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Episode 3719:

J.D. Roth lays out the rules he now follows before lending a dollar to anyone he knows. He covers looking for other ways to help first, lending only what you can afford to lose, putting the terms in writing, and dealing with a missed payment the moment it happens rather than waiting it out. He also makes the case for simply giving the money when you can afford to, and closes on what financial discipline looks like from the borrower's side.

Read along with the original article(s) here: https://www.getrichslowly.org/loaning-to-family-and-friends/

Quotes to ponder:

"You can save yourself a lot of grief by knowing in advance what you'll do when somebody asks to borrow from you."

"You may never see the money again, so don't put your own financial well-being on the line for your cousin Bob."

"Keeping your word is the most important part."

Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day.

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