Want to create an interactive transcript for this episode?
Podcast: My Worst Investment Ever Podcast
Episode: Shayne Heffernan – Stop Lending Your Money to Friends
Description: BIO: Shaye Heffernan has a Ph.D. in Economics and has done several IPOs that have surpassed a market cap of a billion dollars.STORY: Shayne lent his friend of 20 years $6 million in the agreement that he’d get a stake in his friend’s business. That business failed, so Shayne never got his money back nor made anything from the friend’s company.LEARNING: Lending money to friends is a terrible idea. Have very clear agreements when lending money. “Keep your friends as friends and your business as a business. Don’t try to mi...