Avast ye! Here be five rules why ye should ne'er lend doubloons to yer scurvy kin or mateys!
2024-02-03
Avast, me hearties! Listen close, for ol' Shakespeare had wisdom in his words. Never be a scurvy dog who borrows or lends, ye savvy? Now, I be tellin' ye five golden rules to follow when yer kin or matey asks ye for some pieces o' eight.
In a humorous tone, the author shares a personal story about lending money to a relative who was going through financial difficulties. Despite their own success, the author's relative asked for a $10,000 loan, promising to repay it in a few months. However, after the money was transferred, there was no communication or repayment plan. This strained their relationship, leading to a lack of financial recovery for the relative and emotional distress for the author. Consequently, the author advises against lending money to friends or family, suggesting that it is best to decline such requests to avoid jeopardizing relationships. If one chooses to give money, it is better to consider it as a gift without any expectations. To avoid misunderstandings, it is recommended to have a formal agreement in place, specifying the terms of the loan. Additionally, the author warns against co-signing loans, as it can lead to financial commitments and potential damage to one's credit score. Finally, the author suggests that if someone repeatedly promises to repay the loan soon, one should consider whether to write off the loan or the friendship. Overall, the author's humorous account serves as a cautionary tale, highlighting the potential pitfalls of lending money to friends or family.