FMOOD 0193: A Friend in Need - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-06-27T06:00
A friend in need is a friend, and you want them to stay that way. Letting them borrow money from you is a good way to almost guarantee that won't happen if your friend doesn't pay you back. Granted, if your friend borrows a smaller amount, you could just call it a gift and that's that. However, if your friend (or family member) borrows a substantial amount of money from you, what recourse do you have if they refuse to pay you back? Do you take them to court? That's just ugly, and nobody wants to go through that.
It's always best to simply say no. How you do this is as important as doing it. First, you need to schedule this conversation for a later date. The reason for this is to diffuse the situation naturally. You won't say no right away, but you will have a postponed and planned conversation later in order to get your ducks in a row.
Let your friend or family member know that you are concerned about their situation, and they may not like what you have to say. Let them know that you value their friendship or relationship, and that's your primary reason to not let them borrow the money. Keep the conversation focused and calm, and stick to all of the reasons why them borrowing money from you is a bad idea.
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