BORROWING (MONEY) WISELY
Good day!
Thanks for joining us on Life and Success Management.
Today I have a brief thought on the subject of borrowing. My objective is to intimate you with ideas that make borrowing a productive and less stressful experience for you AND the lender. That is what I call borrowing wisely.
Firstly, let us discuss the don'ts of borrowing. DON'TS OF BORROWING
# Don't assume you have to borrow.
Before you borrow, ask for other options. Always consider the possibility of better alternatives, don't just jump to the option of borrowing because of pride or any other reason. Allow people to be kind to you. Ask for a gift. People prefer to give what they can afford than to lend someone the same. Why? Losing control is a stressful event. Once someone gives you money, he doesn't need to be in control of it again; that becomes your responsibility. But if he lends you the money, he still needs to be in control of what happens next however he is not. That is why people feel hurt and feel cheated when you ask them to lend you money and you don't keep to agreement although they can afford to give it to you.
Sometimes it isn't money we need, it may just be more time or more people, or a different technique etc. Think about other options first!
# Don't borrow on impulse.
Like every other areas of our financial life, borrowing should be planned.
Some of us are quick to borrow especially because of access to "free money" but the truth is there is no free money anywhere! If you use your credit card to buy on impulse, you just borrowed on impulse. Paying back such depths is more stressful. We should plan our spending.
# Don't say what you don't mean
If you want a gift don't say, "Please, lend me..." Don't assume the person will GIVE you the money because it will be too small an amount to ask back. That will be stealing. You can't help people to determine what they should do with the money you didn't help them to work for.
Let's stop here for now. We will continue tomorrow, God willing.
Have a nice day.
Today I have a brief thought on the subject of borrowing. My objective is to intimate you with ideas that make borrowing a productive and less stressful experience for you AND the lender. That is what I call borrowing wisely.
Firstly, let us discuss the don'ts of borrowing. DON'TS OF BORROWING
# Don't assume you have to borrow.
Before you borrow, ask for other options. Always consider the possibility of better alternatives, don't just jump to the option of borrowing because of pride or any other reason. Allow people to be kind to you. Ask for a gift. People prefer to give what they can afford than to lend someone the same. Why? Losing control is a stressful event. Once someone gives you money, he doesn't need to be in control of it again; that becomes your responsibility. But if he lends you the money, he still needs to be in control of what happens next however he is not. That is why people feel hurt and feel cheated when you ask them to lend you money and you don't keep to agreement although they can afford to give it to you.
Sometimes it isn't money we need, it may just be more time or more people, or a different technique etc. Think about other options first!
# Don't borrow on impulse.
Like every other areas of our financial life, borrowing should be planned.
Some of us are quick to borrow especially because of access to "free money" but the truth is there is no free money anywhere! If you use your credit card to buy on impulse, you just borrowed on impulse. Paying back such depths is more stressful. We should plan our spending.
# Don't say what you don't mean
If you want a gift don't say, "Please, lend me..." Don't assume the person will GIVE you the money because it will be too small an amount to ask back. That will be stealing. You can't help people to determine what they should do with the money you didn't help them to work for.
Let's stop here for now. We will continue tomorrow, God willing.
Have a nice day.
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