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Smilin’ in your face all they while they wanna take yo place, back stabbers! Now, all friends and family members who want to borrow money from you are not bad guys or back stabbers, but they could unintentionally be using you or positioning you for a financial set back. I want the next time you contemplate lending money to a relative or patna you take these top 5 tips into consideration.

They say money is the root of evil, but in my opinion money isn’t, people are. So, don’t let people or the need or greed for money be the reason you get in a spot.

All of the tips are from the National Foundation For Credit Counseling. So, if you don’t want to take my word for it, the professionals are here to let you know. CLICK HERE for the rest of the tips!

1. Lending Money Tips: Smilin’ In Your Face

Just like in Vegas, don’t risk more than you can afford to lose. Loaning money to friends or family is a gamble, so never make a loan if it’s going to put your own financial situation on the skids. However well-meaning the individual is, none of us knows what tomorrow holds. Only loan the money if you’re comfortable with the idea that you’ll never see it again.

2. Lending Money Tips: Smilin’ In Your Face

Do not dip into your retirement account. Loaning money is not a good idea if it means that you have to risk your retirement savings. Protect this nest-egg as though you were the mother hen, and don’t let any of your chickens touch it.

3. Lending Money Tips: Smilin’ In Your Face

Involve your spouse/partner in the decision. Communication could not only save you money, but could save your marriage or relationship. If you and your spouse don’t agree on making the loan, it could result in significant stress on your relationship.

4. Lending Money Tips: Smilin’ In Your Face

Evaluate the impact the loan will have on other family members. If you loan money to one child, you’re setting a precedent. What if other children are not as responsible, thus the risk of them repaying a loan is greater? Be prepared to deal with the potential strife such a situation could create within the family.

5. Lending Money Tips: Smilin’ In Your Face

Consider the reason the borrower needs the money. Do they want the loan because of an emergency like loss of job or unexpected medical bills, or because they made poor spending decisions? Will it be used for something that will improve their life, like a down payment on a home or education?