June 4, 2015
[WATCH] Giving Loved Ones a Hand Up vs a Handout
Many of us have heard the advice “Never lend money to family or friends.â€ But it’s one of those truisms that’s difficult to put into practice. That’s because many of us also know what it’s like to be in a financial bind, and we want nothing more than to lend a helping hand to people we love.
Research shows that blacks face this challenge more than other groups.Â A survey by Prudential Research finds that African Americans provide financial support to extended family at a higher rate than the overall population.
Black Enterprise Senior Editor Stacey Tisdale provides tips that will help you if you’re struggling with the pressure to lend.