Learn when to take up loans and when to forsake them.
Most of us are paying for some kind of loans. The fresh out of school kid is paying for his study loan, the guy next door is paying for his car loan and the married couple is paying for their housing loan. At some point of our life, we find that taking a loan is inevitable.
So, when do we take up one and when do we say no?
A good starting point would be to ask yourself what is the purpose of the loan. It could be for a new business you are thinking of starting, an MBA you would like to pursue, a car you are mad about, a house your kids would love or that Italian sofa your wife keeps yakking about.
For that new business
Make every effort to determine the profitability of your business (you need the profits to pay off your loan, right?). Talk to your lawyer if you are inexperienced in this. Business ventures should be made with care.
For that MBA
For the career minded, if you are thinking of taking a loan to further your studies (eg. MBA), do some planning. Determine what is the salary difference for those with an MBA and those without. You would need a pay raise to pay off that...
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