I was taught from young that I can borrow anything except money. In college I attending Azizi Ali talks about not borrowing and becoming a guarantor.
3 years ago I was was approached by an ex-colleague who just started and business and wanted to borrow some money in order to roll his business as he got lots of orders coming in. I was a bit reluctant but I saw the determination and motivation in him so I borrowed in RM 3,500. He promised to return the money after 1 month but until today I have yet to see a cent of it. In fact, I chased him every year and every month from the money.
The other day I went straight to him and told him off on this, but I was shocked that he kept saying he got no money. He say that his business was bad and he say I don't understand as I'm living very comfortable now (really ?). His excuses were he just had a child and need to go hospital to do medical care and all sorts of excuses. The wife even accused me of being a loan shark when I didn't even charge anything on the capital I borrowed them. I realize I was fighting a losing battle trying to negotiate with him and his wife.
The conclusion is people will always find some ways to justify their condition, never borrow out money, not even a single cent to people if they ask. Have some sort of guarantee before borrowing if not consider it a donation.
In life you lose money 4 ways.
1. Scams
2. Bad investments
3. People borrowing money
4. Health issues
This 3 factors will leak your wealth if you ever get into it.