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

[_BlackStar]

You have income from signature campaigns that may already exceed the monthly minimum wage in your country - so what's the harm in helping out with a few sats without affecting your bitcoin holding?

I don't know how much he needs from you - but helping him with half of your weekly income from signature campaigns doesn't seem like too much of a bother. For me, friends are more than money, especially when they are always there for you when you are in trouble - unless they only come after you are truly financially successful. You have the right to help or not - it's your money.

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[robelneo]

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.

This is a bad time to trade your Bitcoin, you will be disappointed if you give him a loan and you will soon realize that what he had a loan is now 10 times its value, so if it's not life-threatening, just give him a loan that you can afford to give, and ask him to check his other friends so he can complete the money that he needs.
It's ok to say no if the loan is not for a life-threatening situation, just explain to him that it's not your intention not to give him a loan only the circumstances will not you grant his request.

[Russlenat]

It’s not bad to reward yourself with luxury items but only on a minimal amount. You can’t just spend all out and then suffer the next day. While buying new things can be quite rewarding, but if your mindset is to be financially secured and independent in the future, prioritize your investment first over life’s luxury. You can have all the luxuries later on when you are gaining huge profits already, so be patient and persevere for now. Sacrifice today and you will get big rewards for yourself in the future.

[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.

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. 

agree with you, if the OP doesn't actually want to lend the money. it's better to say firmly that you can't give him a loan. You could say your money is being invested, so you can't give it away quickly and it will take a long time to withdraw it.
but if you still have a sense of humanity, you can just buy their goods. That way they are still helped financially, you can still have what they bought before. or just give away a small portion of your profits. It's time to share your good fortune with those who need it more.

[GreenInk]

Dont give him anything, he must learn his own lesson.

[DubemIfedigbo001]

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.

If you understood what he wrote perfectly, he mentioned that he used his Christmas bonus payouts and not his whole money, he has a job that he earns some spare funds from and does not spend from his bitcoin holdings. Possibly the funds his friend needs is larger than what he can spare from his personal funds and this his friend is aware of the fact that he has money in his bitcoin portfolio and is expecting him to help him from there, but OP is reluctant to tamper with his holdings, which is the right thing to do, Holding for a longer period of time is the best, and if OP tampers with his holdings for this reason, the possibility of repeating such actions when other needs arises are high, so you better not start what you will regret at the long run.

[Porfirii]

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 don't know the case but I don't think 5$ will make any difference. Apart for the amount itself, there is a deeper dilemma here: if he doesn't help, he will be labelled as a greedy, selfish individual; but if he helps, he will be labelled as dumb, easily manipulated, and what is worse, his friend won't learn a valuable lesson because in the end he managed to get everything he wanted: the fancy shoes and clothes, and paying his debt (so clever! until he gets into real problem and nobody helps him).

Ojima, it is easier to say than to do, but regardless of what you decide in the end, you should start thinking about making some new better friends.

[Pi-network314159]

You have done quit impressively well in your decision of buying bitcoin Instead of Christmas wear and it is good. As a fried who want to prove to your friend about the importance of Bitcoin you should be able to help him/her by lending some amount of Money. If your savings is in btc you can sell some portion of it, if the price is lesser which may not affect your btc holding. But If say you won't give him, it's up to you maybe you both know each other more better. But if you accept to give , Whenever the money is refunded by your friend, you will still use it to buy more btc. That is just to let them know the power of HODLing btc for long over buying of materialistic things. Though I know having clothes, shoes,bags and many other thing is necessary to have but those things should not be much. rather having few of them and using the money that will have been used to buy inrelivant things to invest in Bitcoin.

[Viscore]

You have income from signature campaigns that may already exceed the monthly minimum wage in your country - so what's the harm in helping out with a few sats without affecting your bitcoin holding?

I don't know how much he needs from you - but helping him with half of your weekly income from signature campaigns doesn't seem like too much of a bother. For me, friends are more than money, especially when they are always there for you when you are in trouble - unless they only come after you are truly financially successful. You have the right to help or not - it's your money.

