S2 Episode 4: Money & Relationships - Should You Lend Money to Family?
Description
In continuing with this season's theme around money and relationships, we're tackling the discussion around lending to family. Many experts say not to mix money and family, but is this practical for most? Especially for immigrant families? Probably not. I share examples for times where I've borrowed from family and I also shared an experience where I had to turn down a family members' request for a loan
In this episode, I cover 5 Things To Consider In Making Your Decision:
1. Know your family and the specific family member in question
2. Save Yourself first
3. Don't lend more than you can lose
4. Ask questions, but when you say yes, don't attempt to control
5. Have the conversation.
Knowing that some situations may go awry, I wrap up this episode with tips on what to do if a family member does not pay a loan back, and what to do if you've never been asked for a loan.
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