Should i lend my dad money?

Question

I'm 16 years old and I have a part-time job. 6 months ago, my dad quit his job in the hopes of making it big in one of his business ventures. Now, he's needing more money to finance his business and he's asking me to lend him a grand. If I lend him the money, there will be next to nothing in my bank account. He's my dad so I don't know what to do.

Help.

Answer 1

I would never LOAN money to a relative. If GIVING him the money would leave you broke, that will not help either of you.

Answer 2

You have to answer this question yourself because you are the only one that has enough information to make the right decision. First, ask yourself the following questions:
1) Can you afford to lose this money? In other words, do you have any debts that you need this money for like tuition or car insurance?
2) Is your Dad a trustworthy person? Do you think he would pay you back regardless of whether his business succeeded or failed?
3) Is your Dad paying for your support? Does he pay the rent, buy your food and put clothes on your back?
4) What would happen if you said no? Would it impact your relationship with your Dad? If it would, is that relationship worth the $1,000 if he doesn't pay it back?

Last, my advice: If you answered these questions and want to lend your Dad the money, go ahead and do it but consider it a gift to him. If you give him the money, then you are free of the worry about whether he will pay you back and you won't be upset if he does not pay you back. Good Luck!

Answer 3

It all depends. But there may another solution for you and him to work together on a project.

If you are looking at a long term solution or possibly starting right now to raise money on an ongoing basis, you might consider a lady who has an organization called Together We Can Change the World, Inc. She designed a website to specifically deal with all sorts of fund raising activities for both school, community and Non-Profits.

And, in the process of helping others you can earn some really good income for yourself and your family.

You may want to take a look at http://www.npfsolution.com

Answer 4

You're dad made a foolish decision and he needs to pay the conscquences. You are not responsible for him. If it were food money it might be different, but giving him more money to sink into something he's already failing at makes no sense.

Answer 5

you could do it but dont expect to get paid back. the fact that he quit his job giving him a steady income to go after a dream that hasnt been fulfilled tells me that he isnt good with money.

its kinda hard to tell pops no because you do live in his house but I lent when in your position and never received my money back. Im kinda salty about that but I dont think I would have had the guts to say"...look pops, I have the money but I wont lend it to you because i dont think youll pay me back..."

the best thing to do is have the money in one of those online accounts-ing direct or one of those things, to make it seem hard to get. IF the money seems hard to get he will try to find money else where before coming to you.

Answer 6

Does he have a good reputation for paying things back? If so I would say go for it. If he has money troubles, even though hes your dad, don't lend him the money. He would probably loose it and it will only hurt you.

Answer 7

You can but only if you want to thats a tough call. He is your dad but at the same time you need to realize hes chasing a dream that might pan out. Or you could have him sign an IOU
Good lUCK

Answer 8

The answer is plain and simple, no. If he needs add'l funds, let him go to a bank and pay interest on his loan. As a parent of 2 young men (33 & 30), my wife and I help them because that's our job as parents.

Answer 9

loan no... invest yes. he invested 16 years of his life to see you get where you are so why not invest in his future and yours.. never know , he may be asking you to hand you down the business when he retires .

Answer 10

yes