Never lend money
It may sound somewhat ignorant, but I do not, and will not loan money to my friends. I’ve several past experiences that have contributed to this, and have had recent discovery among people I know who have also either loaned money to, or given something to someone in exchange for a promise of “cash” that was never received. I find people who mooch like this positively disgusting, by the way.
If you’re tight on money, fine. But if you owe someone $50, and just spent $70 on a trip somewhere, then I have absolutely no sympathy for you. The same goes for people who spend hundreds of dollars in phone bills or clothing/furniture, new piercings, and then will complain about how poor they are. This is not intelligent money management, and I have no sympathy for you either.
The Simple Dollar recently posted an article on why he does not loan friends money either, and provides 6 points of advice when considering the option of doing so.
He makes one very valid point that I also follow, if you do lend a friend money, do it as a gift, because there’s a good chance you won’t get it back. I’m not saying I’d never give money to a friend in need, but expecting to have it returned will just lead to heartache.
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