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Don’t Borrow Money from Loved Ones
By admin | September 15, 2008
I have been asked before on whether someone should borrow money from a loved one. I try to stay away from telling people what to do, but what I merely do is say what I would do if I were in their shoes and then show my work behind it. My thought process on this topic starts with scripture:
Proverbs 22:7 “The rich rule over the poor, and the borrower is servant to the lender.”
In the NASB it reads “the borrower becomes the lender’s slave.”
We have talked before about how debt creates a new relationship. It creates a master/slave relationship. This is bad in itself. However, when it now involves friends and family it is even worst.
I have always heard if you want to lose a friend, loan them 100 dollars. You will not hear from them again. It’s always funny when the expression changes to “how to lose an in-law, loan them 100 dollars.” However, the sad thing is it is true.
Imagine when a son or daughter borrows money from their parents for a business venture. It changes the relationship from mother/son to master/slave. It has tore families apart, and I have even witnessed it happen many times in my life. Thanksgiving dinner tastes a little different when you are eating with your master instead of your mom.
It is incredibly important to have boundaries with your friends and family. One of my rules is that I do not loan money to friends and family. You may be thinking how awful that is and saying, “What if so and so needs something! You are just going to leave them hanging?” My answer to that is: No way will I leave them in a position of need and not give it to them. The difference is that I would GIVE it to them. It gets erased, you don’t hold it over someones head. In fact, I would argue that you aren’t even blessing them when you do this, it’s a curse.
I do know of examples where people have borrowed money from loved ones and the situation has turned out fine. But I know of many more examples where this is not the case and what I am saying is my advice to you is to not test the odds.
Topics: Debt |
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