Jonathan Shankman
speaker
48 appearances
1 recordings
1 series
first heard Oct 2024
last heard Oct 2024
Jonathan Shankman’s voice in public audio — every appearance, attributed to the second.
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Appearances
So it's very important to keep your eyes out on what those current rates are.
They're easily available in the public for everybody to see, but you have to have the minimum rate there
So there's no adverse tax ramifications on the loan that you give to a relative.
Other rules could be establishing a repayment program.
It's super, super important.
Instead of just saying, listen, my relatives who I know and I love and I want to be on solid financial footing, here's some money and hopefully you'll pay me back.
Hope is not a strategy.
It's very important that they have in writing what the payment plan is going to be and to share certain information with the lender.
This means that the lender should also have access to the borrower's credit history so they understand what amount of money they have outstanding.
The whole situation is weird and it should be weird and it should feel uncomfortable because if you're going to a relative and you need money from them and they're nice enough to give it to you, then that means that no one else is willing to lend money to you.
And it should be a weird situation.
And that weirdness is what's going to help hopefully keep you honest and on track to pay it back.
So I would say embrace the weirdness and having a contract in place and making it official is what's gonna help you stick to the plan
Correct.
And when you have an agreement in place or a contract in place that keeps it more professional, it may minimize the weirdness because it's more of a business contract.
But you see this person at Thanksgiving or at the holiday dinner table, it's still going to be a little bit of an awkward situation.
But that's the nature of the relationship that the person has gotten themselves into.
And the weirdness is going to keep them on track going forward.
That is the most important part of this whole thing.
People need to feel comfortable saying no when someone comes and asks for money.
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