Debt is only good when you borrow money to make more money – Wole Gbadamosi
“You don’t have to give yourself too much headache to maintain a debt free profile”. Wole Gbadamosi maintaining a debt free profile on #WakeUpNigeria this morning.
Nigeria is a place where the economy requires you to be supportive of people and you have to provide for your family likewise but there is a way to keep out of debt.
Wole didn’t go too far in giving the simple solution which is ‘Planning’
He advised that one has to plan well for his or her finances to avoid debt.
“Planning is key, but people fail to plan. Planning is an habitual thing. Plan well and be able to account for all the money that comes in and goes out of your account or from you.”
He also added that sometimes, you have to follow your plans by being assertive and say ‘No’ when needed.
He further explained that debt is good only when you borrow for something productive and he gave ways to get out of debt.
“Debt is only good when you borrow money to make more money like investments and so on; even business is a risky one. When you are in debt, first acknowledge that you are in debt, keep communication with who you are owing to reduce their fears. Some people try to avoid whoever they are owing which is not good enough, some may be lenient enough to give you more time as you ask for. Then plan on how to make the money or deduct from your income to pay back. It will take time but be intentional about it”