Am i bad to this friend if i refuse to loan him some money in bad economy

[Ojima-ojo]

Hey my fellow forum members, so I encountered a situation with a friend recently which taught me a lot of lessons, and also made a great reminder for me to keep holding Bitcoin rather than buying unnecessary items that don't have interest and value and depreciate.


Back to the story:
I made a thread here on the board on how my end-of-the-year Christmas bonus payment was used to buy Bitcoin instead of spending to buy new clothes as my friends and colleagues did back then.


Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

For those who may not have read the old thread, below is a quote from it.

So I decided to put some smiles on my face this season by buying Bitcoin as a Christmas gift for myself.
yesterday I and my friend/colleagues went to a shopping market for some Christmas shopping we were 6 in number and we all went to the market after receiving our Christmas bonuses from work.

My colleagues bought some fine shoes and other expensive items/ wears for themselves and every one of them was expecting me to do some picking myself because we all agreed to go on group shopping but on our way to the market I already had a rethink and a change of mind.

I decided to spend my money buying myself some Christmas gifts which is Bitcoin instead of buying some expensive clothes or shoes I decide to carry the digital BTC  in my wallet, instead of wearing shit that will soon get worn out.

This whole event taught me a great lesson that, instead of eating and spending your money as a newbie, there is a better chance of holding Bitcoin,  because in the future you have financial freedom.

What are your thoughts let learn together.

[Ruttoshi]

Investment is what will save us in future or make us live a better life in future, if we can only sacrifice for it. Bitcoin investment is worth investing in, and you did the right thing to invest in bitcoin with your Xmas bonus and other funds, because by now you will be smiling at the profit that your bitcoin investment have made.

It is only people that have believe in bitcoin or are used to saving money that will prefer to invest in bitcoin instead of spending money on consumption goods. What I have observed again is that people that loves spending on material things to show off my find it difficult to invest in bitcoin because they will not be patient enough to wait for a long period of time to benefit from their bitcoin investment.

[Solosanz]

It's not an emergency needs right? you can help some portion of the amount he asked, let's say he ask $50, now it depends on how much you can afford to lose your money, if 10% won't hurt you, you can lend him $5. Just offer him, I only can help for $5, take or leave it.

So in case your friends can't pay off the debts, you don't need to worry because you already know his character.

[AbuBhakar]

Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

Do put all your money on your Bitcoin investments because this not a good idea even though Bitcoin is a good investment because you are putting all your eggs in one basket. A one hard crash can make you a homeless. I asking this since you can lend him using your cash in the bank that will not affect your Bitcoin holdings. Because I will do this if my dear friend really ask for my help.

This whole event taught me a great lesson that, instead of eating and spending your money as a newbie, there is a better chance of holding Bitcoin,  because in the future you have financial freedom.

What are your thoughts let learn together.

This is good idea but not all people will have the same priorities. Also being short financially is something that you can’t cover always especially if you are just a person with regular jobs. There’s always a time that you will need help financially.

[Zaguru12]

I made a thread here on the board on how my end-of-the-year Christmas bonus payment was used to buy Bitcoin instead of spending to buy new clothes as my friends and colleagues did back then.


Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

One thing I am going to tell you is do not lend out money you cannot giveaway to someone at this particular period, it will sometimes end in somehow.

Now if your friend needs help and you think the help is worthy of your help and at as same time you don’t want to loose your precious bitcoin, then there is one way out which is treating bitcoin as a currency it self. What I menace is lend your friend bitcoin instead of fiat. If your friend needs a $100 then send him Bitcoin equivalent like 0.0015 bitcoin and ask him to pay that bitcoin back rather than the fiat value ($100), that way you still have your bitcoin intact

[qwertyup23]

You are no obligation to give your money to anyone (except your family members) given that it is yours. If you have a friend who is in need of cash due to financial constraints, you are not compelled to help them as you must first think of yourself rather than others.

In law, this is what we call the principle of self-preservation where you focus first on yourself and the opportunities to receive instead of giving it out to others. Given that BTCs are on the bull run, it is normal for you to think given such current situation. You have the opportunity to maximize your investments and your friend must ask help to others instead.

In conclusion, I respectfully submit that you are under no obligation to help others if you cannot help yourself first. Focus on self-improvements and opportunities before you start helping others.

[SatoPrincess]

It’s your money. You can do whatever you want with it. I just think it’s wrong to hold it against your colleagues for  buying something nice for themselves last Christmas. If you can afford to help out, please do. If you can’t, tell them no politely and do not mention their “extravagant” spendings to them. It’s better to have a healthy relationship with one’s colleagues than to have an enemy in the workplace.

[Makus]

Actually in terms of giving your friend money, it's up to you to decide, as you know better than us who your friend is. There are some person in our life that we can't resist helping them and include friends, but it depends on the way we see them live there life and how responsible the person may be. We are just ignorant on who your friend is, so the entire decision lies in your hands.

