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Topic: Quit borrowing - page 4. (Read 2350 times)

legendary
Activity: 1946
Merit: 1100
Leading Crypto Sports Betting & Casino Platform
June 07, 2023, 06:31:57 AM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.


I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.

Learnt many savings strategies reading this thread, I've never felt comfortable owing people or a firm, but sometimes things get too rough on a person and they'll need to survive on loan. I noticed that borrowed money burns like paper and people find it difficult to clear their debts even when the money is with them. It can be circled around their way of living life, they'll feel the money is not enough to settle the loan. The world is now complicated with people that can't control themselves from buying useless things, in the name of show off. What will happen to a person that use a borrowed money to fund his luxurious lifestyle? a lot of people do this to feed their timeline, opening a window for future obstacles.  

This are the mainly affected financial problems and they income expense crossed is one virus it must overcome in managing finances . In a financial situation is bad at the time we get borrowing we are obey like a brilliant if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.

Thats why you should avoid on taking loans and borrowing money to pay another debt on which you are really that putting and sinking up yourself into much trouble because it would be continue to pile up until you would be able to realize that it is really that hard to pay anymore specially if the income source you do have is still the same. This is why whenever we do talk about financing then we should really be that wise when it comes to spending and we should really avoid to deal up with things which arent useful to us. Its not bad to borrow but only into those emergency times but for buying up something which doesnt  generate
income then this is where problem do starts.

This is why as much as possible you should quit on borrowing and this is where you would be able to see the relevance on having some savings fund. If you dont mind on having this one then
you would really be able to realize things when you are already on a tough situation.
Your thoughts on fiscal gymnastics are pretty woke. Can't help but feel that "yup, this hits home" moment when you bring up the issue of grabbing a loan to pay off another. It's like digging an even deeper money pit, right? Truly, it turns into a whirlpool of IOUs and APRs, kinda like a financial black hole that gobbles you up the harder you try to escape.

Totally vibing with the concept that smart and savvy money moves are clutch. Dropping cash left and right can brew up a financial storm, more so if it's all going into depreciating baubles. On the flip side, prioritizing the must-haves and maybe a few boss moves in investments that deliver ROI could keep your bank balance from going red.

Your two cents on keeping a stash for the rainy days is on point. It's like the "in case of emergency, break glass" fund to combat those out-of-the-blue fiscal faceplants. A rock-solid savings game plan is your financial parachute that lets you sail through rough economic weather without falling into the quicksand of brutal loans. With the right fiscal playbook and keeping a tight rein on the spending spree, one can stay on top of the money game and ride out any storm.
sr. member
Activity: 714
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Cashback 15%
June 07, 2023, 03:41:20 AM
It's never going to be difficult to borrow money from somewhere when you are short of cash if you are brought up this way, for many people borrowing money has made debt a normal way of living.

I've heard stories and how some people use debt to make more money, but that's because these set of people are made differently, they are called strategist because they use the debt to create money printing machines and it work really well for them.

But there are some people that take debts for silly reasons, some takes loan for gambling and they put themselves in more problem, there is no point in taking loans and you end up in more debt disaster.
member
Activity: 224
Merit: 25
Ultimate Launchpad on TON
June 07, 2023, 02:00:50 AM
I think, This will be a bad habit if followed even though circumstances force us to cover our daily living expenses. what is the point of borrowing more money if it will only lead to further accumulation of debt. Our tendency to live beyond our means and increasing credit card debt add to this problem, threatening our financial well-being. let alone a credit card. My advice is if you can just stop that choice because I have felt it, it doesn't seem to pay off when we pay it monthly.
hero member
Activity: 616
Merit: 713
Don't joke with my Daughter
June 07, 2023, 01:55:26 AM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.


I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.

Learnt many savings strategies reading this thread, I've never felt comfortable owing people or a firm, but sometimes things get too rough on a person and they'll need to survive on loan. I noticed that borrowed money burns like paper and people find it difficult to clear their debts even when the money is with them. It can be circled around their way of living life, they'll feel the money is not enough to settle the loan. The world is now complicated with people that can't control themselves from buying useless things, in the name of show off. What will happen to a person that use a borrowed money to fund his luxurious lifestyle? a lot of people do this to feed their timeline, opening a window for future obstacles.  

This are the mainly affected financial problems and they income expense crossed is one virus it must overcome in managing finances . In a financial situation is bad at the time we get borrowing we are obey like a brilliant if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.

Thats why you should avoid on taking loans and borrowing money to pay another debt on which you are really that putting and sinking up yourself into much trouble because it would be continue to pile up until you would be able to realize that it is really that hard to pay anymore specially if the income source you do have is still the same. This is why whenever we do talk about financing then we should really be that wise when it comes to spending and we should really avoid to deal up with things which arent useful to us. Its not bad to borrow but only into those emergency times but for buying up something which doesnt  generate
income then this is where problem do starts.

