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

[Asiska02]

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Thank you for this suggestion to borrow the with Bitcoin to avoid losing the value of the amount borrowed, but then we have to think about it two ways which is if the value of the Bitcoin decreases from the Dollar value at the moment, let's say Bitcoin correct back to 30k at the time he wants to return the Bitcoin,  at that point, although the volume of bits paid back will be same but what of the DCA value.

That won’t affect your DCA value since all the total amount of bitcoin in your portfolio will also reduce in value of bitcoin corrected back to that 30K. The purpose is not to get a reduction in the total amount of bitcoin you’ve accumulated overtime because it’ll be painful to collect back a lesser quantity of bitcoin if the price have gone up at the time he’s paying back. Collecting bitcoin as payment back will not annul your aim of DCAing but will make you achieve it as you e projected it earlier before starting the investment.

I have already loaned the guy some amount in my local currency but under the agreement that he pays back with interest,  and at stipulated time frames, that way if he defaults from the timing,  the interest will help to protect my capital loan amount that is in his hand.

This is also a good one but where this will affect you is when he returns back the money and the value of bitcoin you’ve borrowed him at the time of conversion cannot get you the same amount of bitcoin with the money he is paying back including the interest he’s going to hard. The market has been on an uptrend and if you look at it closely, it might be up very soon again and will make you not to gain the same value of bitcoin at the time you want to buy again. That was why I suggested you borrow him the money in bitcoin and he should pay back in bitcoin too.

[Kristiyana]

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Thank you for this suggestion to borrow the with Bitcoin to avoid losing the value of the amount borrowed, but then we have to think about it two ways which is if the value of the Bitcoin decreases from the Dollar value at the moment, let's say Bitcoin correct back to 30k at the time he wants to return the Bitcoin,  at that point, although the volume of bits paid back will be same but what of the DCA value.

That won’t affect your DCA value since all the total amount of bitcoin in your portfolio will also reduce in value of bitcoin corrected back to that 30K. The purpose is not to get a reduction in the total amount of bitcoin you’ve accumulated overtime because it’ll be painful to collect back a lesser quantity of bitcoin if the price have gone up at the time he’s paying back. Collecting bitcoin as payment back will not annul your aim of DCAing but will make you achieve it as you e projected it earlier before starting the investment.

I have already loaned the guy some amount in my local currency but under the agreement that he pays back with interest,  and at stipulated time frames, that way if he defaults from the timing,  the interest will help to protect my capital loan amount that is in his hand.

This is also a good one but where this will affect you is when he returns back the money and the value of bitcoin you’ve borrowed him at the time of conversion cannot get you the same amount of bitcoin with the money he is paying back including the interest he’s going to hard. The market has been on an uptrend and if you look at it closely, it might be up very soon again and will make you not to gain the same value of bitcoin at the time you want to buy again. That was why I suggested you borrow him the money in bitcoin and he should pay back in bitcoin too.

That's a nice suggestion, i think with this you're going to  gain a lot of interest from the money you borrowed him,let me say for example you loan him 2bitcoins at early part of last year when bitcoin has not increase to this level, probably he is to pay back the loan this Year, considering the value of bitcoin now, what did you think? However I think you would have even gotten ×2 of that money you loan him even with interest attach to it.

[albon]

I have already loaned the guy some amount in my local currency but under the agreement that he pays back with interest,  and at stipulated time frames, that way if he defaults from the timing,  the interest will help to protect my capital loan amount that is in his hand.

I was going to suggest this to you, but you beat me to it, and you did well. Your friend only asked for money, so you're not obligated to pay him in Bitcoin; You can use your local currency, dollars, or any stablecoins in your holdings. It is good that you made an agreement with him to ensure your rights. Indeed, you are a good friend, and you understand the meaning of friendship. And what you did, of course, was a great help to him, and if I had been in your shoes, I would have done the same for him.

