Lend what you can’t afford to lose
Perhaps the # 1 golden rule when considering loaning money to friends and family is to first ask yourself: can you afford to provide the money as if you gave it forever? “If the answer is no, then you can’t afford to be a philanthropic,” Mark Charnet, Founder and CEO of American Prosperity Group. “If the answer is yes, then you must delve into the request based on the person’s history, personality and reliability.”
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