When Not To Lend Money…. A loan is just that – a single shot of money intended to help them right their ship again. Don’t become the go-to lender in your circle of family and friends. You should never be in a state of constant lending.
In the first episode of this FINTEL series on how not to lose your money as a lender, I gave a comprehensive definition of money lending as it pertains to personal finance. Today, we want to look at the reasons behind money lending.
As a result of this bitter experience, I would advocate that young people should boldly take up entrepreneurship very seriously and endeavour to work for themselves after graduating from the university.
When people have low Financial IQ, and as a result begin to suffer consequences such as chronic debt, loss of investment in a Ponzi scheme, or extreme poverty, they tend to develop deep feelings about money.
Protecting yourself doesn’t mean you have to get into your shell and stop seeking out new information about investments. Rather, it does mean you should take care to evaluate whether the person giving you the information is trustworthy.