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Moneywise

Lending money to loved ones: a realist's guide

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  • Granny Barton Woods Cross, Utah
    March 18, 2014 4:59 a.m.

    There have been many experiences during my relatively long life where someone has "borrowed" money and failed to pay it back. My advice to anyone having this experience would be to call this "loan" a gift. You will feel better about the whole transaction and be able to truly get past it and forgive and forget. Otherwise you may lose a good friend, and have anger in your heart which will canker your soul. The Savior has love and mercy for me when I fail to do as I promised. Can I do any less?

  • Just one more opinion Pleasant Grove, UT
    March 18, 2014 9:31 a.m.

    This article is freaking brilliant! I'm saving this! I've seen family relations (Not directly with me) canker and die due to petty little issues that if people cared more about family instead of themselves so much happier would everyone be and so many memories that could have been cherished never happen.

  • Johnny Triumph American Fork, UT
    March 18, 2014 9:57 a.m.

    Early in my marriage my parents financed a used car purchase for me. I know they would have treated the loan like a gift, if needed, but they still held an expectation that I repay. I worked my hardest to get that amount paid off and ended up paying it back very quickly, much more quickly than if I had financed with a bank. While it's great for the sake of the lender to have an attitude of gift it's equally as important for the lendee to feel a responsibility to repay the amount.

  • cjb Bountiful, UT
    March 23, 2014 5:07 a.m.

    Be wary if you are loaning money that you need to get back, ... to anyone you are unwilling to sue. Instead invite them to eat at your table.