May 2013
Beginner
256 pages
3h 58m
English
Content preview from The Rules of Wealth, 3rd Edition
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RULE 98
Don’t lend, take equities
If you are asked for a loan by somebody for a specific project such as starting a company or expanding one, there are a variety of answers including:
- no
- yes
- yes but
- yes on the condition that
- yes with equity
- yes with a convertible loan.
Obviously ‘no’ can cause offence (see Rule 100). ‘Yes’ is a no-no, if you see what I mean. Lending friends and family money isn’t on unless you are prepared to write it off (see Rule 97) and generally people who want big loans aren’t that close or they’d know you better.
This leaves us with the last three – conditions, equity or convertible? There may be others of course.
Conditions: A mug’s game if you ask me. On the condition you repay me when you’ve made your fortune. Hmm. ...
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