It is true when they say that, it is easy to collect money that is not yours from someone and then spend it without feeling bothered about where the money comes from or not. When we collect money like this and then spend it on either things that matter or not, paying it back to the rightful owner is always where the problem lies. My mom has always told me that a loan or getting money from someone is not really an easy investment or deal one could do, but I did not agree until I did one.
I needed some money some time ago, about some months now, and literally I was supposed to pay it back at a stipulated time, which we agreed upon. Since then, I have been planning so much ahead to make sure that I do not default or go against the agreement we had, but honestly, it wasn't an easy task because I was saving up most of all my earnings, and it was a bit difficult to cope even I haven't paid back the money I owe.
Should I just summon the courage and pay up while I keep striving to cope? This question keeps popping into my mind as I begin to think about some things I could do. At some point, I thought of lying that I was not getting any payment from where I work and then running, but do I have any other choice than to make sure I pay back? Whenever we are considering some facts about money, we should also check on some other things too, like our lifestyle or probably what we use the money for.
To be candid, getting a Lona is very easy, but paying backing is very though. And the reason is because when you are getting a loan from someone or somewhere, it is as if you are given a free money also it looks as if one won't return back the money but you alone know that you are still owing and one thing about lending money is that when you lend money and you invest it into a business, from my own point of view, it is as if one is just getting the money and returning most of what you have gathered from the money after investing.
For an exam, my mom once took some loans from microfinance banks to support her business, and they gave her a timeline of 30 days to refund the money she took, most times with interest. Imagine this scenario, where the interest they added on the money you collected is the interest you got from the money you took from them. That means you are returning both your interest and the money they lent you at the end of the month.
To me, this makes no sense because there won't be any need for me getting a money which will not profit me. At first, I explained some things to my mom but she wouldn't listen because she thought I didn't want her to take the loan from the microfinance bank. But along the line, she started realizing what I told her, and when she did the overhauling of her business account, she saw that she was losing even more than what she gained and the Banks were taking most of the profits she was supposed to use to grow her business. This is why I will never support lending money or getting loans because it is never profitable, especially for those that are just starting to grow and have enterprises and sometimes middle-range businesses.