4 your money: When family, friends ask for money
It’s one of the most awkward conversations you can have with a family member or friend.
What do you do when you’re asked for money?
It’s no secret that financial issues can really drive a wedge into even the closest of relationships.
Edmond CPA Josh Jenson helped us answer this question with some strategies and ground rules to think about before you’re hit up for cash.
- Lend only what you can, don’t take away from your future
- Ask who else will be impacted
- Ask how the money will be spent
- Write it down and have a witness to the loan
For more information on loaning money to loved ones and understanding the tax implications, click here.
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