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Should I loan my parents money?This forum post has messages dated from 03/13/10 through 12/29/11, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. - Small Business Finance
| Should I loan my parents money? My parents have their own business, home improvements. Due to the winter weather business for them has been slow they say..I wouldn't know since I'm currently deployed to Iraq, although I do read the news and seen that it's snowed a lot this winter. Anyways, my parents never really ask for money and when they do it's always for something small like $600-$1500 and I always lend it and they always pay it back. I'd never lend out more money than I couldn't recover in case it wasn't paid back. But now they're asking to borrow $4, 000 to pay their house mortage. I'm just a bit hesitant because that's a lot of money and while I have it and it wouldn't effect my finances I don't know what to do. I mean, I can take from my savings but I was planning on buying a car once I got home..plus I've already given them my car since they totalled theirs and didn't have insurance (full coverage). They have been taking care of my son since I've been gone so I'm more than likely going to do it but I was looking for second opinions. I don't think my parents would not pay me back but still..am I being selfish about this at all? |
| Hello! Explain to your parents so that they can understand the situation. Don't they have other source of finances? If not, then I advise you to lend them but explain to them that they should handle their finances well so that when the time comes rainy days come, they are already prepared. |
| There are many people today who are interested about putting up a good small business. But of course, one thing that you need to consider is the financial matters which are very important in running a business. Most beginners have difficulty in coping with the financial concerns but I think you just have to take the risk if you really want to prosper in the field of business industry. |
| For that matter, you really need to let your parents understand the situation you are up to now. That money is too big for them to have and if they have plans fr=or the money, better let the story share by the three of you. Money matters should always be clarified because other people my misunderstood it and it can be sometimes be the reason why people cannot understand one another. |
| Putting up a business needs a lot of decision making whether it's a small or big business. The financing of small business should really be well taken care of because as we all know that big businesses also came from small ones. Loaning a money is a big decision to make but if you are into business, you should really be a risk taker. I hope that your business would be a success. |
| I would like to know much about that area. My parents want to know much about that area. I want to know much of that area, I want to know much about the area where I can do possible acts. My parents is planning to gave me a business and I am really excited in that matte. I hope a lot of people would help this area as soon as possible. |
| "Should I loan my parents money?"
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| "Small Business Loans"
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