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My WealthFinancial Trap: Borrowing Money

Posted Jun 2010

Why is borrowing money so dangerous? Why is lending money the road to ruin?


Even if you became smart and decided that you will not loan any more money, since you realized that this may lead you to financial ruin, you are not safe yet. There is one more way to ruin your financial stability. You can weaken and ruin yourself financially if you borrowing your money to the others. It does not matter if you lend the money to a friend, cousin or a brother, you are wasting your money, and much more.

By landing the money you have the risk that you will not see your money any more. You are risking that you will ruin the relationship if you borrow money. After all, you are losing the possibility to invest your money or do whatever you want to do with your money, in case that you lend the money to somebody else.

There is the old joke about loans: “If you loan your money to your cousin, and he do not turn the money back, than you can consider it as a good investment”. Indeed, if you borrow the money to your friend or cousin, you will deteriorate your mutual relationship. You will alienate one from another and possibly break apart. Probably you have seen many examples of borrowing of the money and deterioration of relationship.

If you borrow the money to the friends or relatives, you will ruin your relationship. If that person really needs the money, and you care about that person, you should rather gift that money to this person.



No matter how hard you try, you cannot control the effect that debt has on the people. Debt does it by its own. If you are borrowing your money to somebody, you are getting more distant. If that person does not turn the money back, than you are getting even more distant. Saying hello to debtor is not like regular hello to your friend.

Even if you have the best intention, you relationship will be ruined if you lend money to somebody. The problem gets even bigger if that person is not returning money.

The biggest curse is when you need to ask for what is yours. If you try to protect yourself by signing some kind of legal agreement of lending the money, than you are having even bigger problem.

The message is clear: If you borrow the money to the friends or relatives, you will ruin your relationship. If that person really needs the money, and you care about that person, you should rather gift that money to this person.

 

 

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