I have a friend that would always ask me for small change like 5k, 10k, etc.
For over 2yrs now, i have been giving this guy these money without asking him to pay back. From my calculations, I’ve given this guy not less than 300k.

At some point this year, i decided that anytime he asks for money, I’m going to tell him that it’s a loan. I did it successfully and right now he’s owing me 55k.

Few days ago, I gave him 5k when we went to a function and today he asked for a loan.

Deep down i had been wanting to tell him to start something whenever he asks of money but I don’t know how to approach it so I don’t offend him, so today i decided to man up.

He previously told me about a dry cleaning business he wanted to start but is lacking capital. I was thinking he’s going to ask for some loan to start it but he didn’t ask.

So this last time he asked for small loan of 20k, i told him look, I’m not happy giving you these small money and calling it loan. That i prefer him to borrow money for a biz.

We have 2 mutual friends that are well todo and i was like the 3 of us can support him to start a business.

After telling him these, I found out that he’s angry because the account i told him to send to me he didn’t send it.

This is good advice but I now feel bad giving it to him. What do you think?

You did the right thing.