10 Jan Neither A Borrower Nor A Lender Be…
Polonius in Shakesphere’s Hamlet said “Neither a borrower nor a lender be,
For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.” At the time of Hamlet, debtors were selling off pieces of their estate to maintain the lavish lifestyle to the detriment of their financial well being. Shakespdere certainly was giving wise advise that still applies today.
It has been well over 400 years since Hamlet and as such brings to mind another qoute. “Those who cannot remember the past are condemned to repeat it.” You might know it as, “Those who do not learn from history are doomed to repeat it.” Mr. Santayana certainly would be scratching his head today with the financial fiasco that is unfolding all around us wondering if anyone was paying attention to what he wrote.
I think it would behoove us today to listen to Shakesphere in these times of financial strife. If you lend money to a friend, family member or stranger you are inviting heartache and financial strain. If you borrow when you cannot afford to pay back the debt you again are just asking for trouble.
So the bottom line is if you are going to lend, make the transaction if and only if you can afford to give it as a gift. If you get the money back then you are ahead but if you don’t you do not lose a relationship in the process. My advice on borrowing right now is do not do it unless you are financial stable and will be for the next year.
Remember that knowledge is power and you have the ability to take control if your financial future.
Written by Kansas City, Missouri Bankruptcy Attorney, Rachel Lynn Foley.