Should You Ask Family for Money? 🤔

Should you ask your family for money? The age-old question. Your family are probably a good source of money. They love you, they want to help you, they're the closest to you, you can trust them, and hopefully they can trust you. On the other side of the fence, if it goes wrong then you can absolutely ruin your relationship with your family and the people that are closest to you, and that could be irreparable. So I'm going to share with you a few thoughts on whether you should ask your family for money. I'd also love your thoughts, so by all means do engage in the comments. I love to create a good discussion. Now, just so you know, I'm I've borrowed money from family. I've paid it all back and more. And so in that regard, it's never been a problem. So I guess my first point to you will be, if you pay the money back, guaranteed fact, pay the money back, no questions asked, no matter what, then there is no harm in you borrowing money from family, especially if it's to invest in assets. Now, if you're borrowing money from family to spend on depreciating liabilities and holidays and cars, they're probably going to be a bit upset by that. So it's not just about borrowing the money, it's what you do with the money. Let me know what you think about that, by the way, because some people would argue, well, people lend me the money, it doesn't really matter what I'm going to spend or invest the money on. But actually it does, because we've got to talk about security on your money. So what you use the money for is very important. Now, if you use it to invest in assets, that's probably the best. If you use it to get out of debt and get yourself on a level footing, that's also probably good. If you use it for depreciating liabilities, that's not so good. So if you borrow money from family, you must understand that if you don't pay that back, you could completely ruin the relationships. So you do everything you can to pay that back. Now, some people therefore would say, well, I'm never going to borrow money from family. But then you might lose amazing opportunities to invest. Here's the funny thing, I was surprised by this greatly, but I have over 25 years of my life, the first 25, I have actually asked my mum and dad for money on quite a few occasions, and they've nearly always bailed me out. Sometimes they've given me money, sometimes they've loaned me money, and I remember thinking, I've got to stop this. Sometimes my mum and dad probably had to write off a bit of money. Ross has said, borrow £5 to join Rob.team. Amen to that. Anyone can afford to join Rob.team. But in the end, I thought, I've got to stop this. I've got to stand on my own two feet. Because what's the downside of borrowing money from family? Is you don't feel like you're standing on your own two feet. You don't feel like you're independent, and you want to feel independent. Independently wealthy and in control. But at the same time, if you can't rely on your family to help you out in times of need, well, who can you rely on? Uh, now I, by the way, don't lend money to my family. I give money to my family, but I don't lend it. And the reason that I do this is because I don't want there to be that awkwardness if it becomes difficult for them to pay back. I don't want the money to become an issue within the family dynamic. So as a lender, I think, yeah, I'll just— I'll let you go and find your own money. But look, if I want to help, I'll help and I'll give. So if you are a parent or you're thinking about lending money, in some ways lending money to your younger kids, like maybe sub-21, that can be a good lesson in managing money and paying money back. Problem is, if they don't pay back, then there's the issue of the emotions. So you've got to be careful about that. Now, um, I remember my mum turning to me when I was about 29 or 30 years old, and I'd made a bit of money in property, and I'd done pretty well. And my mum said, I'm a bit upset, Rob. And I said, well, why? I thought I was doing quite well. And she said, she said, yeah, but you didn't cut me in. 'Why didn't you ask me to borrow money for property?' And she was actually a bit upset that I'd not asked her for a loan and cut her in, considering I'd asked for non-family and friends for loans. But the reason I asked for non-family and friend loans is because I didn't want there to be the awkwardness in the relationship. Maybe have that discussion up front, like talk to— if you're lending to or borrowing from family, just say, 'Look, I don't want this to ruin the relationship.' So what are the terms? And let's make it professional. So many people, for example, when they get into property and real estate, actually a good way to start is borrowing from friends and family. But if you act like you're just borrowing from mates, it's not professional, and it will probably go wrong, and you'll probably lose friends and family members. But if you act like it's a bank or a private lender, you give them first charge, you have an agreement, a loan agreement or a contract, and you do it properly, then it can be a really good thing. So I would say, in, in summary of this, let's keep this quite short. Don't borrow from friends and family if there's any risk that you couldn't pay it back. Don't lend to friends and family if you're worried about the relationship being affected if they don't pay it back. If you can accept that they don't pay it all or some of it back and you want to help them, then help them. Them. And then if you do borrow from family, make sure you're— you borrow it in a professional way, with a contract, with a charge, as if it were a professional lender. And actually, then borrowing from