The more I read about personal finance, I find that many people lose their money because they have lent their money to friends and families. I am not saying that we should not lend, but you should have some way to get the money back like you can have an agreement saying that you have lend the money and the borrower will give it back in so and so days.
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I know it is all about trust when you trust your friends or family members and help them financially. But the problem arises when you need the money. I know one instance where my father lent some money to his colleague. The colleague agreed to repay in 6 months, but even after 3 years he has not paid citing one or the other reasons. At last, he said that he could not pay and thus the relationship with my father soared from that day. Most of the relations end because of the money issue. And if you lose trust once, then it's very hard for you will trust anyone else.
That's why it's not good to lend money to friends and family if you want to keep your relationship intact. When you don't lend, that relationship will remain, but if you lend and do not get the money back, it will become worse. Because of the incident with my father, he advises me not to lend any money to anyone.
If you are ok to lose that money then it's upto you if you want to lend or not. But for me I will lend only to close family members and I will not lend a lot of money. The money which shoudl be such that I am ok to lose. That's because money is the biggest evil in today's world, the every relation is fighting over the money and thus it's better to be safe than sorry.
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If somebody ask me money , i have to know if am not going to need that a amount of money soon , i prefer to give money than lend it . If you decide to give money , you will give only the amount you can afford , and that might be less than what your friend or family is asking . But is what you can do to help . When you give without expecting the return fo the money you will feel somehow relieved because you will not be in need to pressure your friend or family to give it back to you .
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