One of my many money mistakes I've made is letting people borrow money from me. The total "receivables" is PHP 500,000+, and up until now, the people who borrowed money from me are not making a move to pay .What a costly mistake, right?! It took half a million pesos for me to realized that enough is enough. Ouch!
As I realized my huge money mistake, I contemplated and reached a conclusion on why I let them take advantage and why I let them borrow money over and over again.
The reason? This is a hard pill to swallow, but the reason was to let them know that I have money now and that I can afford to let them borrow such amount. I grew up having nothing and now that I have something, I let them know that I have it by letting them borrow on a whim. Arrogance has its price!
After reaching to that conclusion , I completely and absolutely say NO to any money request. That said, I don't give them any impression that its raining money here. Up until now, I don't let them borrow anymore. Nada. Never again!
One thing that hurt me the most was when I heard from a grapevine that one of my relatives who borrowed money from me had bought a car in cash and renovated his house, and when I asked for my money back, he totally told me that, "I'm not the same person I once was." He was spreading rumors about me. WHAT THE HECK? You bought a car and renovated your house and you forgot that you owe me
money? Ugh! Up until now, never did he pay me back and I'm the bad person for asking for my money back!
Another incident, my cousin borrowed money from me for placement fee for her work abroad. I totally let her borrow money and she promised she'd pay me back if she receive her first salary. Did she follow on her promise? Naaaah. She already bought a house and a car and never bothered to pay me back.
It still hurt that our relationship with my family is in chaos because of money. It's all my fault for letting them borrow money and its all my fault for being too trusting.
Learn from my mistake.
Photo Credit: Business.time.com