money finding solutions...
By tomoe0404
@tomoe0404 (6)
4 responses
@arreolabryan (856)
• Philippines
24 Apr 10
Really borrowing money is not a solution but just adding more problems.
@tomoe0404 (6)
•
24 Apr 10
it depends...its like a band aid solution.a temporary remedy for their problems.And for people who have the capabilities to pay back its buying them time...
@magtibaygom (4858)
• Philippines
24 Apr 10
Borrowing money can be a good solution. You just have to be wise when borrowing money. Borrow at low interest rate. When you borrow money, see to it someone else pays for it. Let's say for example, you need $500,000 for urgent important matters, like hospitalization or college tuition of your children. Instead of borrowing that amount, better borrow double of that amount. Then with your $1,000,000 invest the amount in some good business or investments that will generate regular positive cashflow, let's say in a low-cost house. Then convert that house into a "house-for-rent". In doing so, your house tenants will help you repay your loan. You are not alone in repaying the loan. You are being helped by your investments, and your tenants to repay the loan. That's the effective use of OPM (Other People's Money). That's one of the closely guarded secrets of the rich.
@common_man (1799)
• India
24 Apr 10
Hi friend,
I don't believe in borrowing money. One must learn to live within his/her means/resource. It is essential. What you said is right. If you borrow materail and not bale to return, it will sure spoil the good relation you are enjoying today.
If your current earnings are not enough to meet your necessities, you should serch for better earning options.
@scheng1 (24650)
• Singapore
24 Apr 10
Hi Tomoe, I think borrowing itself is neither good nor bad.
The good or bad part comes from what you do with the money. Those rich people borrow money in order to invest. If the investment turns out successful, they make even more money.
Those who borrow money to gamble are misusing the borrowed funds. They make their family suffer as well.
@sofabnnn (109)
• Philippines
25 Apr 10
To borrow funds is not embarrassing specially that you know you'll pay them back at a certain date of course. To have the car taken back from you because you opt not to pay it back in a timely manner? That is something you need to understand the obligation and the contract. =)
