A questions that comes up often on financial forums is should I lend money to family members. I haven't ever been asked to loan to my parents or siblings. I don't think I would since sometimes our finanical situation can be a little tight. And it would depend on the circumstances. Leave your why in the comments as well. Or if you have how did it work out for you.
2 comments:
In regards to say my adult children, if it was a smaller amount of money I would probably loan it to them and not really stress about if I would be paid back. But if it was alarge amount of money, say over a $1000.00, I would have to, even though it sounds kind of cold, want them to sign a payment arrangement agreement. Money can come between family members so easily.
I think it also depends how how responsable they are with money. If they always have new cars, cable, electronics, etc, and are always short of cash and always wanting to borrow, then no. If they are generally good with money,everything that was unnecessary, and still needed it because of some huge emergency, then maybe, and only maybe. I don't like to give money. I would rather give them a grocery store gift card, or clothes for their children. I would also consider whatever I gave them- money, gift cards, whatever, a gift. It must be a gift, or else you will be resentful if they never pay it back, and I've seen that happen a lot.
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