Oct
12

Should I lend money to my friend

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Should I lend money to my friend

Last week, during the 6:30 news in Channel 8, they had shared a story that happened in Taiwan.  A man had borrowed money from his kind friend and his friend waited for him to return the money, but it never happened, so his friend had to ask him for the money.  Coin counting machine

‪This person who borrowed the money was angry with his friend for asking for the money back.  What he did was he paid his friend back in 7 big bags of coins, resulting in his friend having to take the trouble of bringing all the coins to the bank to count using the coin counting machine.  It took him 2 whole days to finish counting all 7 bags of coins.   I guess that was also the end of their friendship.  
Helping people is a good thing and it makes us feel blessed that we are able to help.  We are not the one who needs help, but before we help, we have to identify if help is really needed.   To tell who really needs help is not so easy.  Therefore the key is to help within your ability.  If a friend asks you for money, usually you would try to help, but before you take out all your money, you have to first take care of your own needs as you wouldn’t want to be the person getting in trouble after helping your friend. 

These are the questions you have to ask yourself to determine how much you can Deep thinking catafford to help your friend:

1)      If you do not have a big bank account and have to live month by month on your pay check, then you must ask yourself, how much do you need before your next pay day? Calculate carefully for food, for transport, for your children’s school fees and pocket money, for monthly bill, for your parent… etc

2)      You have to be prepared that your friend may not be able to pay you back in the near future. How long can you live without this money?

3)      If your friend doesn’t pay you at all, is it ok to write it off? 

You are not obligated to lend the full amount your friend had asked you for. It all depends on how much you can afford, if it is not enough, your friend will have to ask for more help from others.  Do not offer to be a guarantor if your friend wants to borrow from some legal loan company as you risk being responsible to pay should your friend run away. should I lend money to my friends

A colleague of mine had a son who had been very sick since birth.  After a few years of treatment, his son passed away, leaving behind a big hospital bill for the poor parents.  We wished to help him but were not able to afford it.  So, what we did was, we sent out a mail to the whole company explaining his situation and asked for kind donations.  The response was good and the poor parents managed to pay off the entire hospital bill.  They donated the access amount to charity under the name of our company.  This is another way you can help your friends to get out of debt.

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