Some people are scared of loans and anything to do with the word “credit” and others know how to leverage and use it to their advantage, a big preacher on loan is Robert Kiyosaki. An entrepreneur (with a networth of $110 Million) and a guru well known in the finance space.
He also preaches about how debt can sometimes work out for you in the long term.
However, even with his impressive net worth and business life story, people in finance are still sceptical about his statements on debt and loans. It is pretty well known that startup’s need to use loans to get off their feet. However, there are some exceptions where a loan could hurt you more than help you. For example, if you don’t have a full-time income coming in each month, you have no way of constantly paying off your debt if your startup has a wonky start.
Educating yourself and seeking out your options
Like with the guru mentioned before, education is key. Without educating yourself or smarting up, you are pretty much bankrupt before you start. Seeking out loan options is also an extremely important factor that sadly a lot of people overlook. Not all loans are created equal! For example take arkkapital.com, this is a company that lends out loans based on science and analytic data of your company, niche and much much more. Some people out there think that loans out there are “pretty much” the same everywhere. Anybody who had contracted a loan beforeWhether you are a person who ever compared loans before knows how much they can differ in terms of your income, the interest rates, periods, terms and much more. So no, not all loans out there are the same, no size fits all.
How to get 100% out of your loan?
You got your loan, now what? Well, most of the time, business owners after receiving a loan blow a lot of the money on things that can either wait or things that don’t need financing.
Whenever you take out a loan you should already have a set step-by-step plan on how you are going to spend it. And if you got a leftover budget? Great! Save that and use it to help your monthly or quarterly payments. Having the mentality of “oh I got left over, I can use it all now” is a bad way to get 100% out of your loans. Again, educate yourself on this.
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.