family and friends can give you a good leg up. It can help you start a business that could, you know, generate many millions for you. It could help you invest in property. You know, I got 20 properties no money down in year 1 and 30 in year 2 of me starting investing in property. And I was in a lot of debt, by the way. Now, some of those were sourced for me and some were sourced for others, but the ones that were sourced for me, I partnered with a business partner and he put the money in. Then his dad put the— stepdad put the money in, and then his mum put the money in. And we gave them first charge over the property, and then we paid them back plus their interest. And now we still own those properties because we've got an 8-figure portfolio with a 7-figure income now. So I probably wouldn't have been able to get started in property and investing if I didn't borrow from family or friends or family or friends or partners. So actually, it is a really good way to start and scale, to build assets, to start that business, to invest in income-producing assets. So if you would like to fire up your investing, start and scale your business, get better financial education and knowledge, learn how to raise money, do it the right way, then join Rob.team. Rob.team will cost you less than a large Costa Coffee. Rob.team investment is one-third of the price of Netflix, but you can learn, earn, and invest and build multiple streams of recurring income. You can build assets, you can beat inflation, beat the banks, beat the government, and beat the soaring cost of living crisis and actually turn this into appreciating assets that produces income streams. It's really easy to join. You can cancel anytime with no contract. All you need to do is open up a new page on the internet. Just do it now and type in rob.team. Rob.team. That's right, rob.team. Open a new window in the— on the internet now. Type it in. Join for less than a large coffee, one-third of the price of Netflix, cancel anytime, no ongoing contract, so that you can learn, earn, and invest, create multiple streams of recurring income, learn how to raise money, learn how to build assets, learn how to start a business, learn how to start a side hustle, learn how to create multiple streams of recurring income. So I'm going to give you a few seconds to go and join rob.team right now. Just quickly go do it. Literally type in rob.team into a new window. I'll give you a few seconds to go and do that. And while you're doing that, just leave me with your final thoughts. Should you borrow money from family? Does it risk the relationship, or could it actually augment the relationship? Because weirdly, my mum said to me that she was upset that I didn't ask her to borrow money. Because I'd done well in property. And she's like, well, why wouldn't you cut me in? I'm your mum. So actually, that sort of backfired. But I had been asking for money from my parents for 25 years, and I know at times that had caused a bit of a fractious relationship. So this is actually an important discussion. So let me know what you think in the comments. I'll tell you what I'll also do as a gift for you. Are you ready for this? Give me a yes in the comments if you'd like a gift. You're gonna love this. Because I've raised many millions in finance for property, for business, for investing. Here's what I'm going to do. In one of the Rob.team Sunday Session Masterclasses, I'm going to do a whole session on raising money, on low and no money down investing, on how to get money from friends, from family, from private investors— not using bank finance, by the way, but actually private or personal finance. I will do a whole session on raising finance, low and no money down investing for business and property. If you would like access to that masterclass, I've literally just decided to do it right now. Go and join rob.team. It costs you less than a large coffee. You can cancel any time, and I, in a few weeks' time, will do that how to raise money masterclass just for you. What do you think about that? And by the way, I've raised many millions from a standing start, in fact from 50 grand in debt, so I've done this myself. So if you just type in rob.team, rob.team, into a new window on the internet, go do it now. Not only can you get hundreds of hours of Start and Scale Your Business, get better financial education and knowledge, make, manage, and master money content, but you will be able to get access to this How to Raise Money Masterclass. There's also, by the way, um, a Mindset and Money Masterclass, the 5 Fastest Ways to $100K Masterclass, there's the 21 Ways to Monetize Social Media Masterclass, there's the How to Hack Viral Growth Masterclass. There's all these masterclasses on rob.team that cost you less than a large coffee a month, no contract, cancel any time. What do you think about that? But if you go and join right now, I promise you in a few weeks' time, because I've already got an agenda of weekly courses to do, but I'll put it in the queue, I will do a live masterclass for you on how to raise money, no money down, even if you're in debt. What do you think about that? Cool. I won't charge you anything as long as you're a Rob.team member. So open a new window on the internet, do it right now because I've got to get out of here. Type Rob team, rob.team, in a window in the internet right now. I'll see you there and we'll teach you how to raise money. We'll teach you how to do low and no money down. We'll do a Q&A on how you pitch and how you present and how you sell without selling. We'll cover it all. So hit the share button. Remember, if you don't risk anything, you risk everything. And I look forward to seeing you in rob.team.