Why I Stopped Lending money to Family | Co-sign Loan

20,000 can make you legally $266 per month if you can earn 16%, which is pretty low. But Credit cards which are the best Lenders make around $400, at around 24%. Who wants to start a credit card company with me, I joke.

But that’s an interesting Fact I wanted to share with you guys, So lets talk money and Family, and lending money to Family. This video is just going to be 6 Different Stories, that hopefully will translate the lessons that I’m to teach you guys.

Yes I’ve lent money in the Past to family and friends, yes some have paid me back and yes some did not. And yes I know how to tell who will pay and who will not.

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Book: Boundaries and the Richest man in Babylon
– The boundaries book will help you establish good boundaries between you and people you love
– And the Babylon one will help you learn to manage money and multiply it

1. My first loan to my Cousin and Never talking again ( Use Contracts – Promissory Notes with Collateral )
– One of my favorite cousins and I wont say his name for obvious reasons, till this day he owes me around $3,000 I think
– He Needed the because his bills were to high and he was falling behind
– If someone doesn’t have money to pay their bills how the Heck will they pay you ( we from talking Every other day to every other year, when he promises me to pay me back)

2. One of you guys a Loan to your Mom ( Say No, and ask how can I help in a different way)
– This is a Younger Man, his 22 Years old and about a year ago his Mom ask him to Co-sign for a car for her
– Because the Bank didn’t believe she could pay ( if the bank, that is an expert doesn’t believe she can pay, what makes you think she will )
– Today, his stuck paying the car note whenever she cants, because his afraid it’ll messed up his credit

3. Close Friend Co-Signing Student Loan for Kids
– This story comes from a parent, who loves her kids so much that she cosigned for a student loan of nearly $75,000
– She Got Lucky her Kid didn’t decide to switch major or stop going to School ( but she will be stuck with it for the next 10-20 years, because the kid isn’t in a rush to pay it off )
– When Someone thinks borrowing is the only way, they find a way to borrow. When its not option they find something cheaper.

4. Dave Ramsey Car Note Story
– You guys know Dave the rich guy worth 200Million dollar with over 2M subscribe on YouTube
– Well he has a story too that he talks about every now and then,, where he got a friend to Co-sign a car Loan for him ( a jaguar )
– Dave Couldn’t make the Payments so the friend got Tired and then they took the Car away ( no matter how smart someone looks, it doesn’t mean they are good with money )

5. One of you Guys started a Lending Business with Friends
– The Bible says, the Borrower is Slave to the Lender, and not so long ago it use to be. Where if I owed you money and didn’t pay, I could have you as a slave, or send you to Jail ( that was a real thing)
– It wasn’t only until 1898 where they launched the Nelson Act,
– And the fiction story that I was told behind this was, that someone really important and smart fell into debt and problems and was sent to jail ( and they realized that not all men indebted are bad so they wanted to give them a second Chance)

6. Story of the guy with money and his sister and husband wanted to borrow money

Alternative
1. Is their any other way I could help that doesn’t involve Money
2. Obviously tell, if someone needs money to Something they are not capable of doing on their own income
3. Give if you can but don’t lend ( have Zero Expectations)

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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