Each month, her daughter paid her $50 and watched as Lisa entered the payment in a ledger and updated the amount owed until the money was paid back in full.
Visualizing: To me, I see this as balancing a checkbook but that is because I might be little old school.
Below is the link that shows how to balance a checkbook:
http://www.ehow.com/video_2202016_balancing-checkbook-bank-statement.html
Lending money to loved ones could be a gesture of good will
Connection: I remember lending to my brother and him lending money to me.
But not all loans work out as well.
Predicting: A different situation is about arise. In the previous situation, Ann's co-worker paid her back.
They never saw their money again.
Questioning: I wonder how they felt when they never got their money back...
"If you're going to make a loan to a family member, assume that money is gone from the start
Connection: This feels like the same idea banks use when lend their money out, risk of never getting the money back.
If you can't consider the loan a gift, be just as businesslike as your bank would be.
Inferencing: Should act like a bank, if you do not lend money as a gift.
"Set up expectations,"
Connection: A contract. Whether that be verbally or written.
Consider getting collateral and charging interest,
Confusion: What is collateral?
Summarizing: Interest, helps cover for the risk for never being repaid back fully. UPDATE: a charge for being able to lent an amount of money
You can charge a higher interest than you'd get from many savings accounts and still be charging less than the interest on a credit card or bank loan,
Summarize: Interest would be in the middle because if it was too high, then the person you would lend the money to would just go to the bank to ask for a loan. If you charged more interest than the savings account where the money would be then you would actually be earning more monry than having the money sit in that savings account.
other terms
Questioning: Were these terms written or verbal?
you may need such a loan yourself one day.
I think of it as rainy day account.
"We realized we had bailed her out that year to the tune of about $12,000," Beth says. "I'd like to say the gravy train stopped then, but it actually continued until about a month ago
Summarize: Beth and her husband kept giving their step-daughter money time after time. The gravy train refers to the ride the step daughter was being just to ask her parents for money so easily.
the winding road from the classified section of yore to Tinder
I'm imagining this curvy road with different stops that are dating websites and you can leave whenever you want if you're not happy or satisfied.