Questions tagged [friends]
17 questions
55
votes
11 answers
Should I take out a loan for a friend to invest on my behalf?
A family friend of mine is an accountant and his company allows him to buy discount shares. He is asking me for $7000 to invest, and we will split the profits 50-50.
I don't have $7000, but I can get it as a loan with a much lower interest rate…
Mirror318
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44
votes
8 answers
Should I buy a house with a friend?
To give some background, I currently live with a couple of friends in a 3 bedroom apartment. The living arrangement is good however I'm tired of not building equity. I've tossed the idea out for two of us to buy a house sometime within the next…
bitsoflogic
- 541
- 4
- 4
39
votes
7 answers
Best way to get my money back from a friend having family problems
Back in 2018, in June, a friend working in the UK (let’s call him Dave), asked me to lend him money because he has “family problems” mentioning he will return them by August, 2018.
Things did not go as expected: he divorced his wife, and could not…
John
- 401
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31
votes
3 answers
What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
unknown
23
votes
10 answers
Someone asks you to co-sign a loan. How to reject & say "no" nicely or politely?
Hypothetical situation:
A dear friend or family member comes to you and asks you to co-sign for their loan. Let's say the reason they need the money is not a life-or-death type of situation. Perhaps they need something (a car, to get to a job) or…
Chris W. Rea
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15
votes
4 answers
How much interest should I pay on a loan from a friend?
I borrowed 500.00 from a friend, several years ago, and want to repay him. Although the subject hasn't come up, it has always bothered me. What kind of interest should I apply to this personal loan?
user49469
- 167
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10
votes
4 answers
What considerations are there for making investments on behalf of a friend?
I've thought of two approaches so far:
Pool their money into my own brokerage account and simply split the gains/losses proportional to the amount of money that we've each contributed to the account. I'm wary of this approach due to the tax…
Matt Chambers
- 433
- 5
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8
votes
1 answer
Borrowed money from a friend for my business, & can't pay it back. Got a lawyer's letter. What can happen?
I borrowed some money from a friend of mine for use in my business and I am not able to pay back to him now due to the bad business. Actually, he put the money into my business first and later decided to get out. We both agreed that I will pay back…
WILLIAM
- 81
- 2
8
votes
5 answers
How to avoid friends' peer pressure to spend money on shopping & at restaurants?
How to avoid peer pressure from friends to spend money on shopping and at restaurants?
user454
8
votes
2 answers
Legal documents required for managing an investment portfolio among friends?
I am considering setting up a personal kind of hedge fund / stock portfolio among friends.
I am trying to figure out what kind of a legal agreement I should have them sign for investing with me to define what their responsibilities and expectations…
eWizardII
- 223
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6
votes
1 answer
Tax implications of currency exchange between friends?
I am a US and French citizen and have bank accounts in both countries. One of my friends is a Permanent Resident in the US and also has French citizenship, with bank accounts in both countries.
I have a need for US Dollars, whereas he has a need…
Beefie
- 63
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3
votes
5 answers
Co-signer defaulted: Can I take the item back?
My friend bought a bed online and needed help financing it. I agreed under the pretense that I was a "co-signer" on the loan. Turns out I was the actual person taking out the loan. At this time, we're great friends. She said she would make her…
Justina
- 33
- 4
3
votes
1 answer
loan taken on my friends name for someone else
My friend has taken out loan for his brother in law, and is a guaranteer for two other loans taken on his friend's name. Now he is not paying his EMI, and debt collectors are troubling us. Is there any way through this?
user3325
2
votes
2 answers
Accounting for paying bills for (and being reimbursed by) another person
I an currently using Gnucash to manage my expenses. I am new to double-entry accounting and find many aspects of it to be confusing. Here's a situation that currently happens monthly. I'd like to know the correct way to account for it.
There are a…
KOVIKO
- 163
- 5
1
vote
3 answers
give free budgeting advice
Recently some of my friends (separately) asked if I could give them any specific advice or hints for managing their budget by looking at their earning and spending. Should I only dispense the standard "spend less than you earn" advice and point them…
EndlessSpace
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