It happens to everyone sooner or later - you’re just minding your own business not bothering anyone when a family member or friend asks to borrow money. Your answer could have lasting consequences. On this edition of MoneyWise Live, financial planner and teacher Rob West has a few questions you should answer first before you decide to take on the title "lender."
- Why is this a topic that seems to bring so much angst to folks?
- Why does it seem that odds are someone’s is always going to get upset eventually?
- What if your spouse is dead set on loaning the money anyway to, say, a child. Then what?
Next, Rob and Steve tackle listener questions at 800-525-7000 and via email to Questions@MoneyWiseLive.org on a variety of topics:
- If you've been driving the same truck for 14 years that is now showing it's age, should you get a new one or a used one?
- If you've heard that buying a car will sometimes prevent you from getting a home mortgage, is this true?
- If the you're about to retire and your employer offers a pension that either pays you and your wife until the last one dies or pays until just your death for less, which should you opt for?
- If you've previously managed your own 401(k) and just recently moved some money into a fund managed by someone else and their results were much less impressive than funds you kept in your own fund, should you back out?
- If you have a 401(k) from a previous employer who you've since left, should you leave it, cash it out or roll it over? SMI
- If you just recently paid of your truck (early) and your credit score went down 57 points, is this normal?
- Should it smarter to purchase or lease a car?
- If you have a business, do you tithe on your business or just your income from that business?
- If a previous bankruptcy is cause issues with your bank loans, what can you do?
- If you're mid 40's, is there a target amount you should have in your 401(k)?
Be sure to check out our new website at MoneyWiseLive.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources. Thanks for your prayerful and financial support that helps keep MoneyWise Live on the air. And if you'd like to help, just click the Donate tab at the top of the page.