171 – Never Loan Money to Family and Friends

Should you ever loan money to family and friends? It’s a tough question. Some of you might say, “sure, why not?” And others might think, “Maybe just to family.”

Well, if you do decide to loan money, I’d recommend asking yourself this question: Do I have to borrow money to do it?

If you do have to borrow to help, you shouldn’t loan money… even if it’s to family and even if they say they’ll pay you back. Now I realize that sounds harsh, but it’s in your best interest to not get yourself into financial trouble.

On today’s show I discuss why you should never loan money to family and friends, and I explain how you should help them if they are in need.