RULE 86: Never Borrow Money From Friends Or Family

Nigerian Business Woman Hajia Bola Shagaya & Chief (Mrs.) Abba Folawiyo
I think we might
need to have a quick recap of what friends and family are there for – and what
you are there for, for them as well. Friends are for:
• Caring
• Loving
• Supporting

• Nurturing
• Helping
• Advising
– and getting advice from
• Comforting
• Having
fun with
• Sharing.
Nowhere in that
lot does it mention:
• Borrowing
from
• Stealing
from
• Conning.
Put simply, it
is very bad manners to borrow from friends and family. It sets up too many
issues and agendas. It causes resentments and recriminations and suspicions. It
jeopardizes relationships that are important. Don’t do it. 
Advert

“Put simply, it is very bad manners to borrow from
friends and family. It sets up too many issues and agendas. It causes
resentments and recriminations and suspicions. It jeopardizes relationships
that are important. Don’t do it”. 

Besides which,
friends and family aren’t proper sources of loans because they aren’t licensed
for it. I’m not talking here of the odd fiver to get a round of drinks in but
significantly large amounts – how much that is will depend on your
circumstances … You do need to be licensed to be a credit broker (no
seriously) and if you borrow from friends (or conversely lend to the same) you
have no, legal recourse if it all goes wrong – and it will, as sure as eggs is
eggs.
I know
technically you could get proper agreements drawn up and all that but even
then, and even if they are charging you the proper interest rates, it’s
dangerous. If you fail to pay them back – due to circumstances beyond your
control of course – you risk losing their friendship, which of course would
mean much more to you than the loan would in the first place.
The only exception to this is if family and friends
want to invest in say a business you are starting, and they fully understand
that, like any investment, they may not see a return and all the usual risks
apply. (See Rule 90 for more on this.) What you can’t afford is
for it to cause a rift if things don’t work out. Family and friends are too
important for that. 
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
87
of Rule of Wealth tomorrow on Asabeafrika)


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