MoneyWise Live | October 16, 2018

Before Lending Money

Show Notes

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 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)?

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