A Money Leecher
Financial Management

A Money Leecher

Today a person was telling me about a situation where there is a person they know who seems to get by as a result of sweet talking their way into borrowing money from one person to another by using sob stories. Literally, the person apparently owes people money well over the $10,000+ mark.

The money was for irresponsible reasons too such as gambling or over spending. To make it worse, the person’s attitude and habits never changed. A lot of the lenders, who were friends and family to the person, just simply gave up it seems from even trying to ask for their money back.

Boy, do I have a story to tell about this when the time is right. I think the definite advice for this type of situation is that if you ever decide to lend the people you know a lot of money, always have some kind of documented assurance in place so that if they don’t pay you back as promised you can easily get something back from them without any fuss. You can be generous while at the same time protecting yourself as well.


  • joewatch 10/28/2007

    Another reason to have documentation (promissory note): you can write it off as a loss on your taxes. Before you do that, tell the guy you are writing it off on your taxes and supplying his name and address with your tax return to the IRS. He owes income tax on the money he didn’t pay back!

  • Alan Yu 10/28/2007

    Wow, that is great advice joewatch. That gave me some good thoughts to walk away with.

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