After all, who among us doesn't face difficulties and challenges in life? So always keep your job from which you get your local currencies or any fixed source of income, or invest in Bitcoin the amount that does not make you one day break your holdings for which you have waited so long. You have given up a lot of things in exchange for collecting what you have in amount. I advise you if you do not like giving anyone a loan and your circumstances do not allow that, then do not tell anyone about your investments.

[tech30338]

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.

If you really want to be financially free in the future sacrifice is needed if you are going to spend youre money for material things in the future those things are going to be a burden, for example if you are going to spend bonus spend it on laptop, or desktop the reason why is because you can use it to learn and do something for crypto like trading , airdrops, and running nodes etc.
Many people spend their money on things that will have no value in the future.
Also in the subject of OP, its not bad since its youre money and its also if he/she is youre real friend he/she will understand the situation, i should encourage newbies to do the same like what you did to spend the money in more important things.

[cryptoaddictchie]

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.

Well its your prerogative to help him or not. I think you can help him with your extra funds or profits if thats fine with you but also you can tell him that you dont have money for the help or aid his asking its quite simple. A friend will understand the need of one, it depends on how your friendship matters actually.

[Ojima-ojo]

Well its your prerogative to help him or not. I think you can help him with your extra funds or profits if thats fine with you but also you can tell him that you dont have money for the help or aid his asking its quite simple. A friend will understand the need of one, it depends on how your friendship matters actually.

Thanks for this suggestions, may be next time I will just outrightly state to him or any other person that comes with such requests that I have no available funds to help them with, because this days alot of those who can't manage themselves in terms of financial dealings are now bordering the decipline forks with they financial crises, I remember many times I advice this my colleague to invest his money on assets, but rather he prefers to buy things that have not long term values.


But at the moment I have loaned him the money but with high interest rate, this way he will be put under pressure to pay back on time.

[Marykeller]

OP, is all your money in bitcoin? Don't you have savings in case of emergency arise? The mistake someone will do is to have all their saving in bitcoin than having some money for themselves in terms of emergency occurrence.

What I am saying in essence, don't have all money in bitcoin, without saving money for yourself. Had it been you have some savings, you would have at least loan your friend a little money you can afford to give out without thinking much about it because not all money loan to a friend is paid back as collected.

[Kelward]

Someone must know that you're capable of giving them a loan before they'll approach you for it, so you've probably at some point told him that you're discreet in spending because you're investing your money, this is why we must be very careful about the kind of people that we discuss our financial matters with, because the irresponsible ones will believe that when they're broke that you're going to either loan or gift them money.

Since the loan is not to save a life or make payment for an important emergency situation, then it's your choice whether to give or not, but you know your friend's character, whether he's a reckless spender or a prudent spender who genuinely needs help. Remember that money and women ends  friendships, so loan a friend money that you can afford to loose.

[KiaKia]

Stop lending out money to friends and family, even if they look like someone who is capable of returning the money, the unexpected can still happen, they can disappoint you, I can't even count how many times money have caused some problems between my family members and I.

If they ask you for an amount, for example, 200 and all you can afford is 50 or even 30, tell them that you won't be needing the money back, zero your mind that you are giving them 30-50 as free, I cut relation with someone doing this, I told him not to come back and ask me for money ever again.

That was after I felt like he was using me, he was used to coming back and asking for more, so on that last day, I told him I gave him the money, that he didn't need to pay me back, but he should never come back to ask me for money ever again, and I meant it,

[Taskford]

Well its your prerogative to help him or not. I think you can help him with your extra funds or profits if thats fine with you but also you can tell him that you dont have money for the help or aid his asking its quite simple. A friend will understand the need of one, it depends on how your friendship matters actually.

Thanks for this suggestions, may be next time I will just outrightly state to him or any other person that comes with such requests that I have no available funds to help them with, because this days alot of those who can't manage themselves in terms of financial dealings are now bordering the decipline forks with they financial crises, I remember many times I advice this my colleague to invest his money on assets, but rather he prefers to buy things that have not long term values.


