Always remember that when you lend money out, do not expect it to come back. Even with a promissory note or loan paperwork for whatever reason, i.e. downpayment on a house, need help with rent, car repairs, business loan, etc...
I have given a person basically a line of credit for the last 10 months expecting the funds to be returned, or for them to start re-paying on the received funds. It hasn't happened and the risk that I have taken is causing me some problems with business and personal life. I do not blame the person that I loaned the money to, rather I blame myself for not saying "I'm not in a position to help you at this time..."
Lesson learned again. Never lend anything that you can not afford to lose. Family and friends are the worst when you are lending money. But with family and friends you should never expect it back, and just be happy if they return the amount that you have lent to them.
Currently, I am in the process of collecting some of the funds that are owed to my corporatoin, added up it is a total over $900,000+. It's hard to run a business when so many owe you so much.
This blog entry is just a reminder to all those out there thinking about lending personal funds to anyone, never give up what you can't afford to lose.
Thanks for reading.....
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