Should You Loan Money to Friends and Family?!
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 31 July 2023
⏱️ 53 minutes
🧾️ Download transcript
Summary
Loaning money to family and friends can be seen as a generous act when they're caught in a financial crunch. However, such acts often come with a caveat - they tend to ruin relationships. If you're diligent about saving money, it's probable that your friends and family members will be aware of this fact, even if your lifestyle isn't extravagant. Consequently, you may find yourself being viewed as a potential provider of funds for others' financial emergencies or poor financial planning. In this episode, we'll guide you on navigating these tricky discussions and share our insights drawn from objectively monitoring such loans.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.8 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.6 | I'm your host, Devin. |
| 0:14.6 | Join today by my co-host, John Ross. |
| 0:17.2 | Howdy. |
| 0:25.6 | Okay. Howdy. All right, John. So in the Bible, that's the book that Christians follow. |
| 0:29.6 | For the heathen listeners. |
| 0:32.6 | Yes. |
| 0:33.6 | For the heathen listeners and co-host. |
| 0:43.9 | There is a scripture that across all versions of the Bible is nearly identical, |
| 0:46.5 | which is unusual as I understand it. |
| 0:50.3 | Now, I'm not a biblical scholar, but the way that I understand it is that... You're talking within the translations as well. So I mean, you know, |
| 0:55.2 | and King James versus NIV versus whatever, right? That's it. Yep. And the scripture says |
| 1:02.7 | something like this, for the love of money is the root of all evil. Now, if you read all the other translations, it'll say something like, for the love of money is the root of all evil. Now, if you read all the other translations, it'll say something like, |
| 1:13.2 | for the love of money is the root of all kinds of evil. That's probably the most common way |
| 1:19.8 | that you see it in all the other versions. But the message is very clearly the same. Now, |
| 1:24.7 | growing up, I was taught that, you know, the focus was on money, right? Not the love of money, |
| 1:31.1 | but on the actual money part, that that scripture was often truncated to say, money is the root |
| 1:37.9 | of all evil, not the love of money. But where I'm going with this is not for you and I to have |
| 1:43.4 | this theological conversation. |
| 1:45.0 | Although I've probably been listening to way too many podcasts on philosophy and stuff |
... |
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