, I also adopt that attitude. So, if a friend asks to borrow £500 from me, I might give them £50 for keeps with an apology and hope they can find the balance.
Reasons it’s better to give than to Lend:
a) It doesn’t mess up any future plans you have for your money. Example, you might be planning a holiday with your family in a few months time, feeling confident that the money will be paid back.
b) You are able to keep your friendship and not fall out with each other. It’s sad when people have to take their friends and family to court for debt owed.
c) There honestly isn’t any guarantee you will get it back. Anything could happen. Situations even beyond their control.
I wonder what your thoughts are on this….
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