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1) If we’re going to borrow money, why from a bank?
2) Why not from a family member?
3) Not having the money to lend is why we don’t.
4) Knowing people’s business is why we don’t.
– Draw up a promissory note. Take collateral (if possible). If a family member is irresponsible, don’t lend. If you borrower from a family member, pay it back. Don’t assume you don’t have to and it’s OK just because it’s family.
– Decrease dependency on banks (strangers), keep wealth in the family/community, teach each other to save/build wealth. Stop giving money to corporations that don’t care about you (Wall Street).
Resource:
kiva.org (micro lending around the world)
Lending Club
Prosper
Give us a call on our voicemail listener feedback line at 615-200-7189 or drop Greg an email at:
greg [at] debtshepherd [dot] com
