MILLIONAIRE EXPLAINS: When Friends Ask Me for Money (I Solve All Their Money Problems with This!)

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Our Rich Journey – MILLIONAIRE EXPLAINS: When Friends Ask Me for Money (I Solve All Their Money Problems with This!): Ever wondered what happens when friends ask us for money? As millionaires, we sometimes get approached by friends with their financial problems. In this video, we share how we solve their money problems. If you’re constantly struggling with money, then watch this video for the one solution to your problems. And if you’re the person always helping friends and family out of a financial jam, then watch and share this video. Whether you're curious about how to handle such requests or looking for solutions to common money problems, this video has you covered! Don't miss out on these valuable insights

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[deanrotering]

For many years I was the only one in my family that had any money. We all came from the same place. Eventually I stopped giving family members any money. It never goes to whatever they told me it was for. Now I will maybe buy them something specific. A Washing machine or whatever, but I never give cash. Eventually they stopped asking. They know what the answer will be. Some of them finally got it together thankfully.

[blancaconteras]

My eldest brother stoped talking to me because I stop giving him money. Funny, he doesn’t remember all the other times I “loan” him money. The time he had me sign a personal loan for him and he stop paying. I given so much money away, I could have been retired.

[autobotdiva]

you dont even have to be a millionaire. you can just have a "good job" and here come the begging.

[Mita]

Thank God someone is saying this! I work in personal finance and I am so sick of people spouting the nonsense that it’s the economy why they cannot get ahead. 90% of the time, it’s my clients that are at fault. They want what they cannot afford so they choose wants over needs. Or they simply decide to not strive for more. Simple as that.

[williamschnatz]

Never knew I had money until I made a budget a decade ago. The biggest key to success. Went from thinking I could never retire to retiring early.

[dutch]

When I was in my late teens (in the '80s) I had an older cousin who always asked to borrow $20 any time he saw me. My grandfather finally advised "next time he asks to borrow $20 loan him $10. As long he owes you he won't come around". My grandfather was right and it was the best $10 I ever spent.

Also, your friend asking to borrow money and telling you that you can afford it, is a big breach of the Man Code. I grew up with and around a bunch of old school guys and "counting another man's money" was considered a major insult and fighting offense. It was tantamount to calling that man your B***h.

[einstein]

I've dealt with this so many times for so many years. I have set my boundaries with family and friends - even with my own siblings. Setting boundaries changed our relationship for the better. To the friends who viewed it as a bad thing, well - maybe they were not true friends to begin with.

[sarahthompson]

I have made the mistake of making loans to friends in the past. It changes the relationship. When you see someone who borrowed money spending it foolishly, you will judge them (it can't be helped because that is money you worked hard for and carefully saved). Rather if I feel there is a need, I give them the money and don't expect anything in return. But this is only a one time deal. I try to get them help to teach them about money. Give a man a fish, feed him a meal. Teach a man to fish and he never goes hungry. Well said Amon--I admire your courage in this situation and agree!

[LAOTHAIASEANINFINANCETRAVEL]

I have them sign a notarized legal agreement to pay me back, amount, date, times and interest rate, and they pay for the ppwk and administrative fees, and if they can’t agree to my terms and conditions, then we don’t move forward, long-winded way to say no, but it gives them an idea to ponder if it’s worth asking me and that’s the whole point

[zaubia]

It’s also difficult having friends that are not stable. It’s always something with them. For me, the relationship always turns into me having to take care of that person. Lending money becomes a part of the relationship. Each time I get a text I know at some point they will ask for money.

[bcusaaus]

I had a friend asked me to take 20k from my retirement account to give her a loan! Unbelievable! 😂 she refused to file for unemployment/ welfare cause she says “ that’s degrading and traumatising “. I said YOUR BROKE!! I must have ask for money on my forehead cause my family for decades asked me for money! Finally I discovered the word No!! I was the villain but hey, they finally stopped asking.

[BRIANDER]

As a financially secure person, , your first mistake is telling people and/or appearing to be that you have money. Act like you have no money, and almost everyone will not ask you for money. And if they do, just say I don't have any to give as I lost in a bad investment

[zbrobinson]

I have friends who have begged me for money talking about I was "rich and single" so I could spare money. The truth was that their entire household made more than me. It's just that I managed my money so well that I could make major decisions that made me enjoy life more. But, that meant that I had to do proper money management

[SONYARenee]

This is so true. Learning to say "no" and prioritizing our needs at home first. We're financially stable, but we can do a lot better than where we are. Saying no to all.

[toranaga]

Bill Cosby said a long time ago "sign your own checks and don't loan your friends money. If you have it to let them have, let them have it. What can happen is that you lose your money and your friend"

[o_KASHIII_o]

If a friend wants to borrow money, lend them the amount that you're comfortable giving away. If they return you the money, thats a friend you keep. If they dont, they won't come back to you ever again and you're essentially buying them out for an insignificant amount of money. Thats a Win/win!

[jordankendall]

That's why I drive old used cars and wear second hand clothes. If someone asks me for money, I say first get rid of your expensesive car and lifestyle.

[unboxthefun]

Never loan family or friends money. Gift it. If they decide to pay you back cool but otherwise gifting it means you don’t expect it and your relationship isn’t damaged.

[Icecold]

Loaned my buddy $1200 dollars. That was a year and a half ago. Wrote it off at this point.