Join 78,978 users and earn money for participation

Staying away from taking loans is a good strategy

1 18 boost
Avatar for bala41288
Written by   42
1 month ago
Topics: Debt, Loans, Finance, Money, Investment, ...

From a very young age, I have not been a big fan of taking loans. A few years back when I saw my account worth was growing on Hive and when I saw many investment opportunities in the crypto world, it was so tempting to take a loan and try to grow. Already spending time and investing money in the crypto market was pretty risky. Today I can be a little confident but during the early days, it was a big risk for me without knowing the potential of these crypto tokens.

It was so tempting and I really wanted to take a loan and invest everything in crypto. I was thinking that I should be investing a little bit in Splinterlands as well. But before that, I think the best thing that I ever did was to not sell my splinterlands assets just because I did not have enough time to play this game. Today I'm glad that I'm able to reap some good profits from the game. Maybe I should have taken a loan and bought some more crypto assets but I'm really happy with what I have right now.

Source

Real-world loans

Even though I say that I'm not a big fan of taking loans, I do have some serious loans in the real world. I got married a couple of years back and I had to take a loan to spend for my marriage. At that point in time, it was a huge loan for me and it was a huge risk that I was willing to take. Thanks to the family members as they rendered their good support on this matter.

I'm still repaying this loan and hopefully, I might become debt-free by next year. I wish that was my last loan in real life and from next year onwards I should start saving some real money towards my financial independence.

More money gives guts to take bigger risks

The risky thing about dealing with a huge amount of money is that it will let us take a big risk. We will end up investing in something that we are not sure about. If we have a good cash flow, we will not worry about the loss we might end up with and keep taking risks. I have heard stories about people taking bigger risks and losing big. On a positive note, I also understand that if the investment is big and the risk is big the returns can also be very big. But at the same time, if it ends up in a loss, it will also be big.

As my recommendation, I would still say that it is good to live with whatever we have in hand and invest in things that we understand. Taking risks is very good but we should also be ready to face the consequences if things go sideways. I'm glad that even though things were really very tempting, I did not take any loans inside the crypto world. I'm happy that I'm growing very well here and I'm able to save up some decent money to purchase things on my own without any loans or anything.



Posted Using LeoFinance Beta

3
$ 1.37
$ 1.37 from @TheRandomRewarder
Avatar for bala41288
Written by   42
1 month ago
Topics: Debt, Loans, Finance, Money, Investment, ...
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

But loans are also good if you know the kind of investment you’re venturing into. But if you don’t know, don’t try it

$ 0.00
1 month ago