There is a saying, “Neither a borrower nor a lender be.” Most of us have lent money to our lovers, friends, acquaintances and family members. If we got that money back, we were fortunate. However, in most cases, this is not the norm but the exception, and many lenders will never see their money.
Even if you have the borrower sign a promissory note, chances are you will have to fight tooth and nail or take that person to small claims court to receive your hard-earned dollars.
To avoid drama and anguish, look for the following clues that will articulate, “You can kiss your money goodbye.”
-I will pay you back when I get my tax refund.
-I will pay you back when my school loan comes through.
-You will get your money when I receive my workmen’s compensation.
-I was laid-off, so I will not be able to pay you right now.
-Here is a post-dated check; do not cash it until next week. Most likely, the check will bounce.
You get the picture. So, the next time someone ask you for a loan, either give them money and write it off as a gift or just say,” No!”
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