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what care should you take in financial dealing with friends and relatives

Created by : sandesh saboo, Research Associate/Analyst, saboo associates  | 08 28 2009 12:23:00 +0000
Industry : Equity Research/AnalyticsFunctional Area : Equities(Markets)
Keywords : financial trasactions with friends and relatives
Activity:  172 views;  last activity : 07 06 2010 20:18:09 +0000

it is said never lend money to a friend you would loose both

  
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i do not deal with friends and relatives i better have them Vs yes it is inevitable but hav eto design proper checks
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financial matters brings between friends and relatives a very sensitive matter,many time you loose your friends and relatives because of financial dealings how to avoid this trap.

you feel like helping a friend in need,but you also feel cheated when the favours you do do not get back to you.you lend to a friend and th emoney gets stuck.

you loose a friend and you loose your money.

what should be done to avoid this trap
By sandesh saboo, Research Associate/Analyst, saboo associates  08 28 2009 12:23:00 +0000
 
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you really can't avoid financial dealings with your friends or relatives,,,,, though sometimes it deteriorates your relationship but thats an out come of unfare practices or taking relationship in granted.... but if in true sense you need to execute your dealings there is nothing wrong in it.....
By Nagpal Singh, Sales and Business Development, Babel Group of companies  08 29 2009 14:09:35 +0000
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well this is a good policy but soetimes dont work
acc to me oe should not deal monetory but once you do it you should make your mind first that things wil change
By khalid khan, Head/VP/GM-Marketing, hindustan associates  | 08 28 2009 21:12:04 +0000
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I think I am unable to generalize this GOOD topic.

If we are at the age of below 40 years, our earning strength is comfortable. If we are earning handsomely, we need not look back in helping a friend or relative in need. If we are not earning handsomely also we may take extra pains to help out. Always think - the troubles may come to us also and we may be on the taker's side.

If our age is above 50, our earning strength is diminishing. We need consolidation of our earnings here. We may give a second thought for helping at this juncture. Still we can help him by suggesting him the locations as to where he can get help and that is as good a donation.

If you are above 60, there is no second thought. Reject helping outright. May be you become a bit harsh, you may have to lose if you help this way. If you lose, you in turn may lose help from your inmates.

If you are not employed and below the age of say, 25 - you are not supposed to help directly, since its not your money after all. You may openly say that.

If you are between 25 and 40, look at your priorities and how important the person who needs your help. Decide.
By taranath joshi, DGM Operations, EOL,  | 08 28 2009 16:37:42 +0000
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 You need to manage it neither of the person can be deprived friends & relatives both are an important relationship into maintain an healthy relationship management is must. Else it can lead to drastic condition in persons life.

Praveen Khandelwal-Gwalior(MP)
By Praveen Khandelwal, Development Officer, United India Insurance Co.  | 08 29 2009 16:11:38 +0000
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I deal them as amit,sudesh do.
By SB DIKSHIT, STATE QUALITY MONITOR, U.P.R.R.D.A  | 08 29 2009 08:05:59 +0000
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well i would like to say that money is the best source to remove ur frnds from frnd list and relations away...  so many examples are there..but not always ..... but if proper check are there den they will  help to prevent tricky issues i and misunderstanding.
By varsha , Head/VP/GM-Quality, frac  | 08 28 2009 19:32:59 +0000
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The money is the hing which can make your relationship or brake it.So be shure that your relationship is not broken do not say yes when you want to say no because of that you may lead your relation to wrong way so always be shure that the relationship is good and before giving money see the condition of the people and you trust on that people have some garenty for the money so that it the realatio did not get spoil with other.
By Mohammadarif.A.Shaikh , Consultant, My Learning Centre (CALORX)  | 08 28 2009 17:05:44 +0000
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I dont think we can hide everthing within us. Giving and taking always happens till we die. But to what exent/limit it should happen should be decided by us.

MONEY & PROPERTY are two major issues over which everyone are fighting today . Its because they had crossed the limits in terms of dealing  or revealed  each & everything with their closer and closest ones. 

There should be a limit while dealing but i believe everyone cant be selfish also. 
By C Nijagunaradhya, Planning engineer, Aarvee associates  | 08 28 2009 14:42:32 +0000
Argue for "i do not deal with friends and relatives i better have them"
Argue for "yes it is inevitable but hav eto design proper checks"
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