Avoid the Debts Trap

in LeoFinance3 years ago (edited)

One of the worst things that can ever happen to anyone especially someone who is trying to build wealth is falling in debts. Being in debts is a very terrible and bad situation. Apart from ir having a way of distracting you, by always making you feel distubed, debts hinders your growth financially. This is why it is very important that one tries to always avoid debts. Don't get cut by the debt trap, if in debts, you can always come out.


image.png
source


Some persons may have noticed that I initiated a Leo Power unstaking in the days past. It was very sad and annoying to have done that but that was my only option and it helped. The reason I did that was because, I was victim of being indebted and believe, it is not a sweet experience. As a result of my unstaking exercise, I lost a lot of stuffs like the Cub Finance airdrop. This