But at the moment I have loaned him the money but with high interest rate, this way he will be put under pressure to pay back on time.

That would be more better reason for them to stop asking further question why you can't grant their request since for sure they understand your situation if said reason is you had no funds available left in your wallet. I use that reasons if I know the person who tries to lend some amount on me is not a good payer. Although I'm not the type of person giving advice about investment since I don't want my statement will be bad for them especially if they don't understand my point but its good that you open up this topic to them and maybe they consider to look at it.

Hopefully your friend will think about paying you since sometimes there are people that only good when borrowing but didn't bother to pay when stated pr negotiated deadline came.

[Asuspawer09]

If you invest your money in Bitcoin you're going to deserve it in the end when you start to profit from it, there was no one that is allowed to get that money from you because it is only yours, you have no obligations to anyone even though they wanted to borrow some money, if you doesnt want to give it to them there was no case on that, I mean if they get angry because of that I wouldn't trust them as a family or a friend personally that just means that they doesnt respect you at all.

Personally, I have a bunch of these people borrowing money from me, probably because they see on my main account that I'm posting some great photos of me traveling etc. so they probably assume that I have money, but back in the day I was very generous and doesnt really want anyone to hate me, so I always let them borrow some money, I mean it wasn't really a huge amount for sure because I dont really want to lend a high a mount of money, it was just around 40$ - 100$ something like that but most of the people that borrow money on me doesnt pay, to the point where I was telling them directly that they have a loan on me, but they just doesnt want to pay it assuming that I have a lot of money though, I have a coworker that borrows me a small amount of money, I was very kind of him and he abuses that, He doesnt have any intent of paying at all and I hate him and already just pretending to be his friend even though inside every time I see here I remember that money that he doesnt want to pay, our friendship was ruin because of the loan. Starting on that I dont lend anyone money anymore, most of the time I lend a very small amount to that friend and family that I really trust and I know that is actually paying.

Its not your problem that they doesnt have money, if you invest your money the rewards of that is all yours, they already get that reward if they spend all of there money buying something that they want not really thinking about saving and investing in the future.

[Renampun]

...
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.

Those who made the big decision to invest their money in Bitcoin last year will now have seen the value of their investment double in Bitcoin.
History never lies and we have seen how Bitcoin's 4 year halving cycle makes the price of Bitcoin soar quickly, and from OP's story, if only your friend had bought Bitcoin instead of buying expensive shoes or other luxury goods, his money would have doubled by now and he can buy more things, investing in bitcoin is really profitable, you have to be smart in managing your money, don't let momentary desires make you prioritize buying luxury goods rather than investing in bitcoin.

[Mpamaegbu]

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.

If he needs financial help and you know it's not a life-threatening one, it behooves you to make use of discretion in what amount you give to him. You can't be saving to safe yourself from poverty and someone who is frivolous in spending is asking for your sweat. Remember that nothing destroys a relationship faster than borrowing and lending. Most times those who borrow don't want to return it and they will act like it's their birthright to your money. For me, I've come to judge anyone who borrows from a friend but doesn't return it as placing the worth of that friend on the same amount they're borrowing. If a friend asks for 100k and doesn't return it, it means he holds your relationship with them at the level of 100k. So, what do you do? You move on and that puts an end to that relationship. Don't go bothering or fighting them for that. You can remind them once or twice but don't let it bring a quarrel. I've a situation like that at hand. Mine is that I haven't even bothered to remind the friend and it's been over a year they're supposed to have returned it. The friend is acting like they've forgotten but he's acquiring properties. It's not as if he doesn't have the money to pay back. It's a lesson we all learn but handle differently.

[arjunmujay]

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.

Remember that nothing destroys a relationship faster than borrowing and lending.

this is very true and there is no doubt in it.
I myself have experienced this by lending some money to my friend. Yes, even though it's a little, it's the cause of the destruction of our friendship. because the friend I lent the money to was irresponsible. At least say that you still can't pay back the loan money. because in reality I also didn't charge and wanted the money back because I saw that he was my good friend. but somehow he walked away and never had any contact with me again. Even when they meet on the street, they don't seem to know me.