This is why as much as possible you should quit on borrowing and this is where you would be able to see the relevance on having some savings fund. If you dont mind on having this one then
you would really be able to realize things when you are already on a tough situation.

Borrowing comes when one is in danger or life situation when there's no alternative and remedy before involving oneself in going extra mile to take a loan to sort out the problems, of which must have a work at hand that would enable one to pay back after gotten stabilized. People involving taking loan for what doesn't add value or meaning to life is what I won't be in a full support.
legendary
Activity: 3122
Merit: 1032
#1 VIP Crypto Casino
June 07, 2023, 12:18:01 AM
I avoid charging transactions that are very high on my credit card. The rule of thumb that I have if I cannot afford the item then I cannot purchase it. Not knowing nor understanding that credit card companies make their money from interests and credit card fees that one just does not understand.

Interest itself burns a hole in your wallet and to some it can certainly lead into a huge credit card debt. This should be taught to children when teaching about money, knowing what a good debt is versus a bad debt.

This way it can help with understanding that having a credit card is a privilege rather than a necessity. Knowing this is how you cannot put large amounts of money to your credit card is a better financial decision in the long run.
legendary
Activity: 3108
Merit: 1138
June 06, 2023, 07:59:18 PM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.


I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.

Learnt many savings strategies reading this thread, I've never felt comfortable owing people or a firm, but sometimes things get too rough on a person and they'll need to survive on loan. I noticed that borrowed money burns like paper and people find it difficult to clear their debts even when the money is with them. It can be circled around their way of living life, they'll feel the money is not enough to settle the loan. The world is now complicated with people that can't control themselves from buying useless things, in the name of show off. What will happen to a person that use a borrowed money to fund his luxurious lifestyle? a lot of people do this to feed their timeline, opening a window for future obstacles.  

This are the mainly affected financial problems and they income expense crossed is one virus it must overcome in managing finances . In a financial situation is bad at the time we get borrowing we are obey like a brilliant if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.

Thats why you should avoid on taking loans and borrowing money to pay another debt on which you are really that putting and sinking up yourself into much trouble because it would be continue to pile up until you would be able to realize that it is really that hard to pay anymore specially if the income source you do have is still the same. This is why whenever we do talk about financing then we should really be that wise when it comes to spending and we should really avoid to deal up with things which arent useful to us. Its not bad to borrow but only into those emergency times but for buying up something which doesnt  generate
income then this is where problem do starts.

This is why as much as possible you should quit on borrowing and this is where you would be able to see the relevance on having some savings fund. If you dont mind on having this one then
you would really be able to realize things when you are already on a tough situation.
hero member
Activity: 2940
Merit: 627
Vave.com - Crypto Casino
June 06, 2023, 07:50:49 PM
Investing with borrowed money, especially in assets like Bitcoin, is actually more stupid than planned investing. While there have been cases where individuals have made substantial profits from investing in Bitcoin, it's really not that much, and I find it more fortunate than a well-intentioned scheme. Profit is not certain, so work, and once a case of loss occurs,
It is a bad idea and even starting a business that's come from loaned money unless you're that rich type and you can pay that forward if ever the business fails. We can imitate what the rich can do but it's not that everything they do can be done because of the status that we've got for each of us.

I think life will turn into a very wonderful new chapter when debt is not paid.
It's the opposite, life will be better if debts are paid. If someone believes in karma and has taken a loan, he'll do something to get it paid until full but those that don't believe it, they'll just leave these people behind and the won't have to bother themselves pay the debt.
full member
Activity: 826
Merit: 104
June 06, 2023, 06:32:26 PM
Investing with borrowed money, especially in assets like Bitcoin, is actually more stupid than planned investing. While there have been cases where individuals have made substantial profits from investing in Bitcoin, it's really not that much, and I find it more fortunate than a well-intentioned scheme. Profit is not certain, so work, and once a case of loss occurs, I think life will turn into a very wonderful new chapter when debt is not paid.
hero member
Activity: 1344
Merit: 738
June 06, 2023, 05:46:19 PM
I have seen people who are really in need of mone.’But they are hesitent to borrow money.
Therein lies the problem and every person who is still alive must all need money to support his life, both being responsible for family needs, education and health costs. Sometimes people have an unbalanced income and expenditure scale, so they need to consider taking out a loan because when they insist on taking a loan, if it is not supported by a steady job, it will be problematic to cover monthly expenses.

