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| Name | Stop lending people money ( friends and family ) |
| Video Uploader | Video From TommyBryson |
| Upload Date | This Video Uploaded At 31-12-2020 20:00:04 |
| Video Discription | Lending friends and family money is dangerous and even more dangerous is starting a business with a friend or a family member in good faith. š²1 on 1 Talk + My Budget + Stock Investmentsš² https://www.patreon.com/tommybryson 1. Changes the Relationship - In my entire family, Iām one of the youngest ( but also the oldest because I learn from a lot of old people ) - And the first time I ever lent anyone money was my cousin - I lent him somewhere around $700 to $1000 around four years ago ( 6-7 years older ) Here is why and the facts: - He had a job but was having a problem staying above water with all the bills ( something about a phone bill I remember) - And he also had a girlfriend or something like that - And the idea was, hey Iāll borrow this money from you and pay you back on weekly bases to finish fast ( and he did that for a while ) Then something else: - He knew I was a photographer at the time ( aka I had a camera and could take pictures ) - And ask me to help him with his wedding and he would pay me - I did the wedding and sent him the pictures and boom The results: - He stopped calling and never paid me the loan or wedding - When I spoke to his mom, my aunt, she said that she was embarrassed and he was also embarrassed but he just doesnāt have the money - So it went from me looking up to my older cousin to me just disappointed Ending: - He texts randomly every few months or years and tells me his going to pay me back ( but thatās yet to happen ) - We use to speak frequently but now we donāt - It changes the relationship ( debtor is always a slave to the lender) 2. I recommend you donāt do it ( but do it right if you're going to do it ) and prepare to lose the entire relationship - You need a contract, text is cool for verbile agreements but they are not enough - If you are going to lend a family member money you need to have a promissory note ( a contract that declares that the person agrees to pay you and is notarised ) What happens is this: - When you signed this contract your family member puts in their social security, id, and address and agrees to pay you this money - And accepts all the consequences if he gets sued - Now this doesnāt sound like something you do with friends and family does it ( thatās why I say just donāt even lend them money) The worst that can happen is this: - They pay you but they are no longer the friend or family member you use to love - Or they donāt pay you and sue them, and then youāll have a different type of problem - It's just best to avoid it overall 3. So What do you do instead - I have a brother that always have great business ideas and always needs money to do them - He doesnāt have a job, has 3 kids, and still lives with his mom - Does the sounds like a good person to lend money to (no), but you might want to lend them money to help them get out of that Quote: you can't help someone that doesnāt help themselves or doesnāt want to be helped What I do: - Whenever he or any family member askes me for my money, which is rarely ( I say I donāt lend people money, and I donāt have extra money but If I do get something I can help you ) - So usually once or twice a year I might send $20 his way or someone else's way - But this doesnāt change the relationship But also keep in mind: - If everything you visit a family, you have to give them money - Sometimes you just donāt even go because you feel like its something you need to do - But thatās bs, go and if they ask to say, I just donāt have any money right now ( confrontation is good sometimes ) * PRO TIP* INFORMATION IS EVERYTHING šMerchš https://teespring.com/stores/tommybryson ā 2 FREE AUDIOBOOKSā https://amzn.to/2Enayo8Ā¬Ā¬Ā¬ š°M1 FINANCE $10š° Link: https://m1.finance/fQsrul1PZcHM šACORN FREE $5š Link: https://acorns.com/invite/38EYSU ā”FREE KINDLE UNLIMITEDā” (traditional reading) Link: https://amzn.to/2VGbxt9 šØš½āš»DISCORD PRIVATE GROUPšØš½āš» https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ā Help Us Reach 300,000 Subscribers: https://goo.gl/0wvm6w šAll My Social Mediaš Link: https://linktr.ee/tommybryson *Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor. |
| Category | Education |
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