Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Borrowing money from a friend or relative
Old 03-15-2018, 11:23 AM   #1
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,373
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?
__________________

__________________
"Expanded polystyrene (made with a blowing agent) releases the blowing agent (gas) when you put it in the toaster. So what you end up with is non-expanded polystyrene!" -- philosopher aja8888
redduck is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-15-2018, 11:28 AM   #2
Recycles dryer sheets
 
Join Date: Nov 2015
Location: Fort Myers, FL by Winter - Lake of the Ozarks, MO by Summer
Posts: 107
We borrowed 10K from my folks on our first house. We had them paid back within two years......So Yes
__________________

__________________
Live Life
LakeRat1 is offline   Reply With Quote
Old 03-15-2018, 11:29 AM   #3
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 17,316
No, never crossed my mind.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 03-15-2018, 11:33 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
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.
__________________
Meadbh is offline   Reply With Quote
Old 03-15-2018, 11:42 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 8,365
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 .
__________________
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
easysurfer is online now   Reply With Quote
Old 03-15-2018, 11:45 AM   #6
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Posts: 2,120
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.
__________________
Retired in 2014 at the Ripe Age of 40
Founder and Head Lounger @ The Life of Leisure Institute
ExFlyBoy5 is offline   Reply With Quote
Old 03-15-2018, 11:53 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,233
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
__________________
omni550 is offline   Reply With Quote
Old 03-15-2018, 11:54 AM   #8
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 2,702
NO!

Neither a borrower nor a lender be, especially with friends or relatives.

However, I do loan give money to my DD
__________________
Car-Guy is online now   Reply With Quote
Old 03-15-2018, 12:00 PM   #9
Recycles dryer sheets
 
Join Date: Jan 2014
Location: Everett
Posts: 323
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.
__________________
O2Bfree is offline   Reply With Quote
Old 03-15-2018, 12:11 PM   #10
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,678
Quote:
Originally Posted by easysurfer View Post
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 .
Never borrowed or even thought about it. Just not my nature. Same process above as far as lending.
__________________
......."Everybody has a plan until they get punched in the face." -- philosopher Mike Tyson.
aja8888 is offline   Reply With Quote
Old 03-15-2018, 12:15 PM   #11
Recycles dryer sheets
 
Join Date: Oct 2013
Posts: 173
Never even considered it. I'd get a second and third job if I needed money I didn't have.
__________________
freedomatlast is offline   Reply With Quote
Old 03-15-2018, 12:17 PM   #12
Recycles dryer sheets
Choices's Avatar
 
Join Date: Jan 2015
Location: Rural VT
Posts: 189
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
__________________
Choices is offline   Reply With Quote
Old 03-15-2018, 12:23 PM   #13
Thinks s/he gets paid by the post
GravitySucks's Avatar
 
Join Date: Feb 2014
Location: Syracuse
Posts: 1,265
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.
__________________
No, not rich. I am a poor man with money, which is not the same thing"
GravitySucks is online now   Reply With Quote
Old 03-15-2018, 12:27 PM   #14
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 1,446
Quote:
Originally Posted by redduck View Post
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?
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.
__________________
OldShooter is offline   Reply With Quote
Old 03-15-2018, 12:30 PM   #15
Recycles dryer sheets
 
Join Date: Jun 2013
Posts: 61
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.
__________________
canuck5 is offline   Reply With Quote
Old 03-15-2018, 12:45 PM   #16
Recycles dryer sheets
 
Join Date: Jun 2013
Posts: 61
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.
__________________
canuck5 is offline   Reply With Quote
Old 03-15-2018, 12:46 PM   #17
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,373
Quote:
Originally Posted by Walt34 View Post
No, never crossed my mind.
Quote:
Originally Posted by omni550 View Post
No, never. The thought never crossed my mind. I was not brought up in a family where we borrowed nor loaned money...

omni
Quote:
Originally Posted by aja8888 View Post
Never borrowed or even thought about it. Just not my nature...
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?
__________________
"Expanded polystyrene (made with a blowing agent) releases the blowing agent (gas) when you put it in the toaster. So what you end up with is non-expanded polystyrene!" -- philosopher aja8888
redduck is online now   Reply With Quote
Old 03-15-2018, 12:50 PM   #18
Recycles dryer sheets
 
Join Date: Aug 2011
Location: Atlanta
Posts: 430
Quote:
Originally Posted by redduck View Post
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?
no
__________________
SJ1_ is offline   Reply With Quote
Old 03-15-2018, 12:58 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,519
We borrowed money from DHs 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.
__________________
EastWest Gal is offline   Reply With Quote
Old 03-15-2018, 12:59 PM   #20
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 1,446
Quote:
Originally Posted by redduck View Post
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?
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."
__________________

__________________
OldShooter is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Relative Needs Money - What Would You Do? DustyMom FIRE and Money 129 05-19-2017 01:24 PM
Thoughts on Relative that's bad with money JDARNELL FIRE and Money 29 12-31-2006 12:07 PM
Borrowing, Spending, Counterfeiting Editorial Mountain_Mike FIRE and Money 5 08-24-2005 12:28 AM
Borrowing money during retirement. proud_texan FIRE and Money 2 09-11-2003 05:05 PM
Borrowing from 401K vjmed1 Other topics 11 09-07-2003 02:49 PM

 

 
All times are GMT -6. The time now is 10:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.