On the other hand there are some people who are habitual and they damage people financially.
The scale of need and use of loans is a priority that needs to be considered and try to see the worst potential when the hope of taking out a loan to support business trips is not as expected. For example, in the middle of your business trip, it doesn't grow or goes bankrupt, then what steps need to be taken so that you don't have problems with loans?

Any credit/loan institution will not give a damn about the controls in the business you are running and will never think of ruining someone's finances because they are running a business in this field. Borrowers must be progressive in seeing opportunities, whether taking a loan is the right solution or vice versa will put them in much bigger trouble. Get to know it first and study the impact before deciding to take a loan for any need.
full member
Activity: 162
Merit: 100
Eloncoin.org - Mars, here we come!
June 06, 2023, 10:48:11 AM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.


I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.

Learnt many savings strategies reading this thread, I've never felt comfortable owing people or a firm, but sometimes things get too rough on a person and they'll need to survive on loan. I noticed that borrowed money burns like paper and people find it difficult to clear their debts even when the money is with them. It can be circled around their way of living life, they'll feel the money is not enough to settle the loan. The world is now complicated with people that can't control themselves from buying useless things, in the name of show off. What will happen to a person that use a borrowed money to fund his luxurious lifestyle? a lot of people do this to feed their timeline, opening a window for future obstacles. 

This are the mainly affected financial problems and they income expense crossed is one virus it must overcome in managing finances . In a financial situation is bad at the time we get borrowing we are obey like a brilliant if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.
hero member
Activity: 1078
Merit: 509
Leading Crypto Sports Betting & Casino Platform
June 06, 2023, 05:42:50 AM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.


I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.

Learnt many savings strategies reading this thread, I've never felt comfortable owing people or a firm, but sometimes things get too rough on a person and they'll need to survive on loan. I noticed that borrowed money burns like paper and people find it difficult to clear their debts even when the money is with them. It can be circled around their way of living life, they'll feel the money is not enough to settle the loan. The world is now complicated with people that can't control themselves from buying useless things, in the name of show off. What will happen to a person that use a borrowed money to fund his luxurious lifestyle? a lot of people do this to feed their timeline, opening a window for future obstacles. 
hero member
Activity: 616
Merit: 713
Don't joke with my Daughter
June 06, 2023, 04:48:47 AM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.


I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.
legendary
Activity: 1946
Merit: 1100
Leading Crypto Sports Betting & Casino Platform
June 06, 2023, 02:40:26 AM
The majority of us live beyond our means, which is one of the primary causes of our ever-increasing habit of borrowing money. Simply put, incomings are outpacing outgoings. It's also getting worse.
This is the main problem that greatly affects the financial condition. income exceeds expenditure is a virus that must be overcome in managing finances. When your financial condition is down, you must be wise in borrowing money because there are several risks that will arise if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.
Policies in spending are needed to maintain financial health, you must control your money properly by cutting expenses and spending money wisely. Borrowing money to fulfill desires is not recommended because it will become a burden when paying due to not having a side income source.

The trend of 'living for the now' has indeed led to an unsettling 'outgoings > incomings' equation in many households. That's why we see the millennial generation dubbed as the "debt generation".

The wisdom to borrow is important but often overlooked. Lending platforms will always be happy to dish out loans but forget to add the disclaimer about the snowballing effect of interest and fines. It's like buying a smartphone on a plan and realizing later you could have bought two for the price you end up paying!

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.

hero member
Activity: 2114
Merit: 740
Leading Crypto Sports Betting & Casino Platform
June 05, 2023, 11:40:06 PM
The majority of us live beyond our means, which is one of the primary causes of our ever-increasing habit of borrowing money. Simply put, incomings are outpacing outgoings. It's also getting worse.
This is the main problem that greatly affects the financial condition. income exceeds expenditure is a virus that must be overcome in managing finances. When your financial condition is down, you must be wise in borrowing money because there are several risks that will arise if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.
Policies in spending are needed to maintain financial health, you must control your money properly by cutting expenses and spending money wisely. Borrowing money to fulfill desires is not recommended because it will become a burden when paying due to not having a side income source.
hero member
Activity: 1358
Merit: 538
paper money is going away
June 05, 2023, 08:41:12 PM
The amount matters as well. I won't blame someone who borrows money for investment if they borrow $1000 from the bank, but their monthly income is $10000 with no debts and they possess assets like a house, car, and gold. It truly depends on the circumstances when it comes to borrowing money for investment or business purposes. If successful, you'll reap the benefits, but if not, you'll only lose a small portion of your money.
It is illogical, someone will apply for a loan that is higher than their monthly income because if they apply for a loan of 10% of their monthly income then it is better to wait for the next month's income than to pay interest on a bank loan, usually they apply for a loan higher than 3-5x of their monthly income and they choose a time to pay off 1-2 years.
No one truly knows the essence of each person's character when it comes to pursuing their desires. In fact, there are numerous 'unusual' individuals who continue to lead remarkable lives, defying conventional norms, and achieving even greater success. However, it is crucial to exercise utmost prudence when it comes to enlarging one's debts, ensuring that their value remains beneficial to our financial well-being.

