Money Tips for Junior
May 4, 2007
As I watched our little son crawl around this morning, I realized I had a lot to teach him. How am I possibly going to pass on everything he needs to know? Then I realized, why not teach it one little bit at a time? I decided I’m going to start publishing frequent little money tips for him. By the time he’s old enough to read and understand them, he should have lots of nice bite-sized advice on how to be good with money! Where to start? Here goes, tip #1.
Be Careful About Lending Money
If someone borrows a small amount of money from you, say fifty cents or a dollar, don’t expect to have it paid back. They will probably forget because it’s not a lot of money.
If someone asks to borrow a large amount of money from you think twice before saying yes. If it’s a friend or family member, lending them money could potentially complicate and hurt your relationship. If it’s not a friend or family member then you probably don’t want to trust them with your money.
I tend not to lend money. If somebody needs some, and I have it, then I’ll just give it to them. If they pay me back, all to the good. If they don’t, then I don’t lose any sleep. By assuming I’m just giving it to somebody, it doesn’t strain the relationship at all and I never lose out.
I agree, thats a smart approach Blaine. I’ve never loaned a large amount to friends/family but if I do, I would be sure to have a contract up front and a clear agreement on how it would be re-paid, just to avoid any confusion that could cause trouble down the road.