 | (inget ämne) Beginning this month, I started writing the 100 lessons i have learnt in life so far on my blog http://www.facebook.com/l/21137KiOHnQIJrpSqyeoz90G9gg;www.albertopoku.com.
Life Lessons: 2 – Never go in for a bad loan
Not all glitters is gold, this is an old adage but its wisdom lives on and will continue way after our generation. We live in a world where living beyond our means is considered 'normal'. Our governments ran on deficit budges, the companies we work for run on huge loans form banks and superstars who earn millions are sinking into debt.
If there was one thing I wish I knew before I turned 29, it was the difference between a good loan and a bad loan, especially in this era of credit cards and all sort of enticing bank loans and credits systems being shoved down our throats.
Thanks to Robert Kiyosaki for opening my eyes to the difference between a good loan and a bad loan. If I had known this difference earlier in life, I would not have got myself deep into debt at an earlier age and had to pay so much in interest for three continuous years. If you have not as yet read Robert Kiyosaki's 'Rich Dad, Poor Dad' book, then go grab a copy and save yourself years of financial misery.
In short a good loan is one someone else pays for you and a bad loan is one you pay yourself. Want an example? Say you buy a taxi, the passengers end up paying off the loan and the taxi becomes your property, if you buy a private car, you will have to pay the loan yourself.
So that does that mean you should not buy a private car? No the simple wisdom is that buy the taxi, get the passengers to pay off the loan and then get them to buy you the private car too. Apply this to every facet of your life, it will mean delayed gratification but it will save you years of misery in what Robert calls the 'Rat race' – simply put – invest in assets and use the profits or interest to get the liabilities.
I only wish I knew this difference before I got into debt. Have a different view? Speak your mind , write a comment on my blog - http://www.facebook.com/l/21137vJxSVx1d99eoyW9Ciu-xsg;ttp://www.albertopoku.com/financial-intelligence/life-lessons-2-%E2%80%93-never-go-in-for-a-bad-loan/#more-913 |
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