Therefore, what I have conveyed still holds true for me, and perhaps others may struggle to embrace it.
full member
Activity: 1204
Merit: 110
June 05, 2023, 08:40:57 PM
The amount matters as well. I won't blame someone who borrows money for investment if they borrow $1000 from the bank, but their monthly income is $10000 with no debts and they possess assets like a house, car, and gold. It truly depends on the circumstances when it comes to borrowing money for investment or business purposes. If successful, you'll reap the benefits, but if not, you'll only lose a small portion of your money.
It is illogical, someone will apply for a loan that is higher than their monthly income because if they apply for a loan of 10% of their monthly income then it is better to wait for the next month's income than to pay interest on a bank loan, usually they apply for a loan higher than 3-5x of their monthly income and they choose a time to pay off 1-2 years. Now is the right time to increase Bitcoin investment assets but it is better not to involve any borrowed funds unless you can handle loan repayments well.
begging all the time make a person repulsive - try to change your habit for better repersention of your personality and your own self.
sr. member
Activity: 831
Merit: 286
Next Generation Web3 Casino
June 05, 2023, 07:48:39 PM
The amount matters as well. I won't blame someone who borrows money for investment if they borrow $1000 from the bank, but their monthly income is $10000 with no debts and they possess assets like a house, car, and gold. It truly depends on the circumstances when it comes to borrowing money for investment or business purposes. If successful, you'll reap the benefits, but if not, you'll only lose a small portion of your money.
It is illogical, someone will apply for a loan that is higher than their monthly income because if they apply for a loan of 10% of their monthly income then it is better to wait for the next month's income than to pay interest on a bank loan, usually they apply for a loan higher than 3-5x of their monthly income and they choose a time to pay off 1-2 years. Now is the right time to increase Bitcoin investment assets but it is better not to involve any borrowed funds unless you can handle loan repayments well.
hero member
Activity: 1358
Merit: 538
paper money is going away
June 05, 2023, 07:37:13 PM
Some people don't know the reason why some people borrow money to borrow money is good but it depends on the way that you are borrowing the money for you can borrow money and start up a business and the business you have already known the route of the business so that when you invest the borrowing money or borrow the money then it will not disappear or lost so I believe that you can borrow money and start up a little business so in future time you can pay back the money and start making use of the profit
The amount matters as well. I won't blame someone who borrows money for investment if they borrow $1000 from the bank, but their monthly income is $10000 with no debts and they possess assets like a house, car, and gold. It truly depends on the circumstances when it comes to borrowing money for investment or business purposes. If successful, you'll reap the benefits, but if not, you'll only lose a small portion of your money.

This is a common strategy employed by entrepreneurs or large institutions, where they opt to borrow money when they secure a job or receive an order from a client.
member
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June 05, 2023, 06:48:26 PM
Some people don't know the reason why some people borrow money to borrow money is good but it depends on the way that you are borrowing the money for you can borrow money and start up a business and the business you have already known the route of the business so that when you invest the borrowing money or borrow the money then it will not disappear or lost so I believe that you can borrow money and start up a little business so in future time you can pay back the money and start making use of the profit
full member
Activity: 588
Merit: 119
Epsiloan Protocol
June 05, 2023, 06:29:42 PM
One side needs another side bad. yes. Consideration for the basic reasons behind this loan must be clear first. For example, if an individual borrows a certain amount of funds for productive purposes such as investing in a business or crypto assets with good potential returns.

Do you support the idea of borrowing loan to get crypto asset? How are you sure if it will come with good potential returns. Well, all I know about borrowing loan is that, you can get a loan to improve your  standing business but you shouldn't make a mistake borrowing loan to start a business.


Borrowing money for investment or business is really risky, but there is no success without taking risks and trade-offs.  therefore, borrowing money is not necessarily bad but will depend on each case and each person's circumstances. you borrow money because you can't gather that money in a short time to prepare the business. I mean, you can pay that loan even if your business fails, borrowing money can be considered.  But if you have no other assets, and no income, then borrowing money is a stupid idea.

I can still support this your idea. If one have other alternative mean of paying the loan if the investment fails then one can go ahead with the loan. This has once happened me, if not for my other biz I will definitely find it difficult to pay back the loan.
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