Discover the key factors to consider when determining whether and how to loan money to a loved one.
- When a loved one is in financial trouble,…it's natural to want to help.…But we've all heard horror stories…about how that help as gone awry,…causing hurt feelings, resentment,…maybe even a complete break.…So how can we navigate this very thorny situation?…Hopefully, with our loved one back on firm financial ground…and a relationship with them in tact.…Follow these four tips.…One, don't rush into a specific commitment.…If a loved one asks for a loan…or if you pick up on their financial distress…and offer to help, make sure that you get…the facts of the situation first.…
Important facts include whether this is a one-time…or ongoing issue, how the issue came to be,…and if the underlying cause has been resolved.…Think carefully before getting financial entangled…in a problem that doesn't yet…have a clear course of action to resolve it.…We also want to clearly assess…the extend of our own ability to help.…We may not have either the means…or inclination to totally rescue…our loved one from their trouble,…and it's critical that we assess the circumstances…
Skill Level Intermediate
Personal Finance Tips and Trickswith Jane Barratt2h 58m Appropriate for all
Financial Wellness for Couples and Familieswith Amanda Clayman1h 7m Appropriate for all
New This Week
Your Money Management
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