If
you’re lending money to people you know, chances are, you are
hurting your own finances. Most of the time, people we know who
borrow from us do not pay us off completely, especially if they’re
family members. The next time someone borrows money from you, here
are the things you can do:
1. Assess
the person’s need for money.
Does
the person really need the money for emergency reasons or is it just
money to sustain vices or used for shopping? If it’s the latter,
flat out say no. Don’t give excuses. Just say you can’t produce
the money because you need it too.
2. Consider
giving a portion of what they are borrowing.
Don’t
give the full amount of what they’re borrowing. But if you truly
want to help, you can give a portion of the amount they’re
borrowing and say that this is the only amount you can afford to
give.
3. Get
it in writing.
You’re
not a lending company but if you’re lending a considerable amount
of money, make sure you get it back. A verbal agreement might not
suffice so you need to put it in writing. The borrower needs to
stipulate when he or she would be able to pay off the debt.
If
you have a friend or a family member who is in a deep debt, advise
him or her to seek the help of a Financial
planner in Vancouver
such as Chalten Fee-Only Advisors LTD. Experts like a financial
planner in Vancouver can offer valuable advice on how to slowly get
out of debt and be able to find financial stability.
To
know more details about Financial
planning in Vancouver
Please visit our website: chaltenadvisors.com
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