Why You Should Never Loan Money To Family - Dave Ramsey Rant

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[chiefskc]

A friend taught me anytime you feel someone is about to ask for money just hurry up and ask them first!

[InvestingHustler]

I used to loan money to my family all the time and it was always such a headache having to chase your money your family acting as if you’re the one being annoying asking to be payed back ! Not worth the hassle at all

[gumarovasquez]

My dad used to have a saying in Spanish. “Si no te da pena pedir, a mi no me da pena decir no.” If you don’t get ashamed to ask for money, it doesn’t shame me to say no.

[arleneaugustahair]

My family knows not to ask me for anything. I have mastered the art of saying NO and let’s sit down and figure out what you can sell or do to raise that money. They hate that mess!

[joeyboland]

I remember when my cousin asked me to co-sign a loan for her, I told her no, and she got offended, but I explained to her why I will never co-sign for anybody. Then I ask her why she needed a loan anyway, and it turns out she wanted me to co-sign for a loan, that she wanted to take out, to loan to her friend who "couldn't get a loan". It was the dumbest thing I've ever heard, and I made sure she knew that.

[bonniem]

Fastest way to destroy a relationship.

[joycewright]

When you live beneath your means people assume you are poor and don’t ask for money. Never talk about how much you have.

[covercalls]

The best $20 I ever loaned to a relative was to my scumbag nephew. He now avoids me like the plague. Best $20 I ever loaned out.

[mikeekim]

One of my wife's friends wanted her to co-sign a car for her. I shut it down immediately. I reminded her how this girl is constantly going on trips, buying new clothes, going out to eat, etc. She's horrible with money and I'm not confident she'd make the payments. She got indignant and upset that we wouldnt do it and ended the friendship. Good riddance!

[micaonyx]

Believe it or not I had a tenant ask me to co-sign for a new car for him, and he's two months behind on his rent, now that's balls.

[spro]

My daddy used to say, there's no such thing as a loan to friends or family. It's a gift.

[samanthahardy]

My grandma used to say, " Neither a borrower nor a lender be. Live within your means. If you can't afford it then you don't need it!"

[kesayo]

I gave my business partner a “bridge loan” of 80k to help with the down payment on his house. He said that he just needed it until his current house sold and that he would pay it back as soon as it did. His house sold 3 months later and he never paid it back. However, I kept that “loan” on the books for 5 years until our business was acquired and we liquidated our assets. When we were diving up the proceeds I took an additional 80k plus interest. He did get bent out of shape, but he had no choice because it was in writing. The value of our company was in the millions so it really wasn’t a big deal for him to pay it. But it just goes to show that even when people have means, they never want to pay you back unless they are legally required to.

[dr.bassmab]

Nothing irritates than seeing someone you lend money going on a vacation... “Can you please give me my money back first before you go on vacation! I saved this money following the baby steps and it wasn’t easy”

[donnawheeler]

I was used and abused by my mother and sister for years. Loaned them thousands and NEVER saw a penny back. They would turn on the guilt when I refused. I had to walk away. It hurt, but I got over it.

[quellfalconer]

I needed to hear this today. My parents are buying my brother a house. They aren't buying me one, even though my brother and I are equally successful. It stung. But I realise that I feel a huge sense of relief at thinking of all the freedom I have in disentangling myself, financially and emotionally, from a toxic family dynamic.

[MrAndyhdz]

I give my mom money every month. NO expectations of getting anything back from her. 18 years of her working and putting me through an expensive college as a single mother it's the LEAST I can do.

[charlesyoung]

The person who disliked this video owes their son 100 bucks.

[jvance]

In my youth I co-signed a boyfriend's car, because "I was going to be with him forever."
I was so freaking lucky that he paid it, and eventually refinanced it only in his name. Looking back I was so stupid.

[jvolstad]

Don't loan money to family at all. Period. It does not make them stronger.