How to Start a Blog (And Make Money With It)

  • Twitter
  • Facebook
  • Pinterest
  • Menu Item
  • About
  • Contact
  • Advertise
  • Resources
No Passive Income

No Passive Income

Take Action, Build Your Business!

Could Borrowing Money Change Your Life For The Better?

January 7, 2017 By Erik Emanuelli 12 Comments

Borrowing, credit and finance can be a slippery slope. With access to various forms of credit, some people can quickly find themselves over committed and in a pickle with their finances.

Debt can spiral pretty quickly, and one situation people can end up in a situation where they’re only able to afford the minimum payment each month- which means they’re only ever paying the interest and not actually making a dent in the balance. But while borrowing can be tricky it’s not to say that it’s a bad thing, and done properly can a really positive thing.

It can boost your credit score, and open up the opportunity to purchase things that you just wouldn’t’ be able to pay for up front. As long as you’re going into it with the right attitude (knowing you can afford repayments) and for the right reasons, borrowing money could end up being one of the best things you’ve ever done.

Here are five situations where getting a loan is totally worth it.

Source- here

 

To Start a Business

Thanks to the internet, more people than ever are able to quit their day jobs and become directors of their own company. But starting up a business takes money. You’re likely to need equipment and supplies. You might need to pay for training, hire an office, pay for advertising, licenses, insurance and everything else that comes along with it. Lending money to get you initially set up in business is absolutely worth it.

It’s something that could put you on a new path in life and allow you to follow your dreams. When your business succeeds you will earn back the money, plus a whole lot more so it’s an excellent investment. Finding a good business coach or mentor is advisable if this will be your first business.

You’ll also need to speak to a lawyer, an accountant, and a banker to get everything in order. This will help you to decide on a budget and use the money to it’s best use to allow your business to get off the ground as quickly and successfully as possible.

 

To Study

Spending money on education is never a waste. Whether it leads you directly into a good job role or is just used to help you stand out from other candidates, having some excellent qualifications under your belt is always a good thing.

There are often tuition loans, grants and bursaries available to get people into education- these will depend on where you live and the course you’re studying so look into what’s available to you. Some will be in the form of student loans but others you might not have to pay back at all. If you’re not entitled to any help with money, taking out a personal loan from a site like LendingTree could allow you to book the course that you want. It could be at a university or college, academic or vocational.

Either way, learning new things and gaining qualifications can set you up on a great path for your future career. Or can allow you to completely change your career if you’re a mature student.

 

To Buy a House or Make Home Improvements

When you invest in bricks and mortar you, invest in your future. The property market might have it’s ups and downs, but generally, the value of houses increases year on year. Not only do you have the benefit of not having to pay rent (money you will never see again) but you’re investing in something that’s yours.

Once the mortgage is paid off you have a home to live in rent- free forever. Alternatively, you could sell it to release the equity, or pass it down to your children. A mortgage is an enormous debt to take on but is one that’s completely worth it.

Source- here

 

To Buy a Car

The problem with cars is while you can find some models cheaply, you could end up paying more in the long run. Cheap cars will be older and therefore less reliable leaving you with big repair bills to foot.

Older cars also tend to be more expensive to insure too; the parts can be harder to find and more expensive, so insurers bump the price right up. Plus they’re easier to steal, another thing insurers will penalise.If you’re a newer driver or your insurance is already quite high, this could mean it bumps it out of your price range. Buying a slightly newer model is likely to work out cheaper, it will be more reliable, and you’ll find the insurance isn’t quite as high.

The problem is, this makes the car itself more expensive to buy. If you’re not able to afford it up front, car finance is a good way to go. This allows you to spread out the payments monthly- and while you will pay more overall this way it can mean you’re able to afford a car. Run plenty of quotes through insurance website to find a model that’s good for insurance as well as not being too expensive to buy on finance.

Getting the best deal is a balancing act between affordable insurance and affordable finance. Having a car can open up so many opportunities, so borrowing money to get one is definitely worth it.

It is very important that you choose a vehicle that you can afford. Having your car taken away due to failure of making payments can greatly affect your credit. A repossession on your credit report can stop you from financing other purchases in the future. 

 

To Book Your Dream Holiday

Proceed with caution on this one. Racking up credit to fund an extravagant lifestyle that you can’t afford is a quick way to wind up in serious trouble with money.

However, there are some circumstances where it can be ok. If you’ve always wanted to take your kids to Disney, or visit a particular country with your partner, using credit can allow you to do this.

Providing, of course, it’s fully thought out; you know what the repayments are and are sure you can afford them. If you know you’re good at managing your money and it’s something you have always wanted to do, a loan can make that happen.

Source- here

Tweet30
Share1
Share8
Pin
39 Shares
How To Promote Affiliate Offers ...
OneClerk: Best CPM Ad Network to...

