How to Lend Money and not get BURNED
Giving is a good thing. But many hold back because they are always getting burned. Here are some tips that should help.
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Instructions
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Only lend money that you can AFFORD to lose - Not that you don't want to be trusting, but if you are asked to lend money to someone there's a good chance that you won't see it anytime soon - if ever again. But if you only lend money that you wont DIE WAITING FOR and can afford to not see again it takes away a lot of anxiety. Some borrowers, after getting the money, spray you with promises: "I promise to have it tomorrow!" "I'm got some money coming in - I'm get it back to you as soon as -". Instead of seeing them eventually eat their words, after you lend the money say, "No rush getting it back." This takes the pressure off of them, avoids them always avoiding you when they see you, and if you get it back they'll respect you even more.
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Read The Signs - Is the person that's in need ALWAYS in need? Maybe they need money management help more than money. Is the person always asking for money to start a new business that's BOUND to make him rich? If the bank's not giving him a loan, maybe there's a reason why. Does the person seem to waste the money they get? You gave it to them so it's their perogative how they want to use it, but if you see its being wasted, think twice. If you see that the person isn't responsible enough with the money you lent them then making a point, though not easy, to say "no, I can't give you money this time." You don't want to spoil anyone.
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Work For It - At times the best way to give money to someone might be to have them help you with an assignment, a chore, etc. Also you don't have to worry about getting the money back since they've earned it (This is a good way, especially with children, to get an understanding of where your money comes from and how best to use it).
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Tips & Warnings
Be wary about giving money to strangers.
