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Do the right thing rather than the instinctive thing when a friend asks you for money.Our friends have a profound effect on our personal finance habits. Some friends can lead us to spending and to debt...


As a general rule of friendship, don't lend money to a friend. That's what banks are for. If a person can't get a loan from a bank, they are probably a bad credit risk. That's the last thing you need — a loan to a friend that will be delinquent. You may end up losing both your money and your friend.

There are friends to whom I won't even lend the sleeves off my vest, let alone a car or an expensive bicycle. They are okay people in many regards; however, nothing in their hands seems to work for too long before it is broken. Some people are walking disasters when it comes to using anything that has moving parts. If no one has found a way to break it, they will in no time.

Just like you, your friends will have a lot of shortcomings. However, their shortcomings should not end up costing you money. Don't lend them your car, hair dryer, or lawn mower if they can't take care of their own possessions.

Before borrowing money from a friend, decide which you need more.
— Author Unknown

If you can't trust your friends to use your possessions with due care and attention, don't let them use your possessions at all. You have worked hard to acquire these things; it's rather unwise to have
someone ruin them if they can't work hard and acquire their own.

Friends also have a habit of wanting you to get involved in a scheme in which they are involved. It's best to sidestep those schemes "that cannot fail."

Only get involved in business ventures with friends who you trust totally. When even a little in doubt, don't.
— from Life's Secret Handbook for Having Great Friends

In short, friendship should not interfere with your financial position in life. Always keep in mind the words of Oliver Goldsmith; "Those who lack money when they come to borrow will also lack money when they come to pay." Also in the same vein, "Neither a lender nor a borrower be" should be followed religiously.

The moral here is straightforward: Don't ever compromise friendship for money. Money lust has ruined almost as many friendships as dishonesty.
Quotes about Friends and Money

It is better in times of need to have a friend rather than money.
— Greek proverb

If you can't make money, make friends.
— Mezz Mezzrow

The friends you make in prosperity are those you lose in adversity.
— Author Unknown

Having money and friends is easy. Having a lot of friends and no money is an accomplishment.
— Author Unknown

With money you can buy all the friends you want, but they are never worth the price.



— Author Unknown

Friendless indeed is the man who has friends only because he has money.
— Author Unknown

Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.
— Oprah Winfrey

There is nothing so disturbing to one's well-being and judgment as to see a friend get rich.
— Economist Charles Kindleberger writing in his book Manias, Panics and Crashes: A History of Financial Crises

With money and wine, you will have many friends, but when you are in trouble, will you see even one?
— Chinese proverb

Friendship and money: oil and water.
— Mario Puzo

The richer your friends, the more they will cost you.
— Elizabeth Marbury

The holy passion of friendship is of so sweet and steady and loyal and enduring a nature that it will last through a whole lifetime, if not asked to lend money.
— Mark Twain

The richest man in the world is not the one who still has the first dollar he ever earned. It's the man who still has his best friend.
— Martha Mason

When you are young and without success, you have only a few friends. Then, later on, when you are rich and famous, you still have a few . . . if you are lucky.
— Pablo Picasso

A friend you can buy can be bought from you.
— Author Unknown

Friends that you can buy [with money] are a dime a dozen, and will shortchange you if given a chance.
— Author Unknown
Advice About Lending Money to Your Friends

This is no time to lend money, especially upon bare friendship without security.
— William Shakespeare

It is not helpful to help a friend by putting coins in his pockets when he has got holes in his pockets.
— Douglas Hurd

Acquaintance. A person whom we know well enough to borrow from, but not well enough to lend to.
— Ambrose Bierce

You can't force anyone to love you or lend you money.
— Jewish proverb

Always borrow money from a pessimist, he doesn't expect to be paid back.
— Unknown wise person

Good friends settle their accounts speedily.
— Chinese Proverb

Money separates more friends than it unites.
— Author Unknown

One of the greatest disservices you can do a man is to lend him money that he can’t pay back.
— Jesse H. Jones

Lend only what you can afford to lose.
— George Herbert

If you lend someone $20, and never see that person again, it was probably worth it.
— Unknown wise person

If you lend someone money, make sure his character exceeds the collateral.
— H. Jackson Brown, Jr.

Friendship is friendship, but accounts must be kept.
— Chinese proverb

Those who lack money when they come to borrow will also lack money when they come to pay.
— Oliver Goldsmith
 

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