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The “Shark Tank” investor shared his tactic for dealing with family members who want to borrow money from him during an interview on his YouTube channel with fellow entrepreneur Evan ...
Never lending, but giving, money to a family member can prevent a lot of awkwardness down the road. More From GOBankingRates. 4 Low-Risk Accounts Financially Savvy People Trust for Reliable ...
The “Shark Tank” investor shared his tactic for dealing with family members who want to borrow money from him during an interview on his YouTube channel with fellow entrepreneur Evan Carmichael.
If the money is not a loan but a gift that is not expected to be paid back, then the family members need to consider whether that money could be considered a taxable gift, Schnusenberg said.
According to Kevin Shahnazari, founder and CEO of FinlyWealth, one key sign that lending money to friends or family may be a mistake is a lack of transparency regarding their financial situation.
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