Comments on: Should You Loan Money to a Family Member?

By: Jason

Jason — Fri, 08 Jan 2010 15:56:36 +0000

I think that’s a good approach, Arthur. I like your point about them helping someone else someday when they can. Perhaps the gift postitions them better to do this. A nice thing to think about.

By: Arthur

Arthur — Fri, 08 Jan 2010 14:59:08 +0000

best bet is not to loan to friends or family. It changes the relationship. Can cause fights and problems. If you have money and want to help someone, just give it to them with one catch. They have to help someone else someday when they can.

By: Evan

Evan — Tue, 20 Oct 2009 15:03:26 +0000

Didn’t know if you wanted more information about the taxes associated with intra family loans?

http://www.myjourneytomillions.com/articles/tax-mechanics-of-intra-family-loans/
Evan´s last blog ..I Won a $1,000 – What am I going to Do With It?

By: Carnival of Personal Finance Edition #227 | Fabulously Broke in the City

Carnival of Personal Finance Edition #227 | Fabulously Broke in the City — Mon, 19 Oct 2009 05:04:07 +0000

[...] me (and is even okay) that my parents didn’t give me a dime for anything after I turned 18, not even a family loan of sorts (One Money [...]

By: Jason

Jason — Mon, 19 Oct 2009 00:15:44 +0000

Yep, FB. If you choose to loan to family, or even friends, a formal agreement can save a lot of heartache in the long run. Thanks for your comment.

By: FB @ FabulouslyBroke.com

FB @ FabulouslyBroke.com — Mon, 19 Oct 2009 00:00:09 +0000

I have never lent money to a family member either, but I agree that having a WRITTEN, formal agreement saves a lot of “he said, she said” business when it comes time to collect

This is usually not a problem for people who are punctual with paying back loans, but can mean EVERYTHING for those who end up being financial deadbeats.