Outside the Box: Don’t ever lend money to family and friends — it’s not worth it

Know when to put your wallet on lockdown.

Once in a while, friends or family want to borrow money. How should you handle this?

Be careful.

Over the years, a hundred people asked me to borrow money from 50 bucks to tens of thousands. I have granted only two requests.

A lot of ill feelings will come up over borrowed money that isn’t paid back. It destroys relationships. Happens all the time.

If you do loan money, charge a lot of interest. This person is asking to borrow money because he has exhausted all other options.

The answer is no

The answer to the question “Can I borrow money?” should pretty much always be no.

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