Posted by: Thomas | February 21, 2011

Should you lend money to a friend?

Occasionally we get into a situation where we are asked to lend some money to a friend or to borrow some money from a friend. Although we should always try to help our friends in difficult situations one should ask himself what he or she needs more: money or a friend? There is a great American proverb that says:

“Before borrowing money from a friend, decide what you need most.”

Although we should try to help as much as we can I don’t think one should lend more that he or she can afford loosing. One should consider lending money to a friend as gambling. When you go to Las Vegas to gamble you as most of smart gamblers do, draw a limit of how much money you can afford to loose without putting yourself or your loved ones into a financial trouble. If you win then that’s great, and if you loose, well, at least you had fun.
The same parallel should be drawn when lending to a friend. If you get the money back, then that’s great, and if you don’t, well, at least you helped your friend financially once without thinking about that money, because you knew how much you could afford to loose. And you know that you would never lend again to the same person since he screw you. And if he/she is smart he/she would never ask again anyway. But at least you helped your friend and hopefully you are still friends.

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Responses

  1. Absolutely NOT! I’m sorry but I have always thought that it’s a bad idea to lend a friend money. I’ve done it once or twice and it turned out fine. But that’s because I made it VERY clear that I wanted my money back! And if you don’t truly truly plan on paying me back tell me the truth or this WILL hender our friendship because it’s not acceptable. If you have the balls to ask than you should have the balls to pay it back. Even if you can’t pay the amount back all at once say that and we can work something out. Just be a mature and honest adult.


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