Can I Borrow Some Money – Borrowing money from family and friends is difficult. On the one hand, you can lend a helping hand, but you don’t want the debt to destroy the relationship, especially if the borrower is struggling to repay the loan or if the borrower feels entitled to the money. Hurlow Wealth Management Group created the Grandpa Moneybags line to introduce the next generation of wealth owners to financial concepts, including budgeting and financial management.
While stirring spaghetti in boiling water for dinner, Jessica thought about her upcoming 30th birthday. She and her boyfriend, Jake, moved in together six years ago. At first, no future wedding settled her, but during a recent trip to visit her father, sisters and nephews, Jessica realized that she wanted children and marriage, but began to doubt whether it was Jake.
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In April 2020, Jake’s employer fired him from his marketing job. Since then, he has not been able to find a new job. Instead, he was engaged in his “business”, which was not yet profitable.
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A few nights ago, Jessica was paying the utility bill and blurted out in desperation, “Jake, you need to get a job. I can’t keep paying all the bills myself. I pay for utilities and internet with Amex. my visa has already expired.”
“Why don’t you find a job? I’m not going to ask my father to bail us out again. Employers will hire you in a second! So why aren’t you working?”
“This isn’t a business, Jake, this is a hobby. Business makes money. You make a video that no one watches. Don’t care!”
“Oh, really? How many views did you have on your last video? Let’s see, 12? Wow, honey, this is incredible. I’m sorry I didn’t give you more support. Yes, let me call my father and ask him to sponsor my video production business.’ Jessica replied sarcastically.
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“Ask him for a loan. We will refund him. I need one video to go viral and then I can get a real sponsorship.”
“Jake, let’s be realistic. In two years, your number of subscribers increased from one to 30. This is not good. I want to call my father because I don’t know what else to do, but you have to contribute to our finances. “
Jake didn’t answer. He just kept staring at the computer screen. Jessica went to the bedroom to cry.
It took several days, but Jessica finally worked up the courage to call her father. She decided to call him right after dinner.
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“I’m going for a walk,” Jessica announced as she opened the door to their third-floor apartment without an elevator. She did not wait for an answer, but went down the stairs and connected the AirPods to her ears. “Hey Siri, call Dad,” she said, taking a deep breath to calm her nerves. Her parents raised her to be independent and self-sufficient. What would he think of her now?
“Well, Dad, that’s why I’m calling. Jake doesn’t work, and I owe on the bills. Jessica’s voice broke as she said the words. She didn’t want her father to feel disappointed.
“Oh honey, I’m sorry you’re having trouble. But it looks like it’s time for Jake to retire. I want to talk to him too. Is he here?”
Jessica ran up the stairs, two at a time. As she made her way to the door, panting, she made such a noise that Jake flinched and went over to see what the matter was.
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Breathing heavily, she replied, “My father is on the phone and wants to talk to both of us.”
“Yes, I’m here. Jake with you? Yes, I’m here,” he said, handing Jessica a glass of water.
Jessica and Jake exchanged glances. Jake frowned and shook his head, hinting that they were about to hear some bad news. Taking adjacent seats on the couch, Jake replied, “Now we are.”
Charlie let out a loud sigh before speaking again, “Let me tell you a story. At the end of the summer, my neighbor Bill borrowed my wheelbarrow. Over the course of several weeks, I watched him remove mulch around his yard and pull weeds. He made the yard nice and improved, but then summer turned to fall, and I expected Bill to return my wheelbarrow, but he didn’t. So, we had a whirlwind last week. I cleared the driveway and driveway with a snowplow and then later that day Bill came over and asked to borrow the snowplow. I said, “Sure, Bill, as soon as you bring my wheelbarrow.” Do you know what he told me?
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“He said, ‘I thought you’d ask him back if you needed him.’ Well, loans don’t work quite like that. You would see Bill trying to push and then pull the wheelbarrow down the driveway through six inches of snow. It was quite amusing.
Jake, you got fired a couple of years ago. I felt sorry for you two and gave Jessica some money. It was a gift and I didn’t expect to be repaid. Jessica asked me for a loan tonight, but that’ll work for you, too, Jake, won’t it?
“Well, that’s the thing. I’ll lend you $5,000, Jake. But it is connected with some conditions. First, you need a job. You won’t get a loan in a jar if you don’t have a job, but a lot of it. I’m not a bank, but that’s one of the requirements.
Second, Jake, I want you to sign a simple promissory note. You don’t have to start paying for six months so you can cover your bills and start rebuilding your savings. At the end of that time you will be able to pay me $100 a month. I’ll charge you a very modest 4% interest rate – about the same amount I’d get if I kept the money in the bank. How does that sound?”
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Jessica said nothing. She clamped her hand over her mouth and looked at Jake, pleading with her eyes that he accept the offer, but also take responsibility for his share of the household expenses.
“Really? It doesn’t have to be a career, Jake. Any job will do? Let’s shoot for a week. How many jobs do you want to apply for in the next 24 hours?
“How about getting 20? I’ll call you tomorrow to see how things are going. Then we can talk about the next steps for the loan, son.”
“Thanks dad.” Jessica exclaimed in a dark voice, not wanting to sound excited about Jake’s decision to finally find a job. “I love you!”
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The decision to give money or credit to a family member is tied to power dynamics and can negatively affect the future of those dynamics if not handled carefully. However, when the need arises, requests for gifts or loans will inevitably arise. Communication is key in setting expectations to avoid irreparable damage to the relationship.
Services offered through Hurlow Wealth Management Group, Inc., a registered investment advisor. Hurlow Wealth Management Group, Inc. does not provide tax, legal or accounting advice. Advisory Services are provided only to those clients or prospective clients in whom Hurlow Wealth Management Group, Inc. and its representatives are properly licensed or exempt from licensing. Past performance is no guarantee of future earnings. Investments are associated with risk and possible loss of capital. Hurlow Wealth Management Group, Inc. cannot provide any advice unless a customer service agreement is in place. They say one of the fastest ways to lose a friend is to ask them for money (there’s a small chance this will work with relatives too!). But when friends or colleagues come to us and ask for a loan to help them cover their monthly bills, most of us are willing to lend them some money. A couple of hundred here, 50 dirhams there, and a few more large sums. But what happens if the loan continues and your friends don’t pay you back? And can any legal action be taken? In fact, several expat forums in the UAE have questions from residents about what they can do to repay borrowed money ranging from a few thousand dirhams to several hundred thousand.
Well, it turns out there’s not much you can do to recover the debt, especially if it’s money borrowed in cash between friends, according to Ashish Mehta, founder and managing partner of Ashish Mehta & Associates, a law firm in Dubai. “What I advise people to do is to enter into a written agreement when lending money, specifying the terms of the interest rate and the payment plan. And the best practice is to lend money with a check that will serve as proof. Ashish adds that in the absence of a written contract, two witnesses can also be presented to the court who will be able to confirm the granting of the loan to a friend, relative or colleague. “Without these things, the case will be dismissed in court and you will not have the opportunity to go to court. It should also be kept in mind that everything is in the UAE
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