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Should You Ever Lend Money to Family Members?!
Manage episode 417430330 series 3524376
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Hey SatsCrew,
In today's podcast, I explore an important topic - family & finances. I think in our day and age, it is getting tougher and tougher to get ahead, while concurrently expenses on alot of our favorite things keep adding up.
Today, I explore situations in which I believe you should lend family members money, and also discuss why it may not be the best idea. In the end, we want to be there for our family & support them in every way we can, but we also want to teach them to fish and make their own money.
- Finance the most important thing is having an emergency fund for 3-6 months of living expenses
- This should be higher if you own businesses or properties
- Should you lend to family members? I think yes under these conditions
- Your oxygen mask is on
- You are 100% confident they will pay you back
- You educate them to set them up for success
- No under these conditions
- Risky borrower
- Risky behaviors
- Unwilling to learn and grow
- In debt to other lenders
- In the end, we need to help out our families
- It’s easy to let guard down to family members
- Offer education and insight to others, and only help if they are willing to help themselves going forward. You are not Bank of Paul or Bank of John
Overall, I'd love to hear everyone's thoughts on this topic. It isn't often easy to talk about, but in the end, we need to keep an open mind, educate others, and when necessary lend our family a hand when in need.
Best Regards,
SatsMate
Bitcoin Buys: https://invite.strike.me/2MSTYG
Financial Disclaimer: Nothing stated in this video is a recommendation from SatsMate to buy or sell a particular security or asset class. It would help if you wisely considered your tolerance for risk, time horizon, and financial goals before making an investment. With investing, you risk losing money, always read an investment prospectus and make an informed decision before allocating capital to a particular investment
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