Why You Shouldn't Borrow Your Friends Or Family Members Money


A new year always starts with fresh hope of achievement and dreams coming through. However what can actually kill the hope and dreams is lending out your money to families and friend.

Dont get me wrong, you can help your families and friends is another way if you see that finances won't be in anyway be affected, you can even borrow them so far it won't affect your finances either now or later in the future. Like the popular saying that money oftens ends relationship, money argument can end a very old relationship with your friend or scatter a good family. I will be sharing you some of my experience on lending families and friends my money.

Based on my experience about loans, I have borrowed money from family and friends and have lend out money to them too, I have experience on both side and I can categorically tell you that its not advisable to do any of it.

To make money in this present economy is not easy, their is no job out their that can earn you six digit every month and no business can easily earn you that much especially if you are just starting, that's why if you really want to make good use of your money, stop lending out money to friends and families.

The money you earn, if you lend it out to family and friends, and you later have problems, they will be the ones to abuse you and tell people that you are reckless in spending. Dont misquote me I didnt say you shouldn't take care of your friends or families but if you have to lend them money, you should get rid of getting it back from them because if you try hard to get it back you might put an end to a long time relationship.

So am going to list out some reasons why you should not lend out your hard earned money to families and friends, this are the 7 reasons why you should nog borrow your friends and family money below ;

1. You won't be paid back
2. You might later need the money
3. It can end good relationship
4. It can make you look bad
5. It can affect your personal life
6. The borrowers may come back to ask for more
7. No interest on your loans

Am very sure you want to know more about the point I listed above. If yes, then continue reading as I highlight and explain this points.

So let's let's get down to business.

1. You won't be paid back

You can not lend out money to either family or a friends and expect him or her to pay back as expected. A friend or family are the ones that have a good rapour and relationship with you and they also know how close they are to you thereby giving them the rest assurance that they will pay back at their convinient time and their is nothing you can do about it or some might even have it in mind not to pay back. So if you are thinking of borrowing family and Friends money, dont expect them to pay back immediately or at all like an outsider because they know you won't want to ruin a good relationship you have with them. You have to think twice before lending out your money. Money is not easy to come by.

2. You might later need the money

Currently, we are all aware of how the economy of the country is flauntuating, how people are currently getting sack from cooperate jobs. Anything can happen, so if you had lend out your money to friends or family members who refuse to pay back, and you need money urgently may be because of unexpected situations that happens, you might be disappointed because friends and families that you lend out your money to, won't pay back on time and can cause a lot of havoc in your personal life.

3.It can end a good relationship

Yes, believe me when I said it can end a good relationship. Sometimes its better to give out your spear money to friends and families than borrowing them if you want to maintain your good relationship with them. If you lend out your money to them and you want to forcefully get back your money from them after they refuse to pay back on time, then it can leads to quarrel, fight and lots of havoc and it can end a good relationship with them over time.

4. It make you look bad

Seriously borrowing your friends and families money and tries to get it back from them when they refuse to pay back can make you look like a bad person. Your friends or families that borrow money from you, after you try to get your money back from them, they might start telling people some wrong information about you to make you look like a bad person who couldn't help a friend or family and meanwhile they won't tell people that your agreement with them is they want loan not free money. So its a wise decision to think about it twice before lending out your money to them.

5. It can affect your personal life

Hear me loud and clear, borrowing families and friends money can affect your personal life. The reason is that even your own personal immediate family might need money urgently but at that point you can provide the money because they money you lend out is not coming in on time. It can lead to havoc in your immediate family and your wife or children can think you are trying to satisfy friends and family than satisfying them.

6. The borrowers may come back to ask for more

Yes they will always come back to SK for more because you gave them the first loan they ask for, even without paying back the previous loan they will still come back to ask for more because they they think you have enough.

7. No interest on your loan

Of course you won't expect friends and families you borrow loan to, to pay back the loan with interest, because of your close relationship with them, they won't even pay the interest.

In conclusion, with the view point listed above, you can conclude on not to borrow friends and families your money if you dont want trouble for yourself.

Post a Comment