Borrow Money & Labor Day

Have you borrowed money from friends or family? Dangerous Dave talks about how only 4% of people have NOT reported issues with this. Plus, we work harder this year than last according to a Labor Day poll.

Episode Transcript

Speaker 1 (00:00):
This is deeper in the din with dangerous deed. Well,
you know, borrowing money from family and friends seems like
comes with less baggage than taken out a loan from
the bank, but you don't have to see your banker
at a Labor day cookout. A new report says that
Americans have combined to borrow fifty two billion dollars from
family and friends, which is a lot of venmo. More

(00:22):
than half of us have done it. The average person
has borrowed two hundred ninety seven dollars and still owes
two hundred and thirty seven of it, so you paid
sixty bucks back about twenty percent. It's easy to ask
a friend on the spot for a little cash or
draw a casual loan with the parents or siblings. About
half of the people with outstanding balances say they worry
about they won't be able to repay it in full.

(00:43):
Forty seven percent of people said borrowing and lending has
caused serious conflicts, and more than seventy percent say communication
broke down and their relationship ended. Get this, Only four
percent reported no problems when borrowing money from fai, family
or friends. Well, here's a helpful tip among that four percent,

(01:04):
write it down, formalize it for both parties, take it seriously.
Just because you're borrowing from a friend or a family member,
they're not the man. It's their money, so be respectful.
Don't make unnecessary personal purchases without paying them back, and
give them a kickback. If you're borrowing a large amount,
offer them some interest for the time that you need
to pay it back, even if it's a small amount.

(01:26):
It's nice to show your appreciation afterwards. And then when
you settle, maybe the surprise them with a bag of
coffee or a coupon for a future favor, or just
a simple thank you note for them borrowing you the money.
So there you go. There's a four percent chance you
won't have problems borrowing money to a family or friend
or a radio personality, for sure. In the on the

(01:50):
cusp of a three day weekend, and the last thing
anybody wants is to think about work, but it's Labor
Day and you deserve a voice for the contributions that
you've made to society. There's a comprehensive Labor Day survey
out there on jobs, and here's some of the interesting
stats from it. Seven out of ten people say they
work harder this year than they did last year. Nearly
six and ten think tariffs and especially inflation, is erasing

(02:13):
hard work. Two and five Americans are concerned that AI
will take their job. Nearly three and five Americans say
it's not easy to get a job right now, and
according to a recent report on the jobs market, it
seems younger workers are bearing the brunt of the pressure,
partially because the entry level positions are easiest to cut
to save money, especially when the aspects of those jobs
are most likely to be handled by AI. Nearly three

(02:36):
and five Americans say they don't have a budget for
Labor Day spending, but come on, let's be honest. A
lot of these people don't use budgets right at all.
Ninety three percent of people think companies should offer financial
wellness tools for employees, Ninety four percent want to have
a raise to keep up with inflation, and fifty two
percent of Americans are planning to spend less this Labor
Day weekend compared to last year. Fifty nine percent are

(02:58):
planning on checking out Labor Day sales to get good deals,
and they did not ask the most important question, are
you willing to go rogue? And wear white after Labor Day? Really,
why not tuning again for another episode of Deeper in
the Den with dangerous Dave right here.