When it comes to holding of Bitcoin, the best strategy I suggest for anyone I'd the DCA and that is because you don't have to put in too much, but you little installment for a week, or a month will go a long way as long as your accumulation doesn't affect your other financial activities else you'll be tempted to go back to you holding. However we ought to accumulate at all kind of season be it bearish or bullish if we use the DCA method. It's possible today's price might be the dip in the next few months to come, so we must take every opportunity we have in accumulating Bitcoin seriously so that we'll not be missing out any dip.

[Dr.Bitcoin_Strange]

In my opinion, if your friend is financially capable of repaying the loan that he or she seeks from you, you can offer to give them the loan in bitcoin, and they must agree to also repay the loan in bitcoin. If the friend rejects the offer, you can tell him or her that's the only solution you had to offer. 

It is not a bad idea to give yourself a nice treat and also enjoy the money that you are earning from your job, but while spending your earnings, always keep it in mind not to spend everything. Practicing how to save and invest is a wise decision that usually brings about fruitful benefits. 

[NeuroticFish]

What are your thoughts let learn together.

If he needs the money for an emergency, then you may consider giving it a second thought. Otherwise I think that it's just fine.

I will start with the fact that in my early years of having a job, most of the friends I've lost by lending them money (and, in the vast majority of cases, never getting the loaned money back). Sounds bad, but this is the sad reality.
I will add that it's your money, from your investment, by your decision.
Plus, if you feel bad because he did you valuable lessons: giving advises is in most cases easier than following them. Most people try to share ideas and advises. That doesn't necessarily means that you have to repay them for that.

And as I said about advises, I'll continue: nobody knows the situation as good as you do. We here can say a lot of things (free advises, heh), but we may miss details and it's ultimately all up to you.

[Stalker22]

Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

I do not think you need to feel pressured to lend your friend money if you are not comfortable with it.  Even if he is going through a tough time, your own financial stability has to come first.  Ive been there before too - some friends Ive felt like I could help out no problem, but other times, Ive had to say no even when it affects our friendship.

At the end of the day you just have to do what is responsible for your situation.  Not everyone deserves for you to put your neck out.  If this friend isnt super close or you dont have confidence youll get repaid, its fine to politely decline.  And, if your friendship suffers, then he probably wasnt valuing it properly in the first place.  I know its an awkward spot to be in though.

This whole event taught me a great lesson that, instead of eating and spending your money as a newbie, there is a better chance of holding Bitcoin,  because in the future you have financial freedom.

Holding Bitcoin is good, but dont forget about eating. Thats important too!  

[Queentoshi]

Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

Lending money to friends and letting them borrow money from you can be the end of your friendship, if your friend requires some kind of financial help sometimes the best decision is to refer them to loan givers, they give loans in different amounts depending on qualification for it. And also since you witnessed your friends squander all the money you may decide to ignore this friend now and let him currently suffer a little the consequence of the action, he took so that he can learn from it. Sometimes when people squander their money and then you Keep offering them some kind of financial help they would never learn because they will know that anytime they ask you for financial help, you will be there and ready to help them.

[Ojima-ojo]

What are your thoughts let learn together.

If he needs the money for an emergency, then you may consider giving it a second thought. Otherwise I think that it's just fine.

The need is not life threatening as I already mentioned in the thread, he has rent issues and he may have failed to prepare for such times because hard it has been since he invested in Bitcoin way back he will have been in profits by now that can settle his debt at this point and still have some left over investment.


I could have helped if he needed the money for the hospital or any other life-threatening thing, but for rent, I think he should consider taking a loan from the bank or whatever source he can get such an amount loan, It is a risk to give though who done have the balls to invest in assets for a rainy day such as this time because they will not lay back.

[Sandra_hakeem]

[...] because in the future you have financial freedom.

Future?? HODLing Bitcoin Today doesn't guarantee your financial freedom... Swallow this bitter pill as early as you can

What are your thoughts let learn together.

well, are you owing your friend? If no, then you don't have to feel guilty for not lending him - cus you don't even wanna lend him as you said...if you wanted to, you won't be out here seeking for our consent.
Also remember that there are LOTS and LOTS of consequences for being too nice... Unless you don't wanna get that money back, you can go ahead and loan them.

Sandra 🧑‍🦰

[nakamura12]

There's nothing wrong if you cannot help a friend for some reason like you are planning something for the future but if you can afford to share some of the money for your friend's loan then you can help your friend. Well, if it's emergency then you if It's me to decide then I will help my friend. You should ask your friend about what he will use the money for and you should also tell your friend about how much money you can afford to losn for him.

[acroman08]

I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

your future financial security is your priority, if you think loaning him affects your Bitcoin holdings negatively and you don't want that to happen, then don't, you don't have the obligation to do that.

I think he should consider taking a loan from the bank or whatever source he can get such an amount loan

I agree with this, if he can't find someone to lend him money from people he knows, he should consider taking a loan from the bank.

