On one hand, it can helps you achieve your goals.
On the other, it can destroy you.
Mantras for borrowers, therefore are as under.....
1. According to financial planners, the EMI amount should not exceed
30 to 35 per cent of your monthly income.
2. Take a home improvement loan instead of a personal loan. The
interest on a home improvement loan is 13 to 15 per cent. The interest
on a personal loan is between 13 to 30 per cent.
3. Remember the maxim: Do not borrow to invest. NEVER ever borrow from
a bank to speculate; it may land you in trouble.
4. Power of attorney must not be given to anyone. NEVER blindly trust
the brokerage firm and gave them the authority to invest his money.
Unfortunately for him, they lost all his money, and worse still, he
has no recourse.
Most importantly, although some purchases may merit borrowing, know
where to draw the line. Get your priorities, right and you will always
be 'indebted' to yourself for this!
Have you borrowed more than you can afford? Check now with "wealth4u".
for a free advice.
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