Neither a borrower nor a lender be...

[stevewool]

Many may know my stories about lending, borrowing and gifting cash to the extended family, now it seems they are not speaking  to Emma , not a word since January 4th after I said no to a loan of 100,000 peso , after asking what this loan was for I did not get the right reply, i was told it was a unexpected bill, then it was school fees .

This is a family who has been showing off there new American kitchen that’s just been fitted there new extension on the house and there half way to building a water station too.

As I said the money was not sent but I did send them all the best .

Edited February 23, 2021 by stevewool
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[OnMyWay]

On 2/23/2021 at 2:30 AM, Balisidar said:

I established a small 529 college fund for them.

I thought 529 money could only be used in the U.S.???

[graham59]

My rellies never fail to be amused when I ask THEM to lend me money. 

They also get the message in a friendly way  ...and so far (in getting on for 10 years now) no problems.  

[Balisidar]

4 hours ago, OnMyWay said:

I thought 529 money could only be used in the U.S.???

529 plans can be used in eligible foreign colleges.  And if they decide to use the money to start a business the I'd just have to take small tax hit that will come out of the money I saved for them.

[OnMyWay]

10 hours ago, Balisidar said:

529 plans can be used in eligible foreign colleges.  And if they decide to use the money to start a business the I'd just have to take small tax hit that will come out of the money I saved for them.

I have been going back and forth over starting 529s or UTMAs for my daughters.  I need to get started.  I might do both.

[Dave Hounddriver]

Shakespeare wrote "Neither a borrower nor a lender be" but he did not mean to never lend money to people.  For he also wrote:

"If you repay me not on such a day,
In such a place, such sum or sums as are
Express'd in the condition, let the forfeit
Be nominated for an equal pound
Of your fair flesh, to be cut off and taken
In what part of your body pleaseth me."

So the point is:  Just be sure you have adequate security.