1. NEVER Lend to your friends - even the cosest ones - by borrowing (CCs includided).
2. If it is UNAVOIDABLE, give only that amount which you can forego. Give n forget it. Do not expect it to return. Before giving, decide whether it is OK to lose a friend forever.
3. Do not stand as guarantee or a surity for their loans/debts.
4. Do not disclose or discuss HOW MUCH you have. Many see your money as their money. Instead, you may discuss money making ways with them.
5. Their defaults should not be your defaults. Specially, towards CC/bank outstandings. Your rating suffers a lot.
1. My encounter with friend was for Rs.100 during college time and that never came back and there after few days I unfriend him. I straight away said to him, "we will be friends but there will be no financial txn invloved between us ever." He stopped contacting me and found a new lender which he considered new friend until he did what he did to me. Later most of my friends in life were those who had equal or more than me and we settled things on the spot like while eating contibuted for our parts. That worked for long.
With some other friends I always got it back by pushing them or reaching their parents or elder brother. Later in life, I completely stopped giving money to anyone. Never did to acquitances or friend or friends. People did came and straight away, No or told them to find someone else.
Last year from my other friend who is still close to him (the one who didn't returned 100), I came to know he sold mother's and wife's gold also to pay for debt and currently has 73+ Lakhs more to pay. That gold would have been up by 50-60% now. But he was always in mess and never worked out through life with a plan.
The day you need to have loan for your need is the last day you enjoy your life. No matter how much lesser you have in pocket, at end of day if you sleep with no debt at all, you are okay.
2. Not Applicable.
3. Never stood as a guarantee. Once I went with a known only to help with form filling. Later his intention came out when he said, yaar loan apply kar raha hu, guarantor bann jaa teri toh FDs hai hi iss bank mein. I stood up and left by saying form fill karwa dega banda apne aap. He called and said, manager keh raha tha aise hai aapke jaankaar. I told him, usne tujhe ni kaha ki apne matlab ke liye aap dusrey logo ka istemal kartey hai and cut the phone. Never contacted him again.
Thing is, stand for yourself and lose a habitual debtor.
4. Personally I never disclosed what I have and online also as we are anonymous it doesn't concerns me when I write I earn so and so as here no one asking me for money or even if someone DM with such request, I ignore it. So yes, even if people push or tell you must be poor that's why not telling or use tactics to let you spill out, never entertain them. My own cousin tried it with me and I said, mai gareeb aadmi hu, kya leta hai. Ni hai kuch.
5. Avoid such people who take loan and you know their work is low or they don't earn much.
When you use every penny wisely and think much more before spending, you will never see a financial blunder in your life.
Never use your money to show off or as Gen Z do, they spend on girls just to tell them how big they are. Luckily in my circle, we spent our life not spending a single rupee for any girls. Paali ni because that is also a burden and bucket with too many holes where water will never stay.
