It Pays to Tread Carefully When Lending Money to Family and Friends
Updated: May 7, 2019
Rianka shares her advice with CNBC for handling financial and family obligations.
Loaning money to family or friends can be a complicated and emotional subject for many people. To that point, a friend recently confided in me about money issues they were having with a family member.
This family member was gearing up to ask my friend for money. They could see all the signs, my friend said. While they had not talked to each other in several years, this person was suddenly interested in my friend and even inquired about their recent promotion at work.
As much as my friend wanted to believe that this sudden interest in their life came from a good place, they had seen this happen before with other friends and family members. The truth is, for many first-generation black wealth builders, there’s a responsibility to provide for family and our friends.
As a wealth builder myself, there’s a feeling of responsibility that we must spread the wealth around and use our own success to help and support others financially. Why? Because these first-generation wealth builders tend to be hard workers, and they’re incredibly appreciative of everything that they have. Also, they are one of the first generations to push beyond the wealth gap to find financial success.