A mate has a great idea for an app that he wants to develop. He is looking for people to invest. It would be around $12,000. What do you think?
Leah ….. No! No! No! and No! again.
If you lend to family or friends it is very likely to backfire in your face. Your relationship changes – you can’t avoid it. Your mate will be indebted to you and bound by a legal contract. This will hang over you and between you even in the unlikely event that he makes money out of the venture that could lead to its own set of problems – should he share his winnings with you, for instance?
Good friendships take a lot of effort to build – don’t risk losing one.
If your circumstances are such that you can then give him the money – no strings – then maybe consider that. But not a loan.
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