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DON’T INVEST WITH FAMILY AND FRIENDS (OR LOAN THEM MONEY)

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A surefire way to lose family and friends is to invest your money with them. I’m not saying all of
these transactions turn out badly, but some of them do. Most of the time, it’s not because of any
impropriety. It just happens.
If you begin your adult life with this philosophy (and make it known to friends and family), then it
will be easier to follow through with this throughout your adult life. As a matter of fact, because
you’ve made it known, people will be shy about approaching you on money matters.
For those who get upset with you for managing your finances this way, they weren’t your friends in
the first place. Keep that in mind, and it will be easier to deflect their monetary requests.
If you decide to loan money to a relative, then look at it as if you are giving it away. Your expectation
should be to receive nothing in return. However, make sure you get the terms of the loan in writing. If
the relative balks at that (or makes you feel bad about asking for a written agreement), then run in the
other direction. If in fact the loan gets repaid, you should look at that as a bonus. Of course, I am not
suggesting you don’t give a loan/gift to immediate relatives (like your child or parent). It’s important
to help family members in need. Just understand that it is a gift, not a loan (no matter how you term it).
Again, the expectation should be that you will not be receiving payment for it. That way, you will be
pleasantly surprised if the loan is repaid.

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