5 more essential rules why you never loan money to friends and family
Fox News
Shakespeare said, "Neither a borrower nor a lender be." That quote especially applies to your friends and family. And here are five more essential rules why, starting with the IRS.
Better yet, your sister borrows $2,500 only to turn around and buy Taylor Swift concert tickets. It’s at this time you might be thinking, "It’s me. I’m the problem." Why did I loan my sister the money? Ted Jenkin is CEO and co-founder of Oxygen Financial and president of Exit Stage Left Advisors.
These figures scarcely scratch the concealed burdens of buy-now-pay-later arrangements, payday loans and indebtedness owed through the informal platform of the bank of friends and family. As debt continues to pile up on Americans, the likelihood of family and friends seeking short or long-term financial assistance is going to continue to escalate.
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