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Questions tagged [friends]

The tag has no usage guidance.

55
votes
11answers
16k views

Should I take out a loan for a friend to invest on my behalf?

A family friend of mine is an accountant and his company allows him to buy discount shares. He is asking me for $7000 to invest, and we will split the profits 50-50. I don't have $7000, but I can ...
3
votes
5answers
556 views

Co-signer defaulted: Can I take the item back?

My friend bought a bed online and needed help financing it. I agreed under the pretense that I was a "co-signer" on the loan. Turns out I was the actual person taking out the loan. At this time, we're ...
15
votes
4answers
8k views

How much interest should I pay on a loan from a friend? [closed]

I borrowed 500.00 from a friend, several years ago, and want to repay him. Although the subject hasn't come up, it has always bothered me. What kind of interest should I apply to this personal loan?
-1
votes
1answer
211 views

Proper etiquette for loans from friends [closed]

I'm not sure that there is a universally accepted "proper etiquette" when it comes to repaying a loan from a friend, but I feel it necessary to be absolutely fair in respect of the time value of money;...
6
votes
1answer
1k views

Tax implications of currency exchange between friends?

I am a US and French citizen and have bank accounts in both countries. One of my friends is a Permanent Resident in the US and also has French citizenship, with bank accounts in both countries. I ...
1
vote
2answers
1k views

Accounting for paying bills for (and being reimbursed by) another person

I an currently using Gnucash to manage my expenses. I am new to double-entry accounting and find many aspects of it to be confusing. Here's a situation that currently happens monthly. I'd like to know ...
10
votes
4answers
1k views

What considerations are there for making investments on behalf of a friend?

I've thought of two approaches so far: Pool their money into my own brokerage account and simply split the gains/losses proportional to the amount of money that we've each contributed to the account. ...
8
votes
2answers
2k views

Legal documents required for managing an investment portfolio among friends?

I am considering setting up a personal kind of hedge fund / stock portfolio among friends. I am trying to figure out what kind of a legal agreement I should have them sign for investing with me to ...
1
vote
3answers
240 views

give free budgeting advice

Recently some of my friends (separately) asked if I could give them any specific advice or hints for managing their budget by looking at their earning and spending. Should I only dispense the standard ...
44
votes
8answers
5k views

Should I buy a house with a friend?

To give some background, I currently live with a couple of friends in a 3 bedroom apartment. The living arrangement is good however I'm tired of not building equity. I've tossed the idea out for two ...
8
votes
1answer
2k views

Borrowed money from a friend for my business, & can't pay it back. Got a lawyer's letter. What can happen?

I borrowed some money from a friend of mine for use in my business and I am not able to pay back to him now due to the bad business. Actually, he put the money into my business first and later decided ...
3
votes
1answer
475 views

loan taken on my friends name for someone else

My friend has taken out loan for his brother in law, and is a guaranteer for two other loans taken on his friend's name. Now he is not paying his EMI, and debt collectors are troubling us. Is there ...
8
votes
5answers
2k views

How to avoid friends' peer pressure to spend money on shopping & at restaurants?

How to avoid peer pressure from friends to spend money on shopping and at restaurants?
22
votes
10answers
18k views

Someone asks you to co-sign a loan. How to reject & say “no” nicely or politely?

Hypothetical situation: A dear friend or family member comes to you and asks you to co-sign for their loan. Let's say the reason they need the money is not a life-or-death type of situation. ...
30
votes
3answers
2k views

What are the pitfalls of loaning money to friends or family? Is there a right way to do it?

What are the pitfalls of loaning money to friends or family? Is there a right way to do it?