I lent money to a friend and this is what happened. I’ve always heard the old saying “don’t lend money to friends” from my mom and other relatives. So, when a close friend confided in me what he called a “money making idea” and later asked me for my life savings to make it a reality, I felt a punched in my stomach. After all, it took me almost seven years to save the amount of money he was requesting.

$20,000 he asked, without hesitation and nothing to guarantee he will repay me.
After five agonizing minutes, in which all possible worst scenarios ran through my mind, I pronounced a weak, almost imperceptible “yes.”

To make a very long story short, with the money, he purchased a license to exclusively distribute a line of beauty products. He did make it as he expected, and a year later repaid me my $20,000 with 100% interest.

Despite my happy story, I still agree with my relatives. Lending money to friends is a gamble, you risk losing the money and losing the friend. I did it once, but don’t expect to ever do it again, at least not with that amount of money.
3mo ago
1 Comment
Rhona
Still thinking
@JMattinson Glad to hear that worked out for you and your friend. I’ve heard many stories where lending money to a friend leads to nothing more than a ruined friendship.
3mo ago

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