In recent months I have had to re-evaluate the manner in which I review money and how we are responsible for our own financial choices. Many of people have stated that you should never loan money to family or friends, as it is an easy manner in which to end a relationship. It has then went a little further and stated, you should never loan money to anyone if you believe you will need it back.
I am at a cross road, because I have always been reviewed as the fiscally responsible party for by friends and family. It is hard for me to say no when loaning someone money, especially if the picture painted is one in which it is deemed they truly needed it. Case in point, someone close to me was scheduled to be evicted, so I loaned them the money. Another person was not going to be able to get to work, if their car wasn't prepared. In another incident, the child's daycare needed to be paid, and the person's child support payment was delayed.
My challenge isn't loaning the money, it is asking for the money back. Is it really that straight forward that I should never loan money out that I cannot afford to count as a loss? Or should I be like a bank, and after a certain amount of days call into collect? I never know what is appropriate and what is not. Whose responsibility is it to ensure money is returned?
Tactful Talk Tuesday with Taneka