WCI #112: The Right Way to Borrow Money From Family
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 27 June 2019
⏱️ 45 minutes
🧾️ Download transcript
Summary
A listener asked me how to prioritize loans from their parents. I am not a fan of borrowing money from family. I'd hate to owe money to my parents. Paying that off would be a major priority for me. But if you are still going to do it, remember that when you borrow money from family, you have to pay a reasonable interest rate and it is a good idea to have written terms. We get into more details about borrowing money from family in this episode but don't become debt numb just because you are offered money at a low interest rate. Check out the show notes for this episode at https://www.whitecoatinvestor.com/
If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here is your host, Dr. Jim Dolly. |
| 0:17.0 | This is White Coat Investor Podcast Number 112. How do you treat dad loans? If you are finding our |
| 0:24.2 | podcast informative and helpful, check out our website. Since 2011 we've been |
| 0:28.0 | working hard to provide valuable personal finance and investing information |
| 0:31.3 | through thousands of blog posts written by an array of authors. |
| 0:34.8 | You can find information on how to manage your student loans, fix and avoid common financial mistakes, |
| 0:39.7 | understand your retirement accounts, optimize your investments, find professional help at a fair price, get |
| 0:45.0 | started investing in real estate, and so much more, all at no cost to you. |
| 0:49.5 | You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, |
| 0:54.0 | and interact with other WCI readers through our online forum. |
| 0:57.3 | Head on over to whitecoat investor.com to start learning today. |
| 1:00.5 | You can do this and the white code investor can help. |
| 1:03.0 | Thanks for what you do. I know you're probably on your way into work, your way home from work, |
| 1:07.0 | maybe working out at the gym, whatever. |
| 1:09.0 | Medicine is stressful. Dentistry is stressful. |
| 1:12.0 | Law is stressful. I don't know what you do for a living, but chances are that in order to become a high income professional, you would spend a long time in school. |
| 1:19.0 | You spend a long time training for it and you put up with a lot of crap. |
| 1:22.0 | So if nobody's told you thank you today, let me be the first. |
| 1:25.8 | All right, coming up here in a couple of weeks, we have got the White Coat Investor Con, |
| 1:31.6 | W.C. I. Con 20, which is March 12th through 14th of 2020 in Las Vegas at the Paris |
... |
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