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How to Deal When Family and Friends Ask to Borrow

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According to the Census Bureau, 25.6 million people borrowed from friends and family this year, up from 19.1 million a year ago.

So here’s the question: If a friend or family member came to you for money, would you give it to them?

It’s been an issue for hundreds of years. Take this line from Shakespeare’s “Hamlet” for example: “Neither a borrower nor a lender be; for loan oft loses both itself and friend.”

And it’s true. A Bankrate survey found that nearly half of those who lend to friends and family say it doesn’t end well.

So, when you’re approached or are about to approach, what’s the right way to do it? That’s what we’re going to talk about today.

This week, Stacy Johnson and financial journalist Miranda Marquit are joined by producer Aaron Freeman. Our special guest this week is Lynnette Khalfani-Cox, known as The Money Coach.

Remember, even though we sometimes talk about specific investments on this show, don’t take them as recommendations because they’re not. Before investing in anything, do your own research, and make your own decisions.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article, or download it wherever you get your podcasts:

Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

Should you lend money to family and friends?

We all want to help out. But does it make sense to lend money to family and friends?

How to handle loans to family and friends

Looking for guidance on how to handle these situations? Here’s what you need to know before you move forward with a friends and family loan.

Meet this week’s guest, Lynnette Khalfani-Cox

Lynnette Khalfani-Cox / Money Talks News

Lynnette Khalfani-Cox, The Money Coach, is a personal finance expert, speaker and author of 15 money management books, including the New York Times bestseller “Zero Debt: The Ultimate Guide to Financial Freedom.”

Lynnette has been seen on more than 1,000 TV segments nationwide, including appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

A former financial news journalist for The Wall Street Journal and CNBC, Lynnette is the CEO of TheMoneyCoach.net LLC, a financial education company that she runs with her husband and co-founder, Earl Cox.

Lynnette earned her bachelor of arts degree in English from the University of California, Irvine. She also holds a master of arts degree in broadcast journalism from the University of Southern California. She is a native of Los Angeles who spent 20 years on the East Coast, but now lives in the greater Houston area.

Lynnette and Earl are the proud parents of three children – including one recent college graduate, one current college student and one college-bound teenager.

To learn more about Lynnette, stop by her personal site, LynnetteKhalfaniCox.com; visit her financial advice blog, AskTheMoneyCoach.com; check out her video-based financial courses at MoneyCoachUniversity.com; or connect with Lynnette on social media via LinkedIn, Twitter, Facebook, Instagram and YouTube.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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