Comments on: Four Tips On the Issue of Money and Family http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:15:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Erik Folgatehttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-21993 Erik Folgate Mon, 21 Feb 2011 02:54:10 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-21993 Hey Michael, It's definitely okay to disagree with me. We never delete comments simply because they disagree with our point of view. I will personally never advise someone to lend money to a friend or family member even if it's done properly and responsibly, because it creates a whole new dynamic in that relationship that shouldn't be there between a friend or family member. Hey Michael,

It’s definitely okay to disagree with me. We never delete comments simply because they disagree with our point of view.

I will personally never advise someone to lend money to a friend or family member even if it’s done properly and responsibly, because it creates a whole new dynamic in that relationship that shouldn’t be there between a friend or family member.

]]> By: Michaelhttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-21989 Michael Sun, 20 Feb 2011 23:04:34 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-21989 Sorry to disagree Eric and hopefully this comment can make it past moderation but lending to friends and family can be a great win-win for everyone if done properly and responsibly. Many billions of dollars a year are lent this way but you're right that it's not for everyone. Cheers! -Michael Sorry to disagree Eric and hopefully this comment can make it past moderation but lending to friends and family can be a great win-win for everyone if done properly and responsibly. Many billions of dollars a year are lent this way but you’re right that it’s not for everyone.

Cheers!
-Michael

]]> By: authorhttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5547 author Thu, 14 Feb 2008 02:21:04 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5547 Yes, you make a good point. Only give the money if you can afford to give away money. Otherwise, you'll need to learn how to say "no". Some people don't have a problem saying "no" to their family, and others do have a problem saying it. But, don't ever give away money if it will cause you to get behind on bills or expenses. Yes, you make a good point. Only give the money if you can afford to give away money. Otherwise, you’ll need to learn how to say “no”. Some people don’t have a problem saying “no” to their family, and others do have a problem saying it. But, don’t ever give away money if it will cause you to get behind on bills or expenses.

]]> By: tehnyithttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5545 tehnyit Wed, 13 Feb 2008 12:28:15 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5545 I can't agree with you more on #3. I feel that family are the closest thing you can ever have, so show some love and just give them the money, if you can afford it. If you can't afford it, just let them know. Real family members will understand. I can’t agree with you more on #3. I feel that family are the closest thing you can ever have, so show some love and just give them the money, if you can afford it. If you can’t afford it, just let them know. Real family members will understand.

]]> By: authorhttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5540 author Tue, 12 Feb 2008 02:48:36 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5540 no, i understand there are situations that cause you to go against what conventionally isn't a good idea. It's your family, and you should help them out, but my point is to not make it a habit to be loaning out money left and right to family. Also, great point about co-signing. It's a horrible thing to do, and you might as well give the money to the person, because you'll end up paying off the loan, anyway. If they could pay for the loan, they wouldn't need a co-signer. no, i understand there are situations that cause you to go against what conventionally isn’t a good idea. It’s your family, and you should help them out, but my point is to not make it a habit to be loaning out money left and right to family.

Also, great point about co-signing. It’s a horrible thing to do, and you might as well give the money to the person, because you’ll end up paying off the loan, anyway. If they could pay for the loan, they wouldn’t need a co-signer.

]]> By: SJeanhttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5537 SJean Mon, 11 Feb 2008 18:53:44 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5537 It sounds like good advice. Actually it *is* good advice. But it just doesn't/hasn't worked that way in my life. My dad owes me about $900 which he pays (with interest) $250/month. It was originally about $3000, a loan that was in my name. I could not afford to just give away 3k, I'm just starting out. Well, I could afford it, but at the expense of my roth/other goals. But I trusted the payments would be made, and I could afford to help. I wish I could follow the advice, but it just isn't so simple. Also, I would add NOT to cosign loans, or at least to understand it is the same as giving them the money. It sounds like good advice. Actually it *is* good advice.

But it just doesn’t/hasn’t worked that way in my life. My dad owes me about $900 which he pays (with interest) $250/month. It was originally about $3000, a loan that was in my name. I could not afford to just give away 3k, I’m just starting out. Well, I could afford it, but at the expense of my roth/other goals. But I trusted the payments would be made, and I could afford to help. I wish I could follow the advice, but it just isn’t so simple.

Also, I would add NOT to cosign loans, or at least to understand it is the same as giving them the money.

]]> By: Living Off Dividendshttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5522 Living Off Dividends Thu, 07 Feb 2008 18:27:19 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5522 always use prosper.com, even if its family. always use prosper.com, even if its family.

]]> By: Jacquelyn Hart-McCoyhttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5519 Jacquelyn Hart-McCoy Wed, 06 Feb 2008 16:20:25 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5519 Very wise. I never lend money to anyone unless I can afford to never see it again. Very wise. I never lend money to anyone unless I can afford to never see it again.

]]> By: yeehaa99http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5517 yeehaa99 Wed, 06 Feb 2008 06:46:53 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5517 I would add - talk about finances to family members only when they ask for it. most people including family members dont like to discuss finances..... I would add – talk about finances to family members only when they ask for it. most people including family members dont like to discuss finances…..

]]> By: Noel Nuguid | Businessgeekshttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5515 Noel Nuguid | Businessgeeks Wed, 06 Feb 2008 02:51:18 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5515 I find this quite true especially since me and wife are living in a place quite near my in laws. There should always be a good way to teach finacial intelligence I find this quite true especially since me and wife are living in a place quite near my in laws. There should always be a good way to teach finacial intelligence

]]> By: Patrickhttp://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5514 Patrick Wed, 06 Feb 2008 00:20:51 +0000 http://www.moneycrashers.com/four-tips-on-the-issue-of-money-and-family/#comment-5514 Great advice. I think this can also apply to very close friends as well, because let's face it, they can be just as close as family sometimes. I did lend my brother $2,000 once though, and he paid it back. The situation was a little different because his pay got messed up and he was without rent money. I got it a week later. $2k is a little more than I like to hand out. ;) Great advice. I think this can also apply to very close friends as well, because let’s face it, they can be just as close as family sometimes.

I did lend my brother $2,000 once though, and he paid it back. The situation was a little different because his pay got messed up and he was without rent money. I got it a week later. $2k is a little more than I like to hand out. ;)

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