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Steven Goodwin
Owner/Blogger/Consultant at MyFamilyOnABudget
Steve Goodwin, a stay-at-home dad of two girls is passionate about finances and is helping others just like you get out of debt and build wealth handling money God's way. His goal is to inspire people like you to gain control of their finances by destroying debt and building wealth using their cash flow.
Latest posts by Steven Goodwin (see all)
- March 2019 Net Worth Update – $155,092.82 (-$5,640.89) - April 2, 2019
- September 2018 Net Worth Update – $160,733.71 (+$21,286.78) - October 9, 2018
- August 2018 Net Worth Update – $139,446.93 (+$3,690.43) - September 2, 2018
- July 2018 Net Worth Update – $135,756.50 (+$1,338.43) - August 1, 2018
Posted in Finances.
I agree we don’t do this either!
Mihaela Echols recently posted…Our Vows
Glad to hear that you’ve had a good experience! Thanks for stopping by and commenting!
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
Lots of good points here, but it can be hard advice to adhere to when we want to help. I guess we need to decide what to do ahead of time and stick with it!
I agree! We want to help people so badly. Sometimes we need to step back and make sure we aren’t enabling the person too! Thanks for reading and commenting!
Yeah, this one is a toughy. Unfortunately I’ve been on the other end of this story. Sometimes we fall into hard times and do need help. But I totally see where you’re coming from. Lending money brings up a whole lot of issues and I agree it can change relationships. I do however think that it can work in some special situations, like mine 🙂 But it would be wise to stay away if at all possible!
Jolleen Ruiz recently posted…Happy Fall Y’all!
I’m not saying never to help your family or friends. If you are in the position to, give to the other person. When times are hard, why would you need more debt?
Excellent advice Steven and what a fantastic mission. Jenny and I are continually working on balancing our budget and keeping it balanced–which has been much trickier than we thought that it would be. We are very familiar with the baby steps. I’m going to enjoy your site, as frequent encouragement to keep on track is exactly what we need 🙂
Jed recently posted…Clinging to Faith: How I Survived Body Dysmorphic Disorder’s Horror and Started Living
Great deal Jed! The baby steps have worked wonders for us! Stick to them and you can’t go wrong!
I love this. My pastor is always saying, “if you can’t give it for them to have, don’t loan it.” The bible teaches us that we shouldn’t owe anyone anything but love. If I can’t let you have it, I can’t let you borrow it.
Tiffani, I agree completely! I have been on both sides of this transaction, unfortunately. Both times it completely changed the way I thought about the other person too. I remember always thinking about what the other person thought of my spending while paying money back and thinking way too much about the other person’s spending when they owed me money. Giving it away if possible has been a much better blessing in our family’s life. Thanks for reading and commenting!
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
Great post. My husband and I have found ourselves being asked by family for money and have often had to deal with being called all kinds of ugly things because we have chosen not to go that route. But no we see that they are better for us not “helping” them in that situation.
ELIZABETH MARSHALL recently posted…Making Morning the Best Time
Yeah, it’s a tough road to walk sometimes Elizabeth, especially when the other people don’t have proper boundaries. Sorry that you were put in that situation, glad to hear that you were able to rise above. What tactics did you use to say no?
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
I totally agree! Also, never live with family. It rarely ends well.
Yeah, living with family can be tough when there is nothing in writing to bind the agreement. I had my brother stay with me for a year before my wife and I got married to help with the bills. It was a great time for us and I remember we were very close, but I could tell that we were at different stages in life. I was past the partying stage and he was just beginning it. When he moved out, he had quite a few parties at his new place and then learned why I didn’t like having them as often LOL. But, it was a great experience for me.
That being said, I most likely wouldn’t buy a house with family to live in together… We just all need our space.
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
totally agree with you, I do not loan money if it is something that is needed I purchase it or pay for it. I do not give cash but I do help my family and friends and do not expect the money back. That way I helped without the relationship being broke if the money is paid back it is a bonus not expected
Always ends up a blessing that way! Thanks for stopping by!
I think providing the money as a gift is more of a blessing to the giver and not the receiver. It frees them from resentment and anger.
Pamela, I couldn’t agree with you more! It’s truly amazing when we can give to others in need and not expect anything in return. We had a great experience where we were able to give a car to a family member instead of trading it in so they could use it to get back and forth to work. It was a great help to them for about a year before they eventually traded it in when they moved up in vehicle.
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
It depends upon the individual situation, I suppose….
What types of situations would you say that loaning versus giving would be better? I would love to hear more!
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
My husband and I decided a long time ago that if we ever feel the need to help someone out, we will only give it as a gift. That way we all can feel good about it.
Kristi recently posted…Witnessing Christ in Action
That is great! Way to keep your relationships strong and not enabling others! Thanks for stopping by and commenting, I really appreciate it! It really is amazing how freeing it is when we help others with no strings attached.
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
Yes, the key words here is ‘loan’! My parents taught me to never loan money to friends or family with the expectation of being paid back, instead just make the money a gift if you can afford to give it–and I’ve seen them live out their values many times over the years, when someone came to them asking for a loan and left with a gift that covered their immediate need. We absolutely should, when we can, help out our dear friends and family when we can, with no strings attached. My little brother and 2 of my sisters are working their way through college–I’m older, I’m already finished with college and that particularly difficult time of life, and I’m grateful that I can send them $100 once in a while to help them out. So many people have been generous to me when I’ve needed help that I know the value of being generous and giving whenever I can!
Rachel G recently posted…More Homesick in Summer
What a great example your parents were! That’s awesome that it has rubbed off on you as well! Talk about changing your family tree! Thanks for stopping by and commenting, I greatly appreciate it!
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family
I would loan money to friends and family if they desperately needed it, but I would have a contract written up and notarized. Relationship always trumps rules for me, and I would not want a relationship regret hanging over my head. Like, someone got very sick or something happened that was out of their control, I would want to provide love the way they did in the early church in Acts. Acts 4:32
Money is going to die with the rest of the world when we die, I wanted to be faithful with it because it’s a tool that God has given me, but I do not want to put it before a relationship.
Thanks for sharing
Can I ask if you had a contract written up and notarized, how would the relationship trump? What’s the point of the contract if you are going to value the relationship above?
If someone fell on hardship and something out of their control, that is the best time to be giving instead of loaning money. That way you are part of the solution and not just compounding their problem.
Act 4:32 NIV says “All the believers were one in heart and mind. No one claimed that any of their possessions was their own, but they shared everything they had.” I don’t see how this means that they loaned it to each other with the expectation of getting it paid back.
Steven Goodwin recently posted…Why You Shouldn’t Loan Money To Friends and Family