If you’re willing to lend money to family or friends, bear in mind where many good deeds ultimately go

(Flickr photo by NoHoDamon)

I loaned a substantial sum to a relative of mine 10 years ago so he and his wife could have the downpayment for the purchase of their first home.  Big mistake.

The loan, plus interest, was due want month.  But I won’t see a cent for a long time, if ever.

Although I had been assured all along that funds were being safely invested in bank certificates of deposit and that repayment was guaranteed, Continue reading