If Someone Asks You for Money...
Monday, June 18, 2012 5:00AM
Two ex-best friends on the "Winning the Lottery Ruined My Life" show are sharing their story about how misunderstandings about money and loans contributed to the deterioration of their friendship. Unfortunately, money is a topic that can ruin relationships, cause tension in families, or worse.
There is, however, a positive way to react when someone asks for money. By following these guidelines as outlined by Personal Financial Expert Farnoosh Torabi and other guests on "Anderson," you can help to ensure that establishing a loan between yourself and a loved one will not be the cause of a failed relationship.
Click through to learn how prepare yourself if someone asks to borrow money.
Filed Under: As Seen On The Show
Comments
Better yet, if someone ask you for money, politely tell them no. Especially if it's your loser brother that always works for cash only, has never paid taxes, and you know in your heart the money will be spent on alcohol or cigarettes. YES - lesson learned! Brother is six years older than me "borrowed" money from me ONCE and it'll never happen again. Continues to free load off anyone that'll allow him to. Gives people the "pity me story" and expects people to feel sorry for him. Never, ever again! Not me.
Thanks for the information,. My name was on the Missing Money list. Provided the necessary information waiting for a call back to see how much I will receive.
The portion of the program with $ causing the end of a friendship hit home. As someone on disability I rarely have extra to spend. I had told a friend (who loves to give/spend even though in debt up to her ears) how I wish I could replace it. She went and bought me a new computer. In the back of my mind I could hear Dad scolding me for allowing her to buy it. A few months later she said she had credit card debt over $40,000. I about had a cow and told her that she shouldn't spend what she can't afford. As I asked my ex mother in law once "Haven't you heard the phrase Live within your means?" You would have thought I shot her. Everyone gasped. Mary and I have not spoken over 2 yrs because she is angry that I don't want her to spend what she cannot pay.
My sister and I "loaned" my brother over $100,000.oo. He has never even made an attempt to pay us back. My sister and I are both divorced so we had the money to "loan" because we have no kids or anyone that we need to justify that kind of cash leaving our bank accounts. Once we decided to cut him off you would not believe what he said and how he treated us.
We were shocked at that. The rule is NEVER loan anyone money especially family.