Has your poker success ever caused a friend to ask for $$$?

Mempho · #1 10-26-2005, 11:54 PM

I'm not talking about 5 bucks here...or even a hundrud...I'm talking about 4 digits here. Poker player or not...that's still a lot of money for me. I had a very good friend, a roommate from college, get into some serious legal trouble. He needs lots of money...so much that I can't even make a large dent in it even if I give him as much as I can reasonbly give him without causing myself a serious change in lifestyle. So, in a way, I feel like Knish in Rounders saying, "If I give [it] to you, what's that buy you, a day? I feel like I'm wastin' it."

I would normally never consider giving money to anyone in such a large amount to someone...but the guy is like a brother to me. At the same time, if I really can't help his defense significantly and he goes to jail, I'm wasting my money. I know he'll pay me back slowly over time as he can but he's doesn't have the income I do...also, I wouldn't want to be pressing him all the time for the money like a bill collector. He said he would pay me a high interest rate to make sure that "I was taken care of for helping him" but I assume the interest rate is commiserate with the risk.

Have any of you had any similar situations happen since you have become well-known locally and with your friends as a poker success? How would you deal with the situation.

I told him that I would make no promises that I couldn't keep so that I wanted to think about it.

TheHammer24 · #2 10-27-2005, 12:12 AM

My friend was down to 100 dollars on him (college student) and wanted 500 for a XBox 360. I was talking about a winning session and he wanted me to let him borrow money. I told him no. I told him I would play him in 3 games of NCAA '06. 100 dollar bet in game 1. If he won, we'd play a 2nd game for 200 dollars. If he won again, a 3rd game for 100 dollars. He initially accepted then backed down. Little girl......

Sorry this is of no help to you, but I will say lending money to friends is one of the most uneasy situation you can be in. I don't think poker has anything to do with it. You have to weight the importance of the money, the affet it will have legally, the chance it will come back if you pay it, the chance of it hurting your friendship either way.

TobDog · #3 10-27-2005, 12:29 AM

JMHO, the answer is always "NO" if its someone you dont mind giving $ to and you know itll be used for good and your $ will be enough to help, then do it, dont expect it back. If your $ to help him will leavve him way short, what will he use it for? Good luck with this decision, I know its not easy for a friend.

tobdog

TheMetetron · #4 10-27-2005, 12:29 AM

I gave my friend $4,000 when he asked for it, almost completely without question... even when I knew there was a decent chance I may not see it again.

Then again, he was my best friend, and I am making him casino whore (with me staking him) to pay me back. Also, he hit me up the second I came back from Vegas and I had 5 figures in my pocket.

TheHammer24 · #5 10-27-2005, 12:34 AM

[ QUOTE ]
I am making him casino whore (with me staking him) to pay me back.

[/ QUOTE ]

that is so freaking sweet

jasonHoldEm · #6 10-27-2005, 12:36 AM

I loaned about $1500 to a friend and it sucked...I'll never do it again. When he couldn't pay me back at the time we agreed upon it really made things ackward between us...he did pay me back about six months after the fact, but it really made things difficult.

Personally, I think you stand a better chance at losing a friend (or at least damaging your relationship) by lending them money than you do refusing.

J

Bikeboy · #7 10-27-2005, 12:47 AM

I wouldn't make this a loan. Either give him the money or not. Loaning it is a bad idea.

#8 10-27-2005, 12:53 AM

[ QUOTE ]
I gave my friend $4,000 when he asked for it, almost completely without question... even when I knew there was a decent chance I may not see it again.

Then again, he was my best friend, and I am making him casino whore (with me staking him) to pay me back. Also, he hit me up the second I came back from Vegas and I had 5 figures in my pocket.

[/ QUOTE ]

Thinly veiled brag post.

#9 10-27-2005, 12:56 AM

nah he is the casino whoring king we all know that

#10 10-27-2005, 01:13 AM

[ QUOTE ]
I wouldn't make this a loan. Either give him the money or not. Loaning it is a bad idea.

[/ QUOTE ]

i totally agree with this guy. When it comes down to it, you should only lend money that you are comfortable not getting back. Especially to someone between a rock and a hard place. This really is more an issue of your level of friendship than finance. If my mom was going to die unless i gave her 90 percent of my assets, I'd do it and not think about it. If my best friend did, I'd be like "dam that sucks, can i have your drum set?"