Life Kit The social etiquette of lending money
11 snips
May 7, 2024 
Michelle Singletary, a personal finance columnist for the Washington Post, and Wendy De La Rosa, an assistant professor at Wharton, tackle the tricky terrain of lending money to friends and family. They discuss the emotional dynamics involved and suggest viewing financial help as a gift to maintain relationships. The conversation covers setting clear boundaries, navigating conversations about money, and understanding the risks, including co-signing loans, to ensure support without straining connections.
AI Snips
Chapters
Transcript
Episode notes
Gift, Not Loan
- Treat lent money as a gift.
- This avoids resentment and makes expectations clear.
The Big Screen TV
- Michelle Singletary and her husband lent money to friends who prioritized a TV over repayment.
- This experience led them to adopt a gift-only approach.
Gift Within Your Means
- Only gift what you can afford to lose.
- Establish a budget and maintain an emergency fund before gifting.