I have a friend who is always in financial trouble.
Sadly, he's an alcoholic and smokes fags like they're going out of fashion.
He has also been battling physcological/mental wars for a very long time and I have distanced myself for the past few years and rarely see him anymore unfortunately.
He recently divorced and ended up buying out his X's half share of PPOR and now has 100% loan in his name, which is good.
He now has a new fiancee, which is good again, shes a nice girl.
He has asked me to lend him money on more than one occasion and I declined, but offered help where I could. I learned from the first time when I bought him somethig that he never payed me back for.
So, a while ago they were both asking me for advice on investment property, I lent them Ed Chan's book called 'How to achieve wealth for life', My personal favourite and very easy to comprehend.
So, he popped in the other day to share the news that he'd pulled $50k from his equity, topping up the loan they already struggle on to pay bills and upgrade their rundown PPOR. I know this is going to cause financial hardship in the future.
He got the the borrowing to fund lifestyle costs thing a bit wrong..
I hope it turns out o.k for them..
I just wanted to share with everyone here, a morrel that if you cannot learn how to control money, it will control you.
Sadly, he's an alcoholic and smokes fags like they're going out of fashion.
He has also been battling physcological/mental wars for a very long time and I have distanced myself for the past few years and rarely see him anymore unfortunately.
He recently divorced and ended up buying out his X's half share of PPOR and now has 100% loan in his name, which is good.
He now has a new fiancee, which is good again, shes a nice girl.
He has asked me to lend him money on more than one occasion and I declined, but offered help where I could. I learned from the first time when I bought him somethig that he never payed me back for.
So, a while ago they were both asking me for advice on investment property, I lent them Ed Chan's book called 'How to achieve wealth for life', My personal favourite and very easy to comprehend.
So, he popped in the other day to share the news that he'd pulled $50k from his equity, topping up the loan they already struggle on to pay bills and upgrade their rundown PPOR. I know this is going to cause financial hardship in the future.
He got the the borrowing to fund lifestyle costs thing a bit wrong..
I hope it turns out o.k for them..
I just wanted to share with everyone here, a morrel that if you cannot learn how to control money, it will control you.