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lending money - Printable Version +- MacResource (https://forums.macresource.com) +-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1) +--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3) +--- Thread: lending money (/showthread.php?tid=147106) |
Re: lending money - Carnos Jax - 01-11-2013 Well said Wailer... Re: lending money - tortoise - 01-11-2013 GGD wrote: Maybe use 13 week T-Bill rates as a starting point for the going rate for interest (about 0.06% now, that would be about $60/year on $100,000), that's what the government is willing to pay if they borrow money from you. http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=billrates Actually your decimal point is off, the amount would be $600 not $60, still rather pathetic for $100,000 investment and why I got out of T-Bills years ago. Re: lending money - Janit - 01-11-2013 graylocks wrote: Ditto. Write out the terms of the loan clearly to minimize any possible misunderstanding of the terms should problems arise. The first test of whether this is a good idea is to see if the two of you can negotiate a contract that is acceptable to both of you. Re: lending money - GGD - 01-11-2013 tortoise wrote: You might want to double check your math, 100,000 * 0.0006 = 60. It really is an interest rate of six hundredths of a percent. In order to get an interest rate closer to 0.6% (0.006) to get around $600/year on $100,000, you would need to invest in 5 year notes rather than 13 week. http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield Or maybe you were thinking this was on $1,000,000. That might require a really, really, really good friend. Re: lending money - graylocks - 01-11-2013 years ago when studying Latin I translated this passage from the Hesiod which became a rule I have lived by: Let the rate between friends be fixed. Even with your brother smile - and get a contract. For trust and mistrust alike breed ruin. Re: lending money - mattkime - 01-11-2013 space-time wrote: standard answer these days ![]() its a tad frustrating because those guys are the kung fu ninjas of investing. not in a "get rich quick" way but "being smart about your money" way. which doesn't mean I ALWAYS take their advice, but its very valid. I'd expect someone over there to provide a link to a basic loan contract. done and done. Re: lending money - rgG - 01-11-2013 mattkime wrote: standard answer these days ![]() its a tad frustrating because those guys are the kung fu ninjas of investing. not in a "get rich quick" way but "being smart about your money" way. which doesn't mean I ALWAYS take their advice, but its very valid. I'd expect someone over there to provide a link to a basic loan contract. done and done. Try this: http://www.buzzle.com/articles/loan-agreement-template.html Re: lending money - mattkime - 01-11-2013 rgG wrote: i take it all back! Re: lending money - graylocks - 01-11-2013 be sure to specify whether interest is simple or compound. my lenders were always satisfied with simple interest. Re: lending money - Wailer - 01-11-2013 Using that preprinted form is good as it looks like you aren't being usurous or one-sided. Just direct that link to your friend and see if he'd be willing to fill it out even with terms that favor him, ie 0% interest, no fees on late payments, etc. If he even balks a little bit, I probably wouldn't loan him anything. Remember, you can't draw blood from a stone so having a signed agreement doesn't by guarantee you'll get repaid even if you go to court to enforce it. |