LOVE mONEY
By Chiles sims
@Doctor_love32 (25)
Zambia
February 14, 2021 9:26am CST
'Love Money'
It's Valentine's Day, and love is in the air. While most sweethearts are exchanging flowers, the entrepreneurs in your life may be hoping you'll lend them some love money.
Love money, or money lent by friends and family, is critical for many small businesses that don't qualify for traditional funding. In fact, some big names got their start this way. Michael Dell, for instance, built Dell Computers from a $1,000 loan from his family. Walmart's Sam Walton used $25,000 borrowed from his father-in-law to buy his first store.
But money lent to friends and family doesn't always work out that well. It's best to keep your heart in line and ask some questions before you break out the checkbook. Treat the deal as a business loan. And most importantly, don't invest money with a loved one that you aren't prepared to lose.
3 people like this
2 responses
@erictsuma (9726)
• Mombasa, Kenya
14 Feb 21
Yes that is very true. Happy Valentine.
2 people like this
@macayada (1497)
• Cavite City, Philippines
15 Feb 21
Usually those who are near to us, relatives and friends are taking advantage of our kindness because they know they will always be forgiven with their shortcomings. Instead put your money in an investment you can not take easily and so you have reason not to lend them your money. While still you have no idea what business to put up just keep on saving until your money accumulates the amount needed to start.
1 person likes this
@macayada (1497)
• Cavite City, Philippines
15 Feb 21
@Doctor_love32 Yes especially when there is already an intention beforehand not to give it back once taken from you. With the pandemic, money is hard to find and so be very careful in lending or else you will lose all your money.
1 person likes this
@Doctor_love32 (25)
• Zambia
15 Feb 21
@macayada is it advicable to do money lending bussiness with the pandemic
Yeah I have lost contact with close friends over money issues
1 person likes this
@Doctor_love32 (25)
• Zambia
15 Feb 21
@ma.LourdeMacaya it's very true and sometimes if we lent them money how will you demand it back, that has been hard to do
1 person likes this
