When Lending Money to Family and Friends, Treat It Like a Bank Loan

WSJ Your Money Briefing

The Wall Street Journal

Business News, News

4.1 • 1.7K Ratings

🗓️ 28 October 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Loaning money to family or friends can be risky and create tension, especially when you’re waiting for them to pay you back. ParkBridge Wealth Management’s Jonathan Shenkman tells host Ariana Aspuru how he advises clients to put emotions aside and treat it like a bank loan. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	O. C.I. is the single platform for your infrastructure, database, application development, and AI needs.
0:06.0	Do more and spend less like Uber 8 by 8 and Databrics Mosaic.
0:11.0	Take a free test drive of OCI at oracle.com
0:14.4	slash Wall Street. Here's your money briefing from Monday October 28th. I'm
0:21.9	Ariana Spoodoo for the
0:23.3	Wall Street Journal filling in for J.R. Wayland.
0:29.8	It might be the elephant in the room as the holidays come around, the money you lent your cousin,
0:35.6	uncle, or BFF, that they haven't paid back yet.
0:39.9	Is there a better approach to this awkward situation?
0:43.6	One strategy, act like a bank.
0:46.7	It's super, super important instead of just saying,
0:48.9	listen, my relatives who I know and I love and I want to be on solid financial footing.
0:54.4	Here's some money and hopefully you'll pay me back.
0:56.7	Hope is not a strategy. It's very important that they have in writing what the
1:00.4	payment plan is going to be.
1:02.3	Jonathan Schenckman is the president and chief investment officer
1:05.0	of Park Bridge Wealth Management.
1:07.0	He joins me after the break. AI may be the most important new computer technology ever, but AI needs a lot of
1:21.3	processing speed and that gets expensive fast.
1:24.0	Upgrade to the next generation of the cloud, Oracle Cloud Infrastructure or
1:28.0	OCI.
1:29.0	OCI is the single platform for your infrastructure, database, application development, and AI needs.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Wall Street Journal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Wall Street Journal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.