Is It Still Safe To Loan Money To Friends Or Family Anymore?
The end of the year brings with it the season of giving, and while many Americans have been lucky enough to have boosted their wealth during the pandemic, many others continue to struggle. If you're in the more fortunate camp, you may find yourself on the receiving end of what can be a tricky request: lending money to a friend or loved one.
Everyone would love to help out a friend in need in theory, but the reality can be a difficult one to navigate, both in terms of your finances and the boundaries of your relationship. "It's a noble endeavor to want to give to friends and family and help them," says Amy Richardson, a certified financial planner with Schwab Intelligent Portfolios Premium. "But you have to make sure that any giving is within the parameters of keeping your finances intact."
Remember lending money is a business transaction that may likely be a loss.
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