You don't know how many stories like this I have heard! I told my friend that she should have invested the money on herself. She was the hungry one. It was her and not her sister who was the hope of the family.
The general rule is you can help if you have money to spare but don't borrow money to help someone else.
I know a lot of people are going to get mad at me for what I just said. But please give me a chance. I'm not against people helping their families and friends, but if you are going to go into debt just to help someone out, it better be a life and death scenario.
Unfortunately in this day and age, 'utang' is so easy to do. But everytime you borrow money I want you to remember that you are borrowing your future. You are spending money you haven't even earned yet! So before you borrow money to help your family and friends here are some things you should consider:
- Ask yourself this question. If the roles were reversed and you were the one who needed money do you think this person would do the same thing for you?
- Tell the borrower to exhaust all other means before getting money from you. Give them ideas like finding odd jobs or selling some assets.
- Borrow ONLY for health and education emergencies and only for your immediate family.
- Never give money to people who can earn money by themselves but rely on you for their money.
I'll leave you with something to think about. Two people are stuck in sea. There is no help for hours. One person is a stronger swimmer than the other, but the stronger swimmer can only keep one person afloat. If the strong swimmer tries to help the weaker swimmer they will both drown. But alone he/she can survive. What should the strong swimmer do?
For more information on how I can help you email me on hoover@barongroup.com.ph.
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