3718: [Part 1] The Right Way (And the Wrong Way) to Lend Money to Family and Friends by J.D. Roth of Get Rich Slowly on Family Finances

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Episode 3718:

J.D. Roth opens with a loan that cost him a friendship: $800 for season tickets a friend never repaid, followed by two years of silence. He walks through every point where the arrangement went wrong, from the check he never deposited to the months he spent hoping the debt would sort itself out. It is an honest look at why family finances and friendships mix so badly with money, and why the borrower, not the lender, owns the obligation.

Read along with the original article(s) here: https://www.getrichslowly.org/loaning-to-family-and-friends/

Quotes to ponder:

"many people have learned the hard way that friendships and finances make a poor mix."

"You, as the debtor, are responsible for repaying the debt without the lender having to hound you."

"There are smart ways to do this and there are dumb ways."

Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day.

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