If you are doing well financially or even if you
just appear to be, don’t be surprised if a friend or family member asks you to
borrow money. Just remember, however, that you are never obligated to say yes
for any reason. Whether or not you lend money is completely up to you. In fact,
the decision to lend should never be one that you make without serious
consideration. Asking yourself and the borrower a few key questions before you
fork over any money is always smart and can help you to make the right
decision.
How Am I Doing Financially?
Just because you happen to have more money than someone else
doesn’t necessarily mean you’re doing great financially. Before you even think
about lending money, take a look at your own
Have I Given Money to This Person Before?
There’s nothing wrong with helping someone out...until you
find yourself doing it all the time. If you’re constantly giving money to the
same person, that’s a pretty good sign he’s not learning from his mistakes or
trying to truly get on his feet financially. In such cases, you’re actually
enabling and supporting irresponsible financial habits by always bailing the
person out. The decision of whether or not to give is always up to you, but if
you don’t think the borrowing is likely to stop anytime soon, you might want to
rethink your kindness.
When and How Will I Be Repaid?
Finally, no matter how kind you are, if you lend money, that
means that you should get it back at some point. Make sure the borrower has a
clear plan as to how and when he will repay you, and if you’re truly worried
about the person following through on his end of the bargain, either get the
terms in writing with the help of a lawyer or don’t lend in the first place.
Remember the old saying- don’t lend it unless you’re willing to lose it!
If you can keep these tips in mind and use your own good
judgment and common sense, you’ll be able to feel truly good about your good
deed.
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