[Troytech]

It's not an emergency needs right? you can help some portion of the amount he asked, let's say he ask $50, now it depends on how much you can afford to lose your money, if 10% won't hurt you, you can lend him $5. Just offer him, I only can help for $5, take or leave it.

So in case your friends can't pay off the debts, you don't need to worry because you already know his character.

I won't really be advising such, no-one knows the amount his friend is asking for and the amount of holdings he has.

I think this is a lesson that it's good to have emergency funds around or back up savings that you don't spend just incase if bad situation and time you don't have any cash around, I'm not against your friend not investing in bitcoin but it'd was wrong of him to spend all his money without remembering that evil days always come.

I've also in past times had such behaviour of spending all that I earn or all my money at hand, we called it less, but it also came a time that I didn't even have a single cent on me and I was dealt with by beign broke, ever since then I started keeping emergency savings for myself. A friend of mine said something that no person can claim to be stable financially if an emergency occurs gaht he didn’t plan for and he can't take care of it, next time your friend would learn to save some.

Hey my fellow forum members, so I encountered a situation with a friend recently which taught me a lot of lessons, and also made a great reminder for me to keep holding Bitcoin rather than buying unnecessary items that don't have interest and value and depreciate.


Back to the story:
I made a thread here on the board on how my end-of-the-year Christmas bonus payment was used to buy Bitcoin instead of spending to buy new clothes as my friends and colleagues did back then.


Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

For those who may not have read the old thread, below is a quote from it.

So I decided to put some smiles on my face this season by buying Bitcoin as a Christmas gift for myself.
yesterday I and my friend/colleagues went to a shopping market for some Christmas shopping we were 6 in number and we all went to the market after receiving our Christmas bonuses from work.

My colleagues bought some fine shoes and other expensive items/ wears for themselves and every one of them was expecting me to do some picking myself because we all agreed to go on group shopping but on our way to the market I already had a rethink and a change of mind.

I decided to spend my money buying myself some Christmas gifts which is Bitcoin instead of buying some expensive clothes or shoes I decide to carry the digital BTC  in my wallet, instead of wearing shit that will soon get worn out.

This whole event taught me a great lesson that, instead of eating and spending your money as a newbie, there is a better chance of holding Bitcoin,  because in the future you have financial freedom.

What are your thoughts let learn together.

IMO you did good man, but I think you should also have some extra reverse cash of you really plan on holding for long especially the emergency funds, cause just imagine thsi emergency was not your friends but your right now your bitcoin holdings would have been sold, and why it is necessary to have emergency funds as a holder is because emergency is one of the major enemies of investment as it can cause you to sell earlier than planned.

My advice is not to borrow, cause it thi k any business ghat involves family and friends has a 80% chance of still going unpaid cause of relationship or maybe won't pay all I  time depending on the nature of the person, but you as a long term holder in bitcoin should also account for emergencies that can throw you off balance.

[ifarted]

Ask your friend how much he want to borrow and if you can't let your friend borrow then you have to explain to him the reason why you can't let him borrow. You could also let him borrow small amount and tell him that it's what you can afford to let him borrow and there are important things you are going to use your money for.

[tabas]

Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

You know the answer bud. You have to say NO because these friends of ours are just using us as an option even if they have another greater option. You have admitted that you're not ready to loan him and you have taken your want away instead of taking them close to you with that money of yours. You've sacrificed for how long and then there's this guy will approach you out of nowhere trying to loan you some money. Just say politely that you're not going to lend him some money or if you can give him a little portion of your spare money that you're okay in not getting paid with it so you just can get rid of him trying to ask you once in a while. I've been there and done that, they're quick to ask money but when you ask them to pay money, they're turning into dust and gone in the wind. 

[Franctoshi]

I made a thread here on the board on how my end-of-the-year Christmas bonus payment was used to buy Bitcoin instead of spending to buy new clothes as my friends and colleagues did back then.

Now I am profiting from my Bitcoin investments then and one of my colleagues is now in dear need of financial help, he needs some help, not life-threatening but money, and now I am not ready to loan him any money as long as it affects my overall Bitcoin holdings.

My colleagues bought some fine shoes and other expensive items/ wears for themselves and every one of them was expecting me to do some picking myself because we all agreed to go on group shopping but on our way to the market I already had a rethink and a change of mind.

I decided to spend my money buying myself some Christmas gifts which is Bitcoin instead of buying some expensive clothes or shoes I decide to carry the digital BTC  in my wallet, instead of wearing shit that will soon get worn out.

This whole event taught me a great lesson that, instead of eating and spending your money as a newbie, there is a better chance of holding Bitcoin,  because in the future you have financial freedom.

One thing I have got to understand with Bitcoin is that those who failed to invest into Bitcoin today, basically those who own cars or other properties today, tomorrow will come to you that invested in Bitcoin today to buy those properties, and we have a situation where we see wealth change hands. It Is good you leave to live a luxury life today and uses those money to invest in Bitcoin to live a luxury life tomorrow