Time can be used to generate active income like a salary from a job. Or time can be used to generate passive income like interest income from financial investments.
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You were born with an abundance of it, and it is valuable. Use it to solve problems that people are willing to pay for.
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Treasure is money. Spend it on things that will make it multiply.
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Credit can buy you time. As a bridge through times of reduced cash flow, as seed capital to start investing in tomorrow’s business ideas today, or to prevent unexpected emergencies from derailing your ability to cover today’s necessities as you get back on track.
Credit can be used to invest in yourself and increase your earnings potential. Acquire new skills, build new relationships, or put yourself in spaces that make you a better value creator.
See a great business opportunity but don’t have enough cash to get started? Credit provides leverage so that you can fund future revenues by borrowing the cash you need today.
While there are many advantages to using credit, there are negative consequences when credit is misused. To use credit responsibly, follow these “credit commandments.”
This is by far the best way to build your credit history. Borrowers who repay on time gain access to higher loan amounts and lower interest rates over time.
Your credit record is visible to all financial institutions through credit reporting and can impact your ability to access credit in the future from any financial institution. Preserve your credit record by repaying all of your debts in full. Even if it takes you longer than you initially planned.
A general rule of thumb is that your monthly debt should not exceed 35% of your monthly income.
Needs are business related expenses, emergency expenses, medical expenses, educational expenses and necessities like food, shelter and utilities. Wants are excessive entertainment, gambling or things you can live without.
Only deal with lenders through their official distribution channels like their official website, app, USSD code etc. Beware of imposters that try to mimic these sites through other methods like fake websites, social media handles and google forms.
Do not borrow from any lender that charges you money up front for increased loan amounts or lower interest rates. This type of arrangement is likely a scam to take your money and run.
Any lender asking you to repay a cash loan with airtime is a scam to take your airtime.
Be absolutely certain that you are repaying your loan to your specific lender, toward your specific obligation. Do not pay money into a loan account that does not uniquely belong to you. This will result in you paying off someone else’s debts and losing your money.