Related Posts

  • Growing a Successful Marketing Business: How to Get Started
  • Time Is Not to Be Wasted in Business
  • The Most Lucrative Industries In Business Today
  • 3 Tips For Finding A Reputable Business Vendor Online
  • Tips And Tricks For Promoting Your Product

About Erik Emanuelli

Hi! I am Erik Emanuelli : problogger, marketer and social media addict. You can follow me on Twitter, add me on Facebook or follow me on Pinterest.

Comments

  1. Junaid Shahid

    January 8, 2017 at 6:50 am

    Hi Erik !

    Thanks for letting us knows the beneficial aspect of borrow money. But what I think borrow money is not always positive for every one where it has positive aspect their are also negative aspect too. If someone borrow huge amount on the behalf of job or any other asset, suddenly that asset get lost then the liability is harder to overcome. Anyways this will happen in rare cases, but I will like to do business if I borrow 🙂

    Reply
    • Erik Emanuelli

      January 9, 2017 at 10:20 am

      I think it depends on the cases, Junaid.
      If you have a good idea and a solid plan, I think borrowing money for realizing a business can work out.

      Reply
  2. Amar kumar

    January 13, 2017 at 11:09 am

    Hey Erik,

    It is really a fully interesting post and I have enjoyed a lot while reading it from top to bottom. You have absolutely arise five best situations where loan can be beneficial for us in order make our life successful. New businesses really required a decent amount of money for proper set up but we know very well many people doesn’t have much amount to start their business. They really required loan to start their business but when they get success over it – feels proud of loan and himself.

    Now-a-days, many student required huge amount of money for their vocational courses but generally seen they cannot effort such amount of money for their institution, in this circumstances loan can be boon for their career. Eventually, thanks for sharing your healthy and wealthy experience with us.

    With best wishes,

    Amar kumar

    Reply
    • Erik Emanuelli

      January 14, 2017 at 11:00 am

      Thanks for the nice feedback, Amar!

      Reply
  3. Osho Garg

    January 26, 2017 at 2:05 pm

    Well I always believe we should only borrow money or take loan if we have capacity to repay it. Otherwise we shall be in trouble.

    I really liked this article since it would be time in any persons life where they need to take loan for something like study, home, car or etc.

    Reply
    • Erik Emanuelli

      January 30, 2017 at 9:06 am

      Agreed on that, I hate to have debts too.
      Thanks for commenting, Osho.

      Reply
  4. Jenny Rev

    January 29, 2017 at 11:49 am

    Hey Erik

    Indeed a Great Post Dear !

    Personally I have never borrowed money in my life as I always worked hard, even when i started my career online and i had only few bucks to invest. But I must say if anyone wants to borrow money, that should be for business, that too in case she/he has the plan which she believes can go well.

    Anyways, keep up the good work. No Passive Income going great.

    Cheers
    Jenny

    Reply
    • Erik Emanuelli

      January 30, 2017 at 9:06 am

      Thanks Jenny.

      Reply
  5. Rajkumar

    February 2, 2017 at 7:42 am

    I have borrowed some money for investing in blog promotion and I have returned it after a month. I guess it always feel a bit of guilt when we have debts.

    Thanks for post

    Reply
    • Erik Emanuelli

      February 2, 2017 at 8:51 am

      I hope you had a good ROI on those blog investments, Rajkumar.

      Reply
  6. Kuldeep

    February 2, 2017 at 8:14 am

    Hi Eric,
    Nice share. I personally believe that borrowing money is not good for life. Life is better when you don’t have debt. Without debt one can live a tension free life.

    Reply
    • Erik Emanuelli

      February 2, 2017 at 8:52 am

      Wise words, Kuldeep.

      Reply

Leave a Reply to Jenny Rev Cancel reply

Categories

  • Blogging Tips & Tricks
  • Money Making
  • Small Business Tips
  • Social Media & Marketing
  • Tools & Resources
  • Traffic, SEO & SEM

Popular Posts

  • How to Get Likes on Facebook – 500 and More FB Likes in 2 days!
  • How to REALLY Make Money with Sponsored Posts
  • Start Monetizing Your Blog with SeedingUp : Interview with Johannes
  • How to Make Money With Affiliate Marketing – A 7 Minute Guide
  • Are You a Freelance Writer? Check These 20 Sites that Pay You to Write
  • How to Get Profitable Keywords with LongTailPRO 3.0 – A 3300 Words Guide
  • How to Make Money With Infolinks – Best Adsense Alternative
  • teliad (Now SeedingUp): a Great Platform You Should Use to Make Money Blogging

Copyright © 2021 NoPassiveIncome - Privacy & Disclosure Policy