How to Hold Your Debtor Accountable
The moment you lend out your money to someone, that person becomes your debtor and is liable to repay the money according to agreement.
Where the debtor fails to honor the agreement as when due, it is usually an awkward situation for both parties…
To achieve this, there are certain questions you must ask and obtain answers to before going ahead to open your wallet.
A loan is just that – a single shot of money intended to help them right their ship again. Don’t become the go-to lender in your circle of family and friends. You should never be in a state of constant lending.
In the first episode of this FINTEL series on how not to lose your money as a lender, I gave a comprehensive definition of money lending as it pertains to personal finance. Today, we want to look at the reasons behind money lending.
Lending means to grant to someone the temporary use of something on the understanding or condition that it, or the equivalent, will be returned.
I seriously hope and believe that you will experience the same epiphany as you read and assimilate the contents of this Manual – which is a compilation of the first two versions of the FINTEL FRANK TALK events.
As a result of this bitter experience, I would advocate that young people should boldly take up entrepreneurship very seriously and endeavour to work for themselves after graduating from the university.
Today, we are going to examine how to separate your emotions from money so you can be more objective in your money decisions.
To do this, the first step is to identify which emotions you are most susceptible to and the money situations that trigger these emotions.
Every time you let your emotions hijack your money making decision, you will feel a mixture of exhilaration, guilt, and regret.
When people have low Financial IQ, and as a result begin to suffer consequences such as chronic debt, loss of investment in a Ponzi scheme, or extreme poverty, they tend to develop deep feelings about money.
