Lessons Learned: Never Ever Lend Money out of Emotion

I always thought that I've been wise over the years.

Still i've been fooled by my emotion.

Two years ago (or more!), I easily gave away my Php50K to my sister's friend to use as a pooled money to lend in our wet market at a minimal interest payable in a daily basis.

An extra income, so why not? Besides, I have spare money sitting in the bank as Time Deposit which barely earns an interest.

Along with brother's + niece's savings, we pooled our money and handed it over to our "trusted" friend to manage the lending and collection.

During the first 2 months, she's consistently remitting the collection to my mother but after that she barely pays unless chased by my mom thru text and house visits. So far, until now she didn't even completed half of the money. Grrrr!

VERY TRUE!!!

I was very upset, not for me but for my brother and my niece because those were their hard-earned savings. My brother don't have a permanent job but still managed to save while my niece is just 11 years old that time but she always kept her gift money and allowance. 

The blame is on my sister and myself for pushing them to share and pool their money with the hope that it will grow more in a short period of time. Sadly, we were wrong. 

However, despite of what she did to us, my mother keep on telling me to wait. Be patient and soon she will pay. No need to say any hurting words. Just wait.

Fine! In case someday, she will be able to pay, i will consider it as a bonus. Maybe, I will buy additional shares of JFC :)

Time and again, a distant relative which i never met in person for more than a decade, borrowed money because she have to pay the tuition fee of her children. She's a single mother of 3 and since it was just Php7k, alright, no problem. Anyway, she promised to pay 1st week of November.

Then, 1st week is about to finished and i was contemplating if i will ask or not. No hi, hello after taking the money thru my brother. So, why do i have to be ashamed? 

Thru FB messages: 

I said " Hello, have you sms my brother? I told him that i will not send money this month because you promised to pay this week, right?"

After few, minutes she replied "Hi ate, Sorry, i was about to send you message about that.. is it ok to delay my payment because i was not able to collect my receivables this week?"

I didn't respond yet. Haler! It is not my problem! A promise is a promise! Have you heard "word of honor"?

Once again, i remembered my mother saying "no need to say hurting words, just be patient, it's already there, you cannot do anything but wait".

It was my choice, so i should learn from it.

Don't be so emotional and trust easily to people.

Be cautious with money. It is not because I earn well, i didn't work hard on it. I spend many hours in computer - my eyes are getting weak and my fingers are getting numbed by typing all day.

From now onwards, i have to think those hard work before giving away my hard earned money.

Always say No to money lending!!!