31 Days Towards Financial Freedom ~ Day 22 *BORROWING FROM FAMILY OR FRIENDS*

Monday, October 24, 2011

On Day 21 we talked about the dangers of co-signing, so you may be thinking it might be better off to borrow a little cash to get the purchase that you so desperately need. 

The same principle that applies to co-signing also applies to borrowing...a big fat NO!!! DO NOT DO IT!!!!

Borrowing money can actually be worse.  No you aren't chaining someone to an unwise purchase, but you are purposefully driving a wedge in your relationship.

Money can drive a wedge between any relationship.  Even if it was not a loan, but a gift to help you with some type of purchase, there will be some underlying feelings there.  (The only time there will not be feelings of disappointment, frustration, guilt, etc. is if the money was a gift out of pure generosity, not because the person felt you were in need).

Your brother loaned you $2000 for the down payment on your car with the agreement that you just make payments of $100 per month to him with no interest.  What a great brother you have and a fancy new car!  Life couldn't get any better!

Life is going are making enough money to pay your car loan and your brother the $100 each month (you even made a couple extra $50 payments to your brother for good measure).  Then your friend calls you and tells you that she wants you to come on a trip to Napa with her and your other 2 best friends!!  Of course you can go - you'll even drive your new car!! 

You had a great time in Napa and rush home to tell your family all about it...the fancy restaurants, the wine, the massages and so on.  Upon hearing this your brother, knowing you still owe him $1500, walks out...and so begins the wedge...

It is just simply not worth it!  A good friend may start avoiding you because she knows she owes you money, you may form resentment towards your child because she hasn't paid you back anything you loaned her but she shows up to your house in new clothes and a new hairstyle...
Please do yourself a favor and NEVER borrow money from family members or friends again!  Also, if you are lucky enough to be the person with the loaning abilities please DO NOT DO IT!  If you want to give someone a cash GIFT for no other reason than to be nice, go for it, but be very clear in your motivation and expectations.

If you are in debt with anyone, please move this to the top of your debt snowball and you will feel an enormous sense of freedom when this has been errased, I promise :-))


Unknown said...

Hi Brooke! I know that loaning and being in debt to your family or friends can be very risky because of your relationship, but sometimes it is unavoidable if you are in dire need. However, you should only do so if you need the money for very important matters and not just for the sake of buying something during the sale. What matters most is that you make sure that you pay back no matter what amount or how close you are with the family or with your friends.

Eustolia Nitta

Adele said...


How would you like to FIRE your boss? Quit your day job?

Add an extra $500, $1000, or even $2500 a WEEK to your income?

While this might sound almost unbelievable at first, what I’m about to show you is a scientifically proven breakthrough that literally downloads the brain of a millionaire into your head...

Giving you the brain, thoughts, and WEALTH of a millionaire in just minutes a day.

Follow this link:

==> Scientifically Proven Secret to Millionaire Results

Think I’m crazy?

Guess again...

This is rock-solid neuroscience proven by the best brains in the world.

And by the way... this method was designed for people without a lot of spare time...

So it works FAST. No need for discipline or willpower.

Just imagine...

You waltz up to your boss and, with a huge smile on your face, you QUIT YOUR JOB FOREVER...

You stroll out of your workplace, never to return...

You wave goodbye to the horrible fluorescent lights...

The boring commute...

The lack of CONTROL over your own life...

And you say hello to a life of MORE... in just minutes a day.

Make sure you check out this INCREDIBLE video right now:

==> Watch This And Download A Millionaires Brain Into Your Head


Kind regards,

[Dr. Steve G. Jones]

PS: You owe it to yourself to escape the rat race and finally start living the life you were destined for.

The method you’re about to discover works even if you’ve failed at every single attempt to make money in your life up till now......and you’ll see results starting the very first time you use it.

==> Scientifically Proven Secret to Millionaire Results

Post a Comment

It makes my day to read your sweet comments!