Friends and Finances: Are Your Pals too Close to Your Pockets?

April 10th, 2012 - By Toya Sharee

2.  Avoid selling property or vehicles to friends and co-workers.

You’ve got a car you want to get rid of and your friend needs some new wheels.  It’s a perfect match.  Just remember, when you sell your used vehicle you will never hear the end of all the mechanical problems that they feel you’re obligated to fix since you’re their friend.  If you really want your friendship to be over, be their landlord.  It can be very difficult to separate friendship from business and friends will take your business more casually than a stranger would.  How dare you ask them to pay their rent on time, you’re supposed to be better than that.  If you absolutely have to have a contractual agreement with a friend, get everything in writing regardless of how close you are.

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  • KM320

    I love this article because I lost one of best friends over money. She used to give me money when I was in financial trouble even when I didn’t ask. but when I finally got financially stable to pay her back, her resent had already sunk in. If I could take it all back, I wouldn’t have borrowed a penny, and I’d still have my best friend.  All I can do now is learn from my lesson.

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  • AnnaX

    #5 couldn’t ring any “truer” for me. In 2010 a friend stopped all communications (fb, bbm, calls, text) because I couldn’t afford the yearly trip to the caribbean. As if I wasn’t depressed enough that I couldn’t afford it while everyone else could I had to deal with my friends attitude as well. I really didn’t understand then and still don’t. We made up though so… I have lost a frienship over lent money. Instead of giving back the money the person was “balling” partying up every weekend and sporting new clothes ever so often and when I brought up the money their response was always “you acting like that over a $100??” Now whenever asked for money I remember “which is more important the money or the friend?” Cause its a high possibility you’re about to lose one of the above.

  • Mocha_687

    This is excellent advice. I know far too many people who are careless with their money, and unfortunately, some are friends and many are family.  I don’t disclose my salary to anyone, but people know that I have a job and I’m saving up. I don’t shop often and I’m not in anybody’s club making it rain. The first time someone asks me for money (nothing substantial), I will usually give. The second time, it’s not happening. “Ahhh I don’t carry cash on me” is my favorite line to use, haha.