The same goes for your clients. Instead of allowing them to owe you money you should ask for them to submit payment upfront. Otherwise, you run the risk of losing time and product on someone that may never pay you. Save yourself the trouble and stress that can come with lending money for the following reasons.
You Are Putting Yourself Second
When you give money to someone and you are leaving yourself with less than you need, you are putting yourself second. If this is something you tend to do a lot in life perhaps it is time to start recognizing this pattern.
It is completely backwards to put other people’s needs before your own. If you don’t take care of yourself first then you are unable to be a good friend, employee, partner, or parent. There is a reason airline safety encourages giving yourself oxygen before others. You can’t take care of anyone else if you run out of air first!
You Risk An Argument
One of the biggest causes of arguments is money. Money is a strong force in this world and can turn the calmest of people into greedy fools. Sometimes arguments never find a resolution so it is important to ask yourself if it is really worth losing a friend or a client.
You shouldn’t act out of guilt. Don’t be afraid to say no to people. It shows maturity, self-worth, and self-value.
They Will Ask Again
If this is a professional relationship, there is a chance that if they person isn’t able to pay for their services they probably aren’t in very good control of their finances. Therefore it is likely that if they are asking you now they will probably ask you again.
Sometimes they may even start expecting it. Therefore it is best never to start the pattern in the first place. The same goes for personal relationships. Make it clear from the beginning that letting friends borrow money is not something that you feel comfortable with.
Boundaries can actually bring your relationships closer rather than further.
You May Never See The Money
There is always a chance that if you let someone borrow money from you that you will never see that money again. Instead of taking the risk of losing that money, avoid it altogether.