Comments on: Lending Money To Friends And Family

By: Loaning Money to Friends | On a Quest To Be Debt Free...

Loaning Money to Friends | On a Quest To Be Debt Free... — Tue, 12 Aug 2008 14:00:39 +0000

[...] even though it’s difficult, saying “no” is often the best thing you can do for someone. If you are considering lending money to a friend: Don’t put yourself in a tight spot. Only loan money you can afford to lend, and make sure [...]

By: Don’t Let Money Come Between Friends «

Don’t Let Money Come Between Friends « — Thu, 07 Aug 2008 16:46:59 +0000

By: Creditors have better memories than debtors | The Wisdom Journal

Creditors have better memories than debtors | The Wisdom Journal — Tue, 17 Jun 2008 07:32:08 +0000

[...] but in another way, the lender is a slave as well. The lender is a slave to the worry that the debt won’t be repaid. He’s a slave to sleepless nights wondering if he made the right decision. He’s a slave [...]

By: Bushbaker.com » Identifying a Future Financial Catastrophe

Bushbaker.com » Identifying a Future Financial Catastrophe — Sun, 08 Jun 2008 23:45:48 +0000

[...] Frugal Dad recently posted on a story from Get Rich Slowly on this topic. I don’t want to comment specifically on the contents of this blogpost – it is heart wrenching and frankly it does not need another blogger chiming in. However, I do encourage you to go to the sites and read what these two great writers have to say on the issue. [...]

By: A Lifetime Away » Blog Archive » Lending Money to Friends and Family

A Lifetime Away » Blog Archive » Lending Money to Friends and Family — Sat, 07 Jun 2008 17:02:47 +0000

[...] Lending Money to Friends and Family …long to teach a man to fish as it does to give him fish for a lifetime. … the spoils of today, many parents have squandered away savings for [...]

By: Andy

Andy — Fri, 06 Jun 2008 21:53:33 +0000

It depends on how you were raised and your family dynamics. Me? I would give every single spare penny to my Mom until she was back on her feet. Without a question. She is my Angel and I wouldn’t even think twice. Others have different and less tight-knit family relationships, though. There is nothing wrong with their families. Just different is all.

By: Luke @ Money & Fitnes Blog

Luke @ Money & Fitnes Blog — Fri, 06 Jun 2008 18:18:30 +0000

Frugal Dad,
Very interesting article. I agree with you 100% that you should not be giving money to family as a gift. The last thing you want to do is have it be a problem with family. I think if anything, I try to avoid mixing money with friends. I think it can be awkward and difficult at times.

By: Pete

Pete — Fri, 06 Jun 2008 18:07:46 +0000

As a rule I wouldn’t lend to family and friends. If you’re going to give them money don’t expect to get it back. In this case it sounds like it is more of a situation not of the person’s making, so I think I’d be more inclined to help. But just remember – money has a way of changing and in some cases destroying relationships. Be very careful.

By: Daniel Cooper

Daniel Cooper — Fri, 06 Jun 2008 14:09:48 +0000

Healthy boundaries are hard to establish when money is involved between friends and family. That being said, I believe helping someone no-strings attached is perfectly fine.

It has to be hard for the mother in this situation to be in such a position, so just smiling and telling her you love her would be the appropriate thing. She’ll probably feel horrible if she feels like a burden.

By: Frugal Urbanite

Frugal Urbanite — Fri, 06 Jun 2008 12:49:16 +0000

I think you’ve hit the nail on the head about paying for groceries and similar help. That gives a concrete way of helping while not making mom feel like a charity or like she’s draining her kids.

I’d worry less about throwing money their way and more on getting mom the job skills to either get a better job or a raise. There are tons of free programs out there to give divorced women better skills. Also, with an adult learner grant (among other grants), mom could end up going to college for a pittance if not free.

I’d also talk to the sister about getting a job to cover both extra-curricular activities to relieve some of mom’s burden and to start saving for college since mom isn’t going to be able to help much.