₦airaland Forum

There is nothing wrong with borrowing money.

But there is everything wrong with borrowing money for the wrong reasons.

When you borrow for the wrong reasons, you end up in debt with nothing to show for it.

Here are 7 things you should NEVER borrow money for:

🚫 Do Not Borrow For Consumption - Don't borrow money to buy things like food, clothe, gadget, house rent, etc. These things won't put money in your pocket so when it's time to pay back, you'll struggle.

🚫 Do Not Borrow For A Wedding - Don't start your marriage with debt. Don't put yourself under unnecessary stress to impress anybody. One-day events should not leave you with 3 years of debt. Keep it simple.

🚫 Do Not Borrow To Start A New Business - You're not even sure if the business will succeed, why take a loan to start? If it fails, you'll be under pressure to pay back those you owe. Instead, bootstrap and start small with your own money.

🚫 Do Not Borrow To Build A House - Nothing gives peace of mind like living in your own house. But, you'll lose peace knowing you're still owing someone while living in your house. Take your house project bit by bit. No rush.

🚫 Do Not Borrow To Buy A Car - Especially a luxury car just to impress people while it's stressing you.

🚫 Do Not Borrow To Impress People - Spending money you borrowed to buy things you don't need just to impress people that you're not broke is the quickest way to go broke.

🚫 Do Not Borrow For Vacation - Borrowing money to “rest” will make you restless when the bills come in. If you don't have money to go on vacation, rest in your house.

Only borrow money for things that generate income, appreciate in value, or solve real emergencies.

Your financial peace is more important than public praise.

Have you ever borrowed for the wrong reason before?

What happened?

Share below 👇

So give examples what you CAN borrow money for.
I mean, you listed everything as things not to borrow for

What sort of grammar is:
What Makes Borrowing Goes Wrong?

FreeIgboho:
What sort of grammar is:
What Makes Borrowing Goes Wrong?

Hahaha, professor please give me a better title and I'll appreciate it

Chief, please, finish what you have started,

Ok. What are the things we can burrow money for? You mentioned emergency, can we borrow money for our health, i mean when you yourself is hospitalised or someone special to you is in the hospital.
Remember you mentioned we should not burrow money things that will not bring value to us like investment that will bring income to us.