loaning family money

[check]

Me and my siblings loan money between each other all the time. We agree on an interest-rate ahead of time, and we always repay. I guess we're a bit unusual.

 

[k0ua]

Me and my siblings loan money between each other all the time. We agree on an interest-rate ahead of time, and we always repay. I guess we're a bit unusual.

Maybe just have better relatives than some of us.

 

[2458n]

Do not. Smart do not need to be told-dumb do not listen.

 

[check]

The mindset with people today, really feel that their internet, high dollar cell phone and cell plan, new car payment,800 cable channels 70'' 4 k tv is a necessity Many of us here grew up without any of this stuff..we know it isn't necessary for survival.. Go back to the basics. I've had a smart prone for yrs for business.. My wife just got a $35.00 smart phone last yr.. Her plan,,, for 35.00 per mo with 2.5 gigs of data.

The phone companies are evil things, to be sure, but several of us simply could not survive without them. I can do an incredible amount of work, organizing, payments, and the like, from anywhere I am. So, heading out of town for the weekend does not stop me or my wife from doing a number of different types of errands. It is amazing how much you can get accomplished on a three hour car ride, if you have an iPhone! And now they pretty much all come with built-in GPS functionality, so you don't need to buy one of those little things that stick on your windshield. And, you can keep in touch with your children when they are out at night, or wherever.

The problem, of course, is that the phone companies are ripping us off and making huge profits, and Canada is one of the worst countries for high Cel phone costs.

 

[ultrarunner]

Me and my siblings loan money between each other all the time. We agree on an interest-rate ahead of time, and we always repay. I guess we're a bit unusual.

We don't even charge interest in the case of several weeks and the longest anyone has borrowed is less than 2 months... I imagine if interest was higher we would do it.

Last year when my brother was short 50k buying the farm... I transferred that amount into his bank account and was paid back in a couple of weeks when the home he was selling sold.

I know this is about family and money.

When I was 25 I tried to buy a home in foreclosure... it required certified funds... I had some money in a CD from selling my 68 Z28... I really didn't want to break the CD and my boss gave me a cashier's check for 10k on a handshake... and the next day I gave it back to him as the sale was cancelled when the property was redeemed by the owner.

In a way I guess I do loan money to other distant family members... my brother's brother in law rents from me... it was a handshake deal and I never press for the rent... I always get it... but it might be on the second payday...

I'm ok with this because they have been there 10 years and it is just the way things are...

 

[Buggs67]

My father always said that if you loan money consider it a gift. If it comes back you're lucky.

I did loan a cousin money to go to her daughter when she was having the baby. She said she'd pay me back but I considered it a gift at the time. She's had tough times and I'm glad she got to go see her granddaughter born.

I also loaned my BIL $$$$ so he could bridge-loan a house purchase. I got it back with interest but we had a note drawn up.

If you're gonna collateralize the loan get at least enough collateral to break even. And get it in writing.

My family I'd loan money at the asking. They are more important than the cash.

 

[newbury]

We don't even charge interest in the case of several weeks and the longest anyone has borrowed is less than 2 months... I imagine if interest was higher we would do it.<snip>

That's the way we operated. When I borrowed from my Grandad in the 1970's I paid him what he could get on a good CD, still far less than what a bank would charge me. When we loaned to our son it started out as what the banks were paying, but then interest rates dropped so low it's just pay back the principal.

 

[zzvyb6]

Next time he'll beg for $500 or $1,000. Camel in the tent, camel take over the tent. Have him show you a drug test report for both him and her.

 

[Ken]

Several years I and two other neighbors talking and the mention of buying a dozer came up. and the discussion was each put up 1/3 of the cost of dozer and one was enthused at the idea. and mentioned several places to build water tanks for his cattle and clearing of trees and brush . then there was a mention of paying for hours of use and deposit in bank in case of repairs and cost of servicing the dozer.

This was beyond his level of thinking he thought we had tricked him into the idea and backed out.

Same way the family has of borrowing funds for there advancing into becoming wealthy use others money and walk away from the cost borrowing and payback.
ken

 

[Beltzington]

In the spirit of the holidays or in celebration of the release "In the Heart of the Sea" maybe some introspection is in order.

"Of all the preposterous assumptions of humanity over humanity, nothing exceeds most of the criticisms made on the habits of the poor by the well-housed, well-warmed, and well-fed." --Herman Melville

Not judging, I am more guilty than most, I found this quote by the writer of Moby Dick thought provoking.

Thanks for the Christmas Cheer Chanute and Jerrybob :laughing:

You could always tell him that you'd gladly loan him the money if only you lived a long time ago in a galaxy far, far away.

If you say gullible really slowly........it sounds just like oranges.