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 personâ€™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 donâ€™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.