Neither a Borrower Nor a Lender Be

[BSClay]

Family relationships can be difficult at the best of times. Where we might tread more carefully with friends or acquaintances, with family members the gloves often come off and there are no holds barred, something that can, of course, lead to bickering and arguments about a whole range of subjects. With so many other potential land mines lurking, adding financial disputes to the mix is nothing short of a recipe for disaster.

Of course, when money starts to get a bit tight, in many ways it is quite natural to turn to your closest loved ones for help. While this might be a quicker and easier way to get out of a financial bind, and one that saves on paying exorbitant interest fees, if one party does not stick to his or her end of the bargain, it is not just the individual’s credit rating that is likely to suffer, but years and years of trust and closeness. In the same way that it is generally wise not to mix business with pleasure, if you find yourself in need of financial help, it is far better to tread the independent path and steer clear of asking family members for money. After all, these relationships are far more valuable than any amount of cash!

[moneysense]

Not too long ago we made a loan for car parts to a family member but did not expect the money back as the ones that borrowed it are always here mowing grass, working on my car, or doing whatever needs done.

When you make the loan, you need to know in advance whether you want the money back or not. In this case, they have repaid us many times over.

I would loan money to kids in a have to case because they all are here when we need things done. And will go out of their way to help out.

But we are the exception to the money lending thing. And its good that we are.