Chip Chick
When a loved one asks you for money and doesn’t have the best track record with finances, sometimes, it’s best to set up a loan process to not simply ‘give away’ a lot of money.
One man recently upset his younger brother after refusing to give him $16,000 for his wedding without a set-up loan contract.
He’s 28-years-old and has a brother who is two years younger than him, and he’s getting married in the fall.
His parents have always favored his younger brother, and when they found out that not only did he want to get married, but he also wanted a big, expensive wedding, they immediately wanted to pitch in.
His brother‘s wedding is going to cost around $80,000. His parents are contributing around $24,000 using their retirement fund, and his future sister-in-law‘s family will contribute around $40,000.
That means his brother and his fiancée are around $16,000 short of their dream wedding. So naturally, they turned to him to help out.
“I told them straight up I’m not giving them money, but I can loan it to them with no interest,” he said.
“They’d just have to pay me back $16,000 at the end of three years. I tried to give them multiple opportunities to take the offer and let them know I would not just give them the money.”
When he initially told his brother that he wouldn’t hand over the money, his brother threatened to uninvite him from his wedding, and his parents began guilt-tripping him over the phone.
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