[Hypnosis00]

snip~

What are your thoughts let learn together.

It is difficult to decline someone to ask for a loan especially if they are close to us as we could think that he/she will feel mad. But yes, sometimes we need to make a decision even that will hurt someone's feelings. We have not just looked at how they feel but also, consider our situation if we are in the position as can't just let it happen if we know that also compromises our investment plan. Explaining may help him/her understand our stance so at least will help them clearly understand why. But still expect them to think it is bad. Well, real friends will certainly understand and that is what we look forward to.

[sokani]

<snip>

Some persons live for the present, they've this mentality that if they can have money today, they'll have it tomorrow. This is quite true but no one lives in an architectural drawing, you've to act, make wise choices to get positive results. It's your money and you can do as you please but there's nothing wrong in helping a friend, so if you've some spare cash you can lend him but don't touch your bitcoin investment except it's a life threatening situation.

[Odohu]

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.

Assuming you use the money to buy a house, will he ask you to sell your house and loan him the money? I guess he will not and that shows he has no regards for Bitcoin as an investment. You must stand your ground and treat your Bitcoin investment as though they are physical asset that will not be sold easily but held for a long time. This way you will be able to manage and protect it properly. I had once sold part of my Bitcoin to borrow money to a friend who even struggle to pay back after much quarrels and arguments and I ended up not putting the money back into Bitcoin. I'm not saying that helping friends is bad but it should not be at the expense of your own investment which you made for the sake of your future.

[boyptc]

This is a hot topic on every community even in the working folks community. It's not that urgen that we give loan to anybody.

We shouldn't be forced and sacrifice our needs if ever someone is going to loan money from us. Just tell them that we're no bank and we have our own needs to cater.

It's simple as that and with that reason, that person won't ever approached you whether they'll take a loan or not and that's fine.

[Mpamaegbu]

~

At least say that you still can't pay back the loan money. because in reality I also didn't charge and wanted the money back because I saw that he was my good friend. but somehow he walked away and never had any contact with me again. Even when they meet on the street, they don't seem to know me.

There's a popular saying in my locality that the mannerism of asking for a loan isn't the same as when it's due to be paid back. It's that simple. The borrower goes to the lender and asks for a loan in a tone that makes them appear humble and dying 😅 but when they're asked for the repayment, the stupid ones among them will ask the lender why they're bothering them as if there aren't people who owe others. Some even would tell you that after all countries owe, let alone individuals like them. Some of these responses would leave one wondering why one helped out in the first place. I've had my share of this. It pains me that some people neglect the essence of friendship once money issues come up.

[arjunmujay]

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At least say that you still can't pay back the loan money. because in reality I also didn't charge and wanted the money back because I saw that he was my good friend. but somehow he walked away and never had any contact with me again. Even when they meet on the street, they don't seem to know me.

There's a popular saying in my locality that the mannerism of asking for a loan isn't the same as when it's due to be paid back. It's that simple. The borrower goes to the lender and asks for a loan in a tone that makes them appear humble and dying 😅 but when they're asked for the repayment, the stupid ones among them will ask the lender why they're bothering them as if there aren't people who owe others. Some even would tell you that after all countries owe, let alone individuals like them. Some of these responses would leave one wondering why one helped out in the first place. I've had my share of this. It pains me that some people neglect the essence of friendship once money issues come up.

That's right, even countries are in debt, let alone only the people who live in a country.
But as a friend, of course you won't be too concerned about the debt, which is actually not much compared to actual friendship. Maybe because he was embarrassed because he still couldn't pay back the loan money at that time. but what's so hard about just saying, I still can't pay it at the moment. I think words like that are enough for me to hear. and friendships that have been built for a long time will not be destroyed just because of unresolved debts.
Not venting here, but rather it's better to maintain friendship than money which isn't everything.