Sunday, October 11, 2020


Debt is one of the dangerous things that can make you remain in Poverty for the rest of your life especially when you borrowed money for something that can't give you back the money in a few months or years. Borrowing money is never a problem but what you borrowed it for could be a problem especially when you borrow it for the wrong reasons. Don't borrow money because of these things if you don't want to remain poor in your whole life.

1) Don't borrow money because you want to buy one or two trending Clothes also don't borrow money just to buy aso-ebi because of your friend's wedding or birthday party. Those clothes will soon fade away while you keep struggling to pay your debt.

2) Don't think of borrowing money just to buy the latest trending Expensive phone, except when you are 100% sure that within one money you will use that same phone to make back the double of the amount you bought the phone. Otherwise don't borrow money just to buy something expensive, it is not investment.

3) Don't borrow money just to pay for house rent. Borrowing money from a bank or microfinance bank because of house rent is something you should not try to do because there are no profit returns that you will get from it. House rent is an expenses and not investment.

4) Don't borrow money from any one or from financial companies just to organise Party. Whether birthday party or any other party. There is no amount of money that those that attend your party will give you that will be more than the expense that you have made because of the party. Invest the money and you will get returns.

5) Don't borrow money because you want to buy Drinks for yourself or for a friend who visited you. The reason is simply because there is no profit return from the drinks.

6) Don't borrow money because of Wedding. No matter how much you spend on your wedding, it is not a guarantee for a successful Marriage. Remember you borrowed the money alone with your wife, nobody will follow you to pay it back.

On the other hand, you can borrow money because of any of these 5 reasons because it's an investment and it will make ways for you to be out of the boundage of poverty.

1) You can borrow money to buy a House in a developed urban area. The house in one year or more than should be able to give you back the money in double or at least with a good profit.

2) You can borrow money to start up a Business. Business is an investment which if well managed will be giving you good returns, weekly, monthly or yearly.

3) You can borrow money to make investments such as buying landed property, vehicles for commercial transports etc. If well managed, the returns will be fantastic.

4) You can borrow money to take care of yourself because of Life threatening illness, disease, infections etc. But make sure that your business or your job is capable of repaying the loan when you recover from the illness.

5) You can borrow money because of your child's Educational program. Education is very much important. Education is one of the keys to open the doors of success especially when you are trained in a good course that can give you self employment if nobody or the government employs you. For example, you can employ yourself if you are a lawyer. You can employ yourself if you are an architect. You can employ yourself if you are an accountant. You can employ yourself if you are a programmer, web developer and app developer.

Before you borrow money, think of the benefits, if there are no benefits, then don't go further unless you want to remain poor because of debt.

No comments:

Post a Comment