When you borrow money from a friend it’s called a Debt
DEBT is like a sword , it is a weapon…..yes, you can use it to cut your enemies, protect your family or cut yourself……….,
So what do you do with debt? You need to answer this question before seeing what I have for you in the next lines
There’re actually two kinds of debt………..
There’s the good debt and there’s also the bad debt,
But instead of calling it debt let’s give it another name called leverage……………yes , hope you’re with me?
Debt is nothing more than the money you borrow from a person or an institution to perform an activity and that activity can make you richer or be poor.
A good debt is a business loan you take from the bank to expand your business, to either buy an equipment or even employ more workers to grow your business,
Or it could be a mortgage you borrow from the bank to invest in an investment property
Or it could be a student loan that you borrow from the government so that you can increase your skillset in other to deliver value to the marketplace.
Let me show you what you don’t know about debt….
When thinking about debt it’s not so much about the debt, but the person that’s borrowing the money.
So let’s say an entrepreneur that’s smart borrows money from the bank and then he uses the money to grow his business,
then that’s a good debt, on the other hand an entrepreneur borrows money from the bank and make a bad investment maybe bought the wrong equipment or spent the money too quickly and now the business is losing money,
so it went from good debt to become a bad debt.
Another to think about bad debt is to know that bad debt is that kind of money you borrow to satisfy your personal pleasure because it does not bring money back to your pocket or no profit Is made from it.
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Are you scared of being in debt?……. well
Just know that Every millionaire and billionaire in the world uses debt or leverage In some form.
But if you find yourself having more of bad debts than good debt then I’ll show you how to easily move out from bad debt.
The number one way is…………………….
To focus on increasing your income and not lowering your debt.
The number two way is to…………………
Use good debt to invest in yourself, which means no matter the amount of bad debts make sure you invest I n yourself with a good debt, because it could be your saving grace tomorrow.
In other to deliver more value to the market place you must develop your skillset, many people want more money but fail to work on their skillset.
In life you don’t get what you want but you get what you deserve.
So if you’re looking for a way to pay back the money you borrowed, quickly look for a side hustle,
Don’t forget to leave a comment for me below,