Its not wrong if you focus on bitcoin investment and delayed your luxuries in life, but when you are already experiencing profits, I guess helping a friend who is in a bad financial situation is not bad at all. Even lending him a small amount can do a lot already, it’s up to him if he will refuse to accept the help or not. Don’t prioritize money over your friends. You can easily lose your money and make another, but real friends are hard to find again. Learn to balance your life, at least you’re rich in your pocket as well as rich with the love from your friends.

[Issa56]

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.

If you have money, then you should spend it wisely, get yourself the necessary things, and invest the rest of your money. There are things that you are not supposed to buy, it’s better you just invest. Since I know about bitcoin, I do spend wisely, and any extra money I have, I do leave some in fiat, and then I will invest some in bitcoin.

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.

But buying clothes is not a bad idea, you have to look good. You shouldn’t look scattered just because you want to invest in bitcoin. Just that when you are buying clothes, you don’t have to buy expensive clothes just to impress people, just buy something that will look good on you. If there is any money left, then you can invest in bitcoin.

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 someone needs help from me, and I know what the person needs the money for is really reasonable, then I don’t care about touching my bitcoin investment just to help the person, so if someone is really in need of your help and you know that what the person needs the money for is really worth it, then you can assist the person even if it’s going to affect your investment.

[Solosanz]

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.

I mean, $50 and $5 is just an example, anyone can change the variables.

Your answer doesn't even make sense, someone ask you about money and you will give him a motivation? motivation can't solve his financial needs at that time. Motivation is just a bullshit when someone in a bad situation, it don't help anything.

I don't know the case but I don't think 5$ will make any difference. Apart for the amount itself, there is a deeper dilemma here: if he doesn't help, he will be labelled as a greedy, selfish individual; but if he helps, he will be labelled as dumb, easily manipulated, and what is worse, his friend won't learn a valuable lesson because in the end he managed to get everything he wanted: the fancy shoes and clothes, and paying his debt (so clever! until he gets into real problem and nobody helps him).

Even $5 is small, at least you've show if you willing to help him.

As you said if you lend full amount, it's not good for the lender. If you didn't lend him anything, he will mad with you. Giving small amount of money is the safest option.

[Z390]

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.

Maybe you have told him the amount of Bitcoin you are holding? The silly mistake that many people end up doing, people will come to you knowing that you can solve their problem because they knew what you are doing with your money, sometimes I see this as using someone to solve problems, and that's all they will ever need you for.

Assuming that all the bitcoin you hold is $10 worth, he won't be able to come to you, knowing that you invested very little about of money, even if that turn to double its still $20, won't do you any good, but I believe the amount is much and you already told your friend.
Now if you say no he will probably be a man and move on or turn against you, believe me it has happened to me before, I don't see any need to expect anything from anybody, but that won't stop people from coming to you for help, even if they are closed friends it's better to never tell them your worth, if you do they will feel entitled, since you are all friends, and if one is very bad he could wish for your down fall.

[lovesmayfamilis]

Don't you know the simple truth? Today you lend money to a friend, and tomorrow you will take it from an enemy. There is a rule: if you want to lose a friend, give him a loan. So feel free to tell him that all your money is in business. This is how most millionaires make excuses when they are asked for a loan, thinking that a few thousand for people with large wallets will not be a problem. But you are unlikely to extract an extra penny from them.
Instead, show your friend a way to grow his investment so that he can evaluate the correctness of your position.

[moneystery]

you have no responsibility to help lend money to your friend, because each of you already has a job and makes money, and you should be able to prioritize yourself. however, if you feel that you are able to lend him money, you can lend him your money, but not too much, just offer him a little money and say that is all you can lend. because after all you have to be able to secure your finances first, because you don't know whether later he will be able to pay it on time or not at all, so preparing for the worst possibility is much better.

[GreenInk]

Dont give him anything, he must learn his own lesson.

I take my post back if he only wants $5 and you have >$5000.

In this case, give him the $5 and warn him that's the cap, there is no more after this. 

If hes wants $5 and you only have $25... then dont give.

But what the user above me said, loaning money to friends often leads to loss of that friendship in the future, over the money.
Same in many other businesses

[Rengga Jati]

When we decide to invest in Bitcoin, we have actually set aside quite valuable courage. BTC has risen very drastically in just a few months. It has even been able to pass the ATH very well.

So, it can be trusted that even though we only invested at the end of last year, we can already get profits. Yes, but this is certainly not enough, right? Because indeed, the price of BTC is expected to continue to rise until it reaches its highest point. But unfortunately we won't know for sure when it will happen. It's just that, when we want to invest, we probably already have our own reset to determine our profit-taking target.

For this reason, armed with knowledge and patience, holding Bitcoin long term will be very valuable. even bigger than what you want to get up to now. Be patient and don't take profits yet. Coz however, the BTC journey in the bullish era has just begun. Hopefully this will continue to improve and end well.

[Asiska02]

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.

This is a situation that requires you to think deeply before taking action that will not benefit you or will regret you’ve taken it later on. It is not ideal not to have an investment in bitcoin when you know you can and have the means to do so. You have just sacrificed a monumental time in your life to celebrate in luxury with others during festive period but decided to put that investment in bitcoin, that was so brilliant of you. Your friend in need of money might not have done same if he was in your situation but that does not neglect the fact that you can’t lend him the money and also for you not to fall short of your investment after all this years you’ve waited patiently for it to grow to this stage it is now.

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

This should be the best idea I have seen so far as regard to the question asked by the OP. 1 BTC will always be 1 BTC as long as you don’t touch it or spend it for something else. The value  of 1BTC today will always be the value of it in few years to come as long as you hold on to they your BTC. Due to the volatility nature of bitcoin, it is better you lend him bitcoin as a currency and he should pay back as bitcoin too as a currency. With this idea, the OP won’t lose anything from his savings he has accumulated so far. I hope he makes the right choice about it.

[Churchillvv]

For me it's a personal thing, if the issue with your friend isn't too critical you can decide whether to borrow him or not but if it's a matter of emergency then i would suggest to do your best to assist him because table turns and nobody knows the next minute of life so it's good to be good.

Even though you bought bitcoin with your extra cash during the festive season and your friend didn't it doesn't matter you better than him it only makes you advantageous over him in financial management, one thing I know is its good to be good. So helping a friend is not bad as far as your friend doesn't depend on you to survive rather he just need a one time assistance then you should help.

But regardless you should only give out that you can afford to lose, more like you're likely going to leave the money if he doesn't pay back.

[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. 

agree with you, if the OP doesn't actually want to lend the money. it's better to say firmly that you can't give him a loan. You could say your money is being invested, so you can't give it away quickly and it will take a long time to withdraw it.

If I were him, I wouldn't disclose that my money is invested because that borrower will anticipate that you've got the money to lend and you even attain to invest and that's why there is a tendency that borrower will force you or will tease you to lend him because you've been well with finances as you're able to invest unlike him.

but if you still have a sense of humanity, you can just buy their goods. That way they are still helped financially, you can still have what they bought before. or just give away a small portion of your profits. It's time to share your good fortune with those who need it more.

This is what I am saying, as long as the amount is affordable and it's not a huge amount for you and won't considered as a loss, it's better for you to just give that help and tell him that's the best you can do and next time, it might be a no can do for him already because you've got a lot of responsibilities to cater.

[Ojima-ojo]

This should be the best idea I have seen so far as regard to the question asked by the OP. 1 BTC will always be 1 BTC as long as you don’t touch it or spend it for something else. The value  of 1BTC today will always be the value of it in a few years to come as long as you hold on to they your BTC. Due to the volatile nature of bitcoin, it is better you lend him bitcoin as a currency and he should pay back as bitcoin too as a currency. With this idea, the OP won’t lose anything from the savings he has accumulated so far. I hope he makes the right choice about it.

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.


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.