 TITLE: 5 Tips for Borrowing Money From Friends and Family CONTENT: 3\\. Know Who (and How) to Ask\n-----------------------------\nOnce you know how much money you need to borrow, think about the people in your life who might be in a position to provide financial help. A retired parent, for example, may be on a fixed income or have to draw from a taxable account to give you the support you need. Meanwhile, another relative or friend with a well-paying job may have more than enough in savings to offer a short-term loan. Be careful when making assumptions about another person's finances, and avoid asking someone who may jeopardize their own financial health in order to help.\nAnother thing to think about is your relationship history. If there's tension or volatility there, asking for a loan could be a recipe for disaster. If that's not the case, it's still wise to consider whether you've borrowed money from this person in the past. If so, was it a positive experience for both parties? If you decide to approach them again, be mindful that you aren't making them feel like an ATM. Clearly lay out your intentions for the money, along with your proposed repayment timeline. Offering to pay interest can also show that you want them to benefit from the transaction as well. END