How do you ask for money without begging?

Here are a few best practices on how to ask someone for money politely. Be Honest And Open. It is crucial you're being honest about why you need the money. ... Have A Plan In Place. Coming up with a plan of attack to solve your financial situation is an essential item on your to-do list. ... Put It In Writing.

rockethq.com - How To Ask For Money Politely: An Etiquette Guide | Rocket HQ

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When it comes to figuring out how to politely ask for money owed to you by a friend or family member, it can feel awkward. However, it might be essential if your borrower isn’t paying their money back on time, or you’re concerned that it might happen. Here are some best practices you can implement when you lend the money to ensure there are no surprises during repayment.

Set Deadlines And Reminders Often

Setting deadlines for repayment, such as the due date and how many installments the payments will come in with your borrower, is important so you have the expectations laid out clearly. That way the borrower knows exactly when and how much they need to pay you back each month. You can even take it one step further and give polite reminders about upcoming deadlines. You may want to consider reminding them a week or a few days before the due date. As for how to remind them, a simple email or text message will suffice. Be sure to have these deadlines in writing so everyone knows what to expect.

Be Stern, Not Confrontational

As a lender, you need to set boundaries on the loan. While you want to be considerate of your friend’s or family member’s situation, you also need to make sure the borrower is sticking to the repayment schedule. Being stern is important so you can stand up for yourself — you want your money back, after all. However, avoid being rude or confrontational as that won’t help anyone. There are different tactics for talking with friends versus taking with family about money and financial situations – be sure to research some approaches to make sure you’re getting through without getting harsh.

Practice Communication

Talking about money can be difficult, so get some practice on how to be more comfortable with these types of conversations. That way, if you need to talk to the borrower about repayment terms, and what you’ll do if they don’t pay you back, you’re well prepared. Some suggestions on how to be more comfortable include talking to other trusted friends and family members about money in general, then progressing to more detailed conversations. You might even want to practice various scenarios with your partner or a close friend, such as when the borrower won’t pay you back.

Accept That You Might Not Get Paid Back

The truth is that you may not get your money back — it’s the reality when lending money to friends and family. To prevent this from happening, get all the borrowing terms in writing to potentially avoid this issue. Like mentioned earlier, consider asking for legal assistance so you know what your rights are in case you have to escalate the matter.

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What can destroy money?

“Just as taking out a new loan creates money, the repayment of bank loans destroys money.

positivemoney.org - How Money Gets Destroyed [Banking 101 Part 6]

Let’s start with Robert, who still owes £10,000 to Barclays but has spent the money, leaving his bank balance at zero.

BARCLAYS BANK BALANCE SHEET (Step 1)

(left side): Assets

(What the borrowers owe to bank + bank’s money)

(right side): Liabilities

(What the bank owes to the depositors + bank’s net worth)

(left side): Loan to Robert: +£10,000

(right side): Robert’s account: £0

After a few months, Robert decides to pay down £1000 of the loan. He transfers the money from a bank account with another bank, to his bank account at Barclays. We won’t show the central bank reserves on this process because, as we saw with the clearing process, any change in the reserves would probably be cancelled out by payments going in the opposite direction, and won’t change things in any significant way. Now Robert still owes £10,000 to Barclays, but also has an account with Barclays that now has a balance of £1000. As a result, Barclays has a liability to Robert of £1000 – that’s the numbers in Robert’s bank balance – and Robert has a liability to Barclays of £10,000. When Robert called Barclays and says that he wants to pay off £1,000 of the loan, all Barclays does is reduce Robert’s bank balance to zero, and reduce the outstanding loan by £1,000. In effect, both the asset and the liability are cancelled out against each other.

BARCLAYS BANK BALANCE SHEET (Step 2)

Assets

(What the borrowers owe to bank + bank’s money)

Liabilities

(What the bank owes to the depositors + bank’s net worth)

Loan to Robert: +£10,000

Robert’s account: £1000

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