The “Family Bank”: Do you lend money to relatives?
This is the hardest question in personal finance.
You have saved your money. You are doing well. Then, the phone rings. It’s a cousin, or a sibling, or a close friend. They are in trouble. They need $500. They promise they will pay you back next month.
Your heart says “Yes.” Your brain says “No.”
I have a rule: “If I lend it, it’s a gift.” I never expect to see that money again. If they pay me back, it’s a surprise. If they don’t, I don’t lose the relationship over it.
But everyone handles this differently.
Where do you draw the line?
The Policy: Do you have a strict “No Lending” rule?
The Burn: Have you ever lost a friend because of money?
The Advice: How do you say “No” without looking like the bad guy?
Let’s talk about the awkward stuff.
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