The unrestricted ability to borrow or the seeming necessity to always borrow is one of the vital reasons that people’s take home pays cannot take them home. If your take home pay must take you home then you cannot live your entire life borrowing and expecting that you will have something left. The sweet thing about borrowing is that you will have access to that cash immediately but the problem is that so many people borrow for very unnecessary reasons.
You need to check the fact that you probably have been borrowing in order to attend people’s parties or just to please some people. If you have been borrowing to please people there is no way you will not pay back one day and when you are going to pay back, it always feels very hard. It is sweet to borrow but it is hard to pay back. The only people who find it easy to pay back are those who have borrowed from the company and the company will deduct the loan from their salaries. It appears easy but some of them still groan when the deductions are made.
There is nothing wrong in borrowing as far as I am concerned but you need to also know that it is a very tricky thing and it is one of the reasons some people remain poor for the rest of their lives. It is also one of the reasons that your take home pay may not take you home. I know there are all sorts of reasons people borrow but you need to ask yourself if it is really necessary to borrow at that time you are borrowing! Will you die if you don’t borrow that money? If you are not going to die then there is no point borrowing that money. If borrowing that money will only boost your reputation with other people then you are only fooling yourself.
Even when you borrow to go to your office you have to be careful. There are people who take up some jobs and they are poorly paid. Because they are poorly paid and they probably live at a distance, they find themselves borrowing back to back every month. If you find yourself borrowing every month in order to show up in your place of work, you need to think twice about that work. I don’t think it is worth it! I think you should resign from such jobs because when you get paid you always have to go and settle debts first and what is left in your salary cannot feed you for the next one month or even take care of your transport to the office. You may struggle through the next one week and you realize that you need another loan to continue to that place of work till month end. Common! Think about it!
What are the benefits of borrowing?
1. You have quick cash to use.
2. You can buy what you need immediately.
3. It seemingly saves you some stress of having to wait a long time.
What about the disadvantages of borrowing?
1. You lose your peace when creditors are after you.
2. You also lose your dignity when the creditors involved are people who ordinarily should not have the guts to talk to you.
3. You have already spent the money you have not earned.
4. Because you have spent what you have not earned you are simply working to pay the person who gave you a loan.
5. Some creditors are not patient. They will harass you and ask for things that are more valuable than what you got from them.
6. Some of your creditors will also give you a bad name by talking to everyone who cares to listen.
7. Some people resort to lying in order to gain more time from the creditors and in some cases get involved in fraudulent activities in their offices.
I am not totally against borrowing and I need to say that again so that you will not think my aim is to stop you from borrowing. It will really be nice if you can stop borrowing but if you really have to them it must be very necessary. I think it’s okay to get a loan to start a business and really focus on the business without playing pranks.
If you live on what you earn from other companies and you still always borrow, you will realize that you are now working for both your physical employer and the person who gave you a loan.
Borrowing is one of the reasons some people’s take home pays will never take them home so start reducing your borrowing and increasing your capacity to earn more!
Fola Daniel Adelesi
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