Nothing is totally good or bad,
thinking makes it so and that is
why life is not always a matter
of black or white because there
are lots of grey areas.
Nonetheless, the level of
certainty that surrounds some
issues provides more than
enough logic that can you help
you to make the best decisions.
One of such issues in which
grey areas simply do not exists
is on the issue of what you
should or should never borrow
money to do. The logic behind
borrowing money; to start a
business, donate to your favorite
charity or pay hospital bills
might be subject to lots of fierce
debates from both sides of the
divide. However, I am certain
that you should never ever
borrow money to do any of the
three things listed below.
1. A Wedding and/or
Honeymoon
One of the things you should
never ever borrow money to do
is financing a wedding or a
honeymoon, and yea, you should
not even think about borrowing
money to finance both the
wedding and the honeymoon.
The wedding is a single event
(granted you'll probably do it
only once) but the marriage after
the wedding is a lifelong
experience and it doesn’t just
make sense to start a new life
with someone on a foundation of
debts.
Instead of going for an elaborate
wedding with all the bells and
whistles, a small party with a
select number of friends and
family members might suffice. If
you must have an elaborate
wedding celebration, you can
first go to the marriage registry,
choose a wedding day far out,
start saving as if your life
depended on it, and then
exchange your marriage vows in
an elaborate celebration when
you have the money.
By the way, the gifts you'll be
given on your wedding are not
supposed to help you pay for the
wedding. Remember that
borrowing money to finance a
wedding usually takes the honey
out of the moon.
2. Buying your First Car or
Replacing Your Old Car
Telling you not to borrow money
to buy a car might sound
counter-intuitive considering the
fact that many establishments
have different kinds of car loans
to assist employees in the
purchase of a car. However, you
should note that a car is more of
a liability than an asset except if
you are a contractor, celebrity,
or politician when you'll need a
car to give off an aura of been
successful.
A car is a wasting "asset"
because you'll lose about 20%
of its value as soon as you drive
it off from the dealer's lot. More
so, a car is a liability because it
takes money of your pocket for
fuel, periodic maintenance and
unscheduled maintenance.
Hence, it doesn’t really make
much sense to take a loan that
will be serviced with an interest
to buy a car on which you'll be
losing money.
3. An Excellent Family
Vacation
The third item for which you
should not even consider
borrowing money is a family
vacation. A family vacation is
supposed to be a great time for
the family to enjoy each other's
company, bond and generally
have a great time. Hence, it
doesn’t make much sense if the
father (or parents) is constantly
bludgeoning the rest of the
family about how much the
vacation costs and how he'll
need to slave away to repay the
loan.
You might take the risk of
financing an individual vacation
alone; after all, you'll be the only
on with the sullen expression
mixed with a slight dash of
regret every time you are
handed the bill on your vacation
and especially if the vacation
doesn’t live up to your
expectations.

To pay a one night stand hooker

What do you recommend for one who doesn't have enough funds to perform the traditional rites of the would-be spouse?

So true

striktlymi:
What do you recommend for one who doesn't have enough funds to perform the traditional rites of the would-be spouse?

Go and steal perhaps or beg relatives

striktlymi:
What do you recommend for one who doesn't have enough funds to perform the traditional rites of the would-be spouse?

They should do it in a smaller way. If there's no money to do ordinary traditional rites in a smaller way, I wonder what would happen if kids start coming.

babyosisi:


Go and steal perhaps or beg relatives

Hehehe...

softysparky:

They should do it in a smaller way. If there's no money to do ordinary traditional rites in a smaller way, I wonder what would happen if kids start coming.

I am not sure but I don't think traditional rites are that affordable to everyone if they only rely on their income.

A colleague of mine spent at least 3million on traditional marriage alone, where the bride price was about 700k.

In my village the bride price is about 300 naira but even at that an average traditional wedding would be around 500k.

For someone who earns a monthly income of say 50k, that would really stretch his pocket if he doesn't resort to either borrowing or asking favours from friends.

babyosisi:


Go and steal perhaps or beg relatives

Haba! that's an unfair advise Na. Do u no if he wants to get married to ur cousin sister? No one can tell.