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Borrowing money from a friend or relative
03-15-2018, 11:23 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Borrowing money from a friend or relative
As an adult (define this however you want) have you ever borrowed or thought of borrowing a large sum of money (define this however you want) from a friend or relative?
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When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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03-15-2018, 11:28 AM
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#2
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Recycles dryer sheets
Join Date: Nov 2015
Location: Fort Myers, FL & Lake Of the Ozarks, MO
Posts: 223
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We borrowed 10K from my folks on our first house. We had them paid back within two years......So Yes
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Live Life
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03-15-2018, 11:29 AM
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#3
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,290
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No, never crossed my mind.
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When I was a kid I wanted to be older. This is not what I expected.
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03-15-2018, 11:33 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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At age 24 I borrowed £1000 from my parents to supplement my savings to buy my first car (in cash). I paid them back within 6 months. They didn’t charge interest.
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03-15-2018, 11:42 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,127
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No.
I have been on the other end as the lender but I've quit that policy! I like to stay on speaking terms with family and friends .
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Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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03-15-2018, 11:45 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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I did when I first joined the Air Force. They financed a brand new Ford Ranger that cost about $9K. I paid it off in 3 years at 6% APR.
I drove that truck for 13 years and had 210K+ miles on it when I sold it.
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FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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03-15-2018, 11:53 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,430
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No, never. The thought never crossed my mind. I was not brought up in a family where we borrowed nor loaned money.
I have several "friends" ask me for loans. I declined.
omni
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03-15-2018, 11:54 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,836
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NO!
Neither a borrower nor a lender be, especially with friends or relatives.
However, I do loan give money to my DD
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03-15-2018, 12:00 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Location: Everett
Posts: 1,592
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I never did. My parents paid for half of my first car, but that was a deal they offered. I paid my own way through university, bought my first house myself, etc.
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03-15-2018, 12:11 PM
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#10
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,593
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Quote:
Originally Posted by easysurfer
No.
I have been on the other end as the lender but I've quit that policy! I like to stay on speaking terms with family and friends .
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Never borrowed or even thought about it. Just not my nature. Same process above as far as lending.
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*********Go Astros!*********
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03-15-2018, 12:15 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Posts: 1,174
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Never even considered it. I'd get a second and third job if I needed money I didn't have.
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03-15-2018, 12:17 PM
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#12
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Recycles dryer sheets
Join Date: Jan 2015
Location: Rural VT
Posts: 307
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Nope. I heard my grandmother bring up time after time ( ad nauseum) how she had lent my parents money. They paid her back but were required to be beholden forever...not a Road I wished to tread
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03-15-2018, 12:23 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
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Screwed up buying and selling a house and my attorney ( family friend) loaned me a couple thousand at no interest 30 years ago.
Repaid him in less than a month.
Loaned an acquaintance a few thousand at a high rate. Took an extra year to get that back. Never again.
Loan family money but always consider if it doesn't get paid back it was a gift and if it did it was a gift to me. Surprisingly 4 out of 5 were paid back in full on time! The 5th just was a gift that was a mistake anyway.
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“No, not rich. I am a poor man with money, which is not the same thing"
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03-15-2018, 12:27 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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Quote:
Originally Posted by redduck
As an adult (define this however you want) have you ever borrowed or thought of borrowing a large sum of money (define this however you want) from a friend or relative?
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Yes, but not "large" if that means an amount of money that is significant to me.
I was taking care of my elderly mom's finances and she needed some cash and there was some kind of liquidity issue with her investments so I loaned her maybe $1 or $2K for a short period. She actually never knew this.
I also had an ex-secretary and very good friend call me once asking to borrow $1K. I don't remember the issue but I did love that lady like a sister and I gave her the money without hesitation. She paid it back according to the agreement, no problems at all, but if I something had happened and I didn't get paid I was ready for and comfortable with that.
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03-15-2018, 12:30 PM
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#15
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Recycles dryer sheets
Join Date: Jun 2013
Posts: 98
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Yes, borrowed $25k from my MIL and FIL, to finish paying off our house, back in the early 1990's. I paid them back within 8 months, with interest. They were rooting for my wife and I to become debt free and that was the last time I ever paid interest on anything.
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03-15-2018, 12:45 PM
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#16
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Recycles dryer sheets
Join Date: Jun 2013
Posts: 98
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I loaned $1000 to a buddy, a couple of times, who was going thru a divorce, with 2 kids. I knew it was really to help the kids, but I got every dime back in a reasonable time.
Have had some business acquaintances, who got fired and asked for some money, but I knew where the money would end up and declined.
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03-15-2018, 12:46 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by Walt34
No, never crossed my mind.
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Quote:
Originally Posted by omni550
No, never. The thought never crossed my mind. I was not brought up in a family where we borrowed nor loaned money...
omni
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Quote:
Originally Posted by aja8888
Never borrowed or even thought about it. Just not my nature...
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You guys never thought about it? Was that due to lack of imagination or fantasy life, or was there nobody around that you could ask or even thinking about asking?
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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03-15-2018, 12:50 PM
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#18
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Full time employment: Posting here.
Join Date: Aug 2011
Location: Atlanta
Posts: 507
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Quote:
Originally Posted by redduck
As an adult (define this however you want) have you ever borrowed or thought of borrowing a large sum of money (define this however you want) from a friend or relative?
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no
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03-15-2018, 12:58 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,466
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We borrowed money from DH’s best friend to make ends meet early in our marriage (I had a very short time off between medical school and residency and DH had been a working musician for years but the clubs cut back just in time for our wedding.) We paid for our own wedding though but it depleted our savings. Paid off the friend in 6 months. When we bought our first house, we needed a 20% down payment. We borrowed from my parents about $15K. Paid it back with interest, just like any other bill. I lent $500 to a friend who was stuck in the Caribbean. Never expected to see the money, but he paid it off a couple of years later.
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03-15-2018, 12:59 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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Quote:
Originally Posted by redduck
You guys never thought about it? Was that due to lack of imagination or fantasy life, or was there nobody around that you could ask or even thinking about asking?
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Multiple choice question without all the possibilities considered. How about "Never got myself into a situation where borrowing from friends or family even needed to be considered."
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