loaning family money

[bcp]

Sounds like his financial plan is to have family and friends pay an occasional necessary bill so he can afford more toys and entertainment.

Bruce

 

[BigBoyToys]

"neither a borrower nor a lender be"...the only words from Shakespeare that stuck with me from high school!!! :laughing:

 

[mjarrels]

Glad my inlaws live 9500 miles away on the other side of the planet!

mark

 

[newbury]

Don't loan the money. Buy the pistol for $200 and tell him he can buy it back for $200 when he can afford it.

Bruce

Good idea

and get it in writing.. or if he's a bum, he will report it stolen...

Definitely

Sounds like his financial plan is to have family and friends pay an occasional necessary bill so he can afford more toys and entertainment.

Bruce

That happens too frequently.

Since it's a 25 yr old BIL do you and your wife normally give presents of some monetary value? Note I did not write exchange presents.

For example my BIL, although a practicing Doctor w/ an office practice and employees often seems "short for cash" when something comes up that he didn't plan on but most people might have. When we gave his son a chunk of money to travel Europe after college graduation it was with the understanding that it would come out of what he normally got for Christmas and Birthday presents.

So if you normally would spend say $50 a year on him write up a piece of paper with 8 tickets on it and give him a ticket for every birthday and Christmas.

And let him know he doesn't get more until the tickets are used up.

Twenty five years old is enough for some of us to have started successful careers and own a house and land, while others are still "getting their act together".

I've got two of each type.

 

[hosspuller]

Biggest mistake I made with my children, was loaning money. I thought it was training to use debt well. It was the opposite.

Gift if you can, Loan Never to family.

 

[Mace Canute]

..........It kinda adds to my hesitation that they posted on Facebook the other day about going to see Star Wars...

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.

 

[fordmantpw]

Biggest mistake I made with my children, was loaning money. I thought it was training to use debt well. It was the opposite.

Gift if you can, Loan Never to family.

I'm trying to teach that to my children now, with my oldest being 12. The oldest wants to buy something, but doesn't have enough money, so I explain to her that I will loan her the money, but she will have to pay it back with interest, and that it will actually cost more this way. She did that once, and from then on, she has always saved until she has enough to buy it.

 

[doxford jim]

I have loaned money in the past and the only time I got "stiffed" was by a cousin. Twice I loaned them money - the first time it got paid back second time ( $1200) nothing. Have since had more requests for loans which I have turned down. The excuse I use is when the missing money is repaid then we can think about another loan. Until that happens (it never will I know), there won't be any more money loaned out - to friends or family.

I don't want to come across as hard nosed, but any loans I have taken have been paid back with interest. Other people can do the same as far as I am concerned.

 

[Sprinklerman]

Friend needed to borrow $ 1500.00 for a month , said he wont be late . I said good , sign the title to your truck and give me a key . If you dont pay in full in the 30 days , the truck is mine . He then says " What if I run into a problem ?" I told him then I have a new truck . He then told me he cant do that , he may lose his truck , and I told him I am not a bank , thats the best I could do . He borrowed against his 401K and didnt pay it back . Tax time killed him .

 

[zombie]

I was thinking about sending him to a pawn shop, because even if I get the money back in two weeks, I don't want to be seen as a fall back plan. The pistol is a Hi Point .40 cal, and brand new is about $169; pawn shop probably would lean $100 on it, maybe less.

I'm sure you've heard enough thoughts to sway you not to go for it. Now you just have to pick which tactic to use lol. Good luck, let us know, looks like the thread really took off.