Personal Finance 

Comments of the week, deadbeat friends edition

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Here’s another edition of the comments of the week, where I try to highlight what I think are funny or thought-provoking comments from readers. There were some especially great comments this week on Kristin Wong’s blog about how to get money back from a friend without destroying the relationship.

Tommy Z has a pretty clever but somewhat Machiavellian trick for getting some clarity on exactly how much they owe you:

My favorite tactic is to add 20%-33% on to the loan balance when you ask for it back.

Say you lend a friend $50 and you want it back. The next time you see him, say “Hey, do you think you could pay me back that $65 I loaned you 3 months ago?”

The friend replies — “Hey, it was only $50!!!”

You — “That’s right, $50. Okay, when can I have the $50 back?”

It seems like the friends remember the money they borrow better when you increase the amount of the debt.

Guy in San Antonio, on the other hand, takes a more altruistic position on the issue:

The best thing to do is to never loan money to family or friend expecting them to ever pay you back, especially if they are struggling. Just consider it a gift that you are blessed enough to be able to help others. You will sleep a lot better and Thanksgiving dinner will taste a lot better.

In addition, I am a firm believer that God (others may say Karma) will pay you back even if the person doesn’t!

Like me, Huskerville is still pretty steamed about the government shutdown, and shared what he had learned:

First of all, did WE learn anything? A nest egg is essential. Live below your means.

Second, Congress does not care if we suffer. Our system is set up so we have the power of the vote. Do not forget the self-serving people who revealed their true colors.

Third, we can make this better. We have to work together to do so.

On my post about paying for a music streaming service vs. buying music, Glenn Lasher raised a great point about taking into account which method pays musicians more (probably buying it):

I don’t care.

What puts more than a pittance into the pockets of the musicians and less in the pockets of the shysters who form a leech cloud around them?

Scott says he’s probably put too much money into buying money to change course at this point:

I’m probably in the minority these days, but I buy music. I set myself a budget of $5-$10 per month and if something interesting comes along, album or song, I will buy it; otherwise, I can pull from my stack-ranked wish list. I may suffer from the sunk cost fallacy, but with 11k songs in my collection (all digital now), it’s hard to let go and move to streaming. Yes, backing up onsite and offsite is a maintenance cost/task.

As always, thanks for the bright and perceptive comments. Without you guys, the game wouldn’t be the same.

(Photo by Mike Schmid)

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