Often, the bank of family and friends is the place many people turn to when they need money.
But it doesnt have to be that way.
Some simple tips from experts can keep things from turning sour.
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Sometimes the request is driven by hardship, and during the COVID-19 pandemic times are tough for many people.
The survey of 3,042 adults with at least $100,000 in investable assets was done in January of 2020.
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Money changes relationships, and asking for or giving a loan or gift most certainly will change the dynamic.
Saying no when someone you care about asks for money also isnt easy.
Keckler says making sure you’re able to afford to provide the help is the most critical.
Another major thing to think about: the likelihood you will get the money back.
That means only loaning money you’re able to afford to lose.
On the relationship side, Summers suggests thinking about the importance of the relationship compared to the money.
Banks request a lot of information, so why shouldnt personal lenders?
Its difficult, but think about this as a business decision, not a personal one.
Thats just adding an extra burden to the burden of the money exchange.
Its so that the expectations of each side are known so nobody feels like theyre hurt, she said.
The important thing is making sure both parties are on the same page.
This way, you’re free to have more control over where the money is going.
I value this relationship so much and I dont want anything to hurt it.
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