“Only when the tide goes out do you discover who’s been swimming naked.”
"Warren Buffett"
Each time i meditate over this qoute by Warren Buffett one of the wise Men who gave a lot of financial and life advice through quotes. I came to see that debt is involved in this qoute. Debt have rubbed millions of people their joy and left them without choice than to live like slaves. No wonder the holy book said, "one is a slave to whom he is owing" let's took into some Reasons why one must avoid debt with all costs and what to do to come out of it and what to do now not to enter into debt.
What debt can do is so much that if you have not been into debt, please do not go into it at all. It will be wise to learn from People's experience.
It does not take hours to buy a car, phone , house for credit. It does not take years to get loan. But it can take life time to pay debt . Why? You know, there is something we all do not check when going into loan. For example, in 2020, i had a good florishing business that i can comfortably pay back loan 100k weekly.
In this case, i can get loan of 1m NGN and pay back in just 10 to 12weeks with the interest. All i know now is that business is moving well. I will never have second thought, what if something go wrong tomorrow and this business stop moving. Not at, all who are into deep dept today never thought of that.
No one thinks of, what if i loose my job after getting this loan. What if i fall sick after getting this loan. What if things change that am unable to pay. We never thought of that. We get loan base on our current situation and income. No one should underestimate what will happen tomorrow.
Now the loan, runs with interest and because you are unable to pay on time, the interest will accumulate and become higher than the main money you borrowed. I am making this post out of personal experience.
I was part of an NGO organization, in fact one the leaders. And our director came up with the idea to get loan from bank of agriculture. It sounded beautiful and good to all members. We did all the requirements and we got 50,m NGN from the bank.
Boom, everyone one was happy to receive 100k per person and some did for all members of the family. To pay back the loan was easy and people were paying. Do you know that in just 2 months our director was killed by unknown gun Men😭😭
Everyone scattered and bank could not get their money again. The bank did not disturb anyone until 3 years past. They now called all the leaders for a meeting and when we went, they showed us how much the NGO was owing. The interest was more than the main money borrowed. We are now in deep dept. So many people have sufferd the same after getting loan. Unforeseen circumstances can put you where you never know before that is why one need to avoid debt at all cost.
Now, you have to see this debt as something that want to steal your future. And you will start a fight with it. From your current earning, set aside what you will save for your future and what you will pay to clear the debt. Remember in this period you have set aside to pay off the debt, you must not spend on something that is not really important to you.
How to avoid debt
Do not borrow money to start up a new business.
Do not borrow money to do wedding.
Do not borrow money to buy house.
Do not borrow money for vacation.
Do not borrow money for child dedication.
Do not borrow money for burial.
Do not borrow mo for, Easter, Valatine, Christmas celebration or any other celebration.
Do not borrow money to buy clothes, shoes etc.
Always spend, buy within what you have and never forget to save for the future.
How hive will help you come out of debt
Hive is not just a social media platform. It is more than that. On hive, you will read a lot of experiences from others that will help you maintain positive thinking while you pay off the debt.
Let hive be a secured future for you. For the weeks, months, and years it will take you to pay of the debt, save what ever you have on hive. Use your personal money from your salary to pay off the debt so that when you come out of it, you have something that will build you up.
Hive will help you to build positive mindset. It will put smile on your face every day. You will never feel alone here on hive. Hive is a big family with a lot of information that will help you deal with any situation in life.
Think more of your hive goal than the debt. Don't forget that, everything in this life is temporary. Never allow yourself to die because you are paying debt. Always come to hive to hang on with fellow hivers. We love you and will support you.
Never allow debt to still your future, never allow debt to make you swim naked. Never allow debt to put you by the side of the wall. Maintain a positive attitude while paying debt, do all you can to come out of debt and never go back and if you are not in debt, learn from others who are struggling to come out of debt.
NOTE: Note please this is not financial advice. I wrote it out of personal experience and that of others. You are free to make your research for the best way to handle it.
