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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 97

Never lend money to friends or family unless you are prepared to write it off

Can you share your wealth with family and friends? Yes, but if you want to retain your sanity I would strongly suggest you don’t lend anyone any money unless, mentally, you are prepared to write it off. That way when they don’t repay you – and I bet they won’t – you’ll feel just fine about it. If you expect them to repay you and they don’t, imagine how hurt and let down you are going to feel.

I know. I have sons. But my money is for them as much as it is for me, so we play this game of them asking for a loan and me giving it to them. Sometimes they pay it back and I am pleasantly surprised but sometimes they don’t and I write it off and that’s fine too. (I ...

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