would you give a friend 200K if it would save his life?

[Piobaire]

DKP ftw.

 

[Deluks917]

Theres about 5-6 people I'd give it to if I was worth 100 mil and I would give it without a second thought. Everybody else would get nothing.

 

[LA Guy]

I actually have a friend who is perpetually broke, because he has no idea how to manage money. This guy, I would buy meals for (we just don't live very close together anymore,) help him get stuff fixed that needs fixing, etc..., but there is no way I'd give him money outright, because I know that he would blow it, nor would I help him financially, by helping him with rent, for example, because that would make him financially dependent on me, and that would not be good for him nor for our friendship.

If I were the wealth friend in this case, I would definitely not bail him out outright. I would, however, help with his bills so that he does not fall further into debt (i.e. I would help with tuition for his kids, his mortgage, etc...) and help him get back on his feet, for example, by helping him consolidate his debt, and acting as his guarantor. Although it would be easier (after all, $200K is not that much when you are worth $100 M,) I would not hand him money outright. I feel that that would be detrimental to our friendship.

 

[CunningSmeagol]

I would force other, wealthy friends of mine, none of which had anything to do with his meltdown, to 'contribute' to a fund to bail him out.

 

[Dragon]

If they are willing to work for me, and do whatever is necessary to make the 200K I will reluctantly consider.

 

[GQgeek]

Originally Posted by Dragon

If they are willing to work for me, and do whatever is necessary to make the 200K I will reluctantly consider.

Especially if they're women.

 

[ghulkhan]

This is really case by case basis for me. There are only a few people that I would do that for as of right now that I can think off the top of my head but I would not want to say never for anyone.

 

[FidelCashflow]

If I had $100M, I wouldn't really care about $200K, especially if I could structure the transfer in such a way i could get a tax deduction.

So I guess it leaves the principle of it. I really don't see the point of bailing someone out of $200K of debt, even if they are a friend. If it's debt because a business went bad, tough. That happens and it just comes with the territory. If it's $200K of personal debt accumulated as a direct result of poor decisions, it should be a lesson to them. Truthfully they might just be better off declaring bankruptcy. Also, being kicked out of a profession to me is kinda irrelevant, I know lots of guys who have built fortunes doing independent business instead of pursuing a "respectable profession."

But I guess the heart of the question is would you be willing to bail out a friend in need. There is a very small group of people I would do that for (I can think of 2 right now.)

 

[whodini]

Originally Posted by iammatt

Absolutely not. Not family, not friends, nobody. I am not a bank.
Hey Matt,

I've had my eye on this Brioni shirt over at this place in PA. It only costs $315.56. Think you could swing by and grab it for me?

TIA.

 

[tiecollector]

To merely get him out of debt... no, though I may try to start up a business with him to help him pay it off.

If it were to get a kidney transplant.. yes, without a second though

If it were to get him out of debt to avoid being killed by a guy name Raul "El Padre" Cajones, then I'd probably still give him the money but not after letting him know what a shmuck he is and promising to get out of whatever he is doing and write me an IOU in blood.

This is all assuming $200K is exactly how much I have. If I had 10-100M it would be even easier.

Also "friend" is a bit ambiguous in English. Some guy I've known my whole life is a friend as well as a guy I have hung out with 5 times. It would have to be a real friend, and you only get about 3 or 4 of those in a lifetime. I trust one of my friends more than I trust my own mother.

 

[rdawson808]

I should add that my answer of "generally no but I'd try to help in other ways" applied to the average 'friend.' I'd give my best friend a huge chunk of my $100m if she needed it. And I have another very close friend to whom I'd be much more generous than others.

Again, though: if they need it. Not to maintain a lavish lifestyle.

b

 

[dirk diggler]

depends on how hot this "friend's" wife or girlfriend is and whether or not she understands the concept of "consideration"

 

[stamp0102]

Originally Posted by dirk diggler

depends on how hot this "friend's" wife or girlfriend is and whether or not she understands the concept of "consideration"

i like the thought, but being that deep in the hole, we all know she left a LONG time ago...

so save your money...just give her a call now...

on a more serious note, i would have to consider his ability to repay his debt to me before i considered the loan (as that's what it would be). he's not a charity for pete's sake. i would also consider setting up something like a scholarship to send his kids to college

. i would consider that a pretty admirable move, and it would definitely be something i would be comfortable with if i had $100m+...

 

[itsstillmatt]

Originally Posted by whodini

Hey Matt, I've had my eye on this Brioni shirt over at this place in PA. It only costs $315.56. Think you could swing by and grab it for me? TIA.
Sorry, bro. Having been burned by some subprime borrowers, this bank has closed its lending window.

 

[whodini]

Originally Posted by iammatt

Sorry, bro. Having been burned by some subprime borrowers, this bank has closed its lending window.
Rats. Probably for the best, anyway. Tax season does get pretty expensive, what with my other clothing and high-end audio purchases.