Topic: Am i bad to this friend if i refuse to loan him some money in bad economy - page 4. (Read 966 times)

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.

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

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.

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.

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.

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

One thing I have got to understand with Bitcoin is that those who failed to invest into Bitcoin today, basically those who own cars or other properties today, tomorrow will come to you that invested in Bitcoin today to buy those properties, and we have a situation where we see wealth change hands. It Is good you leave to live a luxury life today and uses those money to invest in Bitcoin to live a luxury life tomorrow

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. 

Ask your friend how much he want to borrow and if you can't let your friend borrow then you have to explain to him the reason why you can't let him borrow. You could also let him borrow small amount and tell him that it's what you can afford to let him borrow and there are important things you are going to use your money for.

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.


IMO you did good man, but I think you should also have some extra reverse cash of you really plan on holding for long especially the emergency funds, cause just imagine thsi emergency was not your friends but your right now your bitcoin holdings would have been sold, and why it is necessary to have emergency funds as a holder is because emergency is one of the major enemies of investment as it can cause you to sell earlier than planned.

My advice is not to borrow, cause it thi k any business ghat involves family and friends has a 80% chance of still going unpaid cause of relationship or maybe won't pay all I  time depending on the nature of the person, but you as a long term holder in bitcoin should also account for emergencies that can throw you off balance.