As a black man the key to success is not lending people money or co-signing loans

[Bubba T]

Facts. People with fukked up credit got there by not being able to pay their bills on time. If that’s the case what makes you think they gonna start paying new bills on time just because you co-signed a loan?


Even worse is lending them money. Everybody swears how grateful they are for the help and how quickly they will pay you back. Thing is after a while you stop being looked at as friend who helped in a pinch, but rather as another bill collecter. That’s when those phone calls stop being answered and they always in a rush when you see them. shyt never fails.

Like I said that’s why I never lend more than I’m willing to say goodbye to. Many times I legit had friends crying to me about shyt, like how they car gonna get repoed if they don’t pay $800 by tomorrow and if I can help. I be like “fam I wish but I just paid my mortgage. I got $70 to lend if that helps” . Lol @ “lend” . Never seeing that bread again but I’m cool with that, because I expected nothing less.

Lol. You know what's up. I've never given anyone other than my mother more than 100 dollars for anything. In all cases, I knew I wasn't getting that money back.

Before I got in my profession, some people around me would comment on how good I was with money. In reality I just wasn't stupid with what I had. It's a shame other people haven't learned.

are you kidding??? with that arrangement,, you can easily find someone to pay that, plus he would have to sign an agreement where he would have to leave if he don't have the means to pay the money

So you're talking about a rental agreement. It's more complicated than you think.

 

[Hawaiian Punch]

are you kidding??? with that arrangement,, you can easily find someone to pay that, plus he would have to sign an agreement where he would have to leave if he don't have the means to pay the money

Listen breh more power to you and I encourage you to proceed if a friend ever came to you in need. Personally that’s something I would pass.

For that trouble I might as well buy a house outright and just rent it out. What you fail to realize is even with a signed agreement a personally legally does NOT have to leave right away. It’s called tenants rights. And that signed agreement you had them sign made those friends tenants. In NY it can take up to 9 months to evict someone. That’s lawyers fees, court fees and 9 months of mortgages you have to cover for a crib you co-signed, don’t live in and never got any money upfront for. For a normal person with their own problems that’s enough to destroy them and force the house into foreclosure.


Sorry breh you not thinking about the full picture of the scenarios I been saying this entire thread.

 

[LiIZaneFan1978]

As long as you keep setting new financial benchmarks you'll never have enough laying around to start passin thousands to family members


And if u are the type to cosign loans for people then there was only one way you'd learn your lesson

 

[desjardins]

I got manipulated into cosigning on a car with an ex. She didn't tell me what was up until we were there, then tried to guilt trip me into cosigning right in front of the loan officer
So many red flags to get out of that relationship, but you live and you learn

 

[Yinny]

Yeah if somebody doesn’t have their shyt together I surely wouldn’t trust them to look out for mine.

 

[BucciMane]

Don't lend money to people. I learned the hard way after a handful of a times (should have learned the first time). Got burned pretty big on a few of them.

 

[Iceson Beckford]

Stopped lending after I saw my mom get fukked over for thousands for a friend.

I prefer to give an amount that wont affect me so that the person can actually get out of their situation and my pockets arent hurt. Wouldnt feel like Im doing them a favour by creating new debt.

Lending money when you know the person is going to struggle to pay it back is unethical and a bad choice for yourself.

 

[Crude Abolitionist]

I wont lend but will make an investment.

 

[MrPentatonic]

In another thread we will be complaining about lack of access to credit for black people lol

Lend what you can afford to lose or man up and start saying no to people.

You ain't gonna be able to go through life without lending to people especially if you have it, that type of thinking doesn't have anything to do with success.

 

[Reality]

fukked up and lent a little over a grand to a really good friend when he was in a jam. Like...a day away from homeless with no way to get to friends and family type of jam. Never again.

I discovered I am way too particular about money. Months later, his IG posts of going out to eat, blowing money on bullshyt, etc. just have me low key heated. Don't even need the money like that, it's just the principle of the matter. Low key ruining the friendship as well.

 

[greatone]

fukked up and lent a little over a grand to a really good friend when he was in a jam. Like...a day away from homeless with no way to get to friends and family type of jam. Never again.

I discovered I am way too particular about money. Months later, his IG posts of going out to eat, blowing money on bullshyt, etc. just have me low key heated. Don't even need the money like that, it's just the principle of the matter. Low key ruining the friendship as well.

I know how you feel. I lent out money and never gotten it back. I had people tell me they will pay me back when they get their income tax. Soon they get their tax they blow it on shoes, clothes, and other crap. Like you I might not need the money but I rather blow my money on stuff I want than seeing you spending my money on yourself. Now I either tell people I don't have it or I don't lend out more than I can afford to lose. People rarely ask me for money anymore because I always say I don't got it.

 

[Hawaiian Punch]

In another thread we will be complaining about lack of access to credit for black people lol

Lend what you can afford to lose or man up and start saying no to people.

You ain't gonna be able to go through life without lending to people especially if you have it, that type of thinking doesn't have anything to do with success.

I see what you are saying. Matter of fact if you read through all the posts you will see that we make the exact same point. Never lend more than you are willing to say goodbye too. There are many people in this world who put themselves in serious financial situations by not following that advice.

 

[egsteel]

This is why I still think lending for profit can be successful on a street level. But yall would just talk me out of it again.

 

[Hawaiian Punch]

This is why I still think lending for profit can be successful on a street level. But yall would just talk me out of it again.

Lending on a street level is profitable, assuming you got the right muscle. Collecting on accounts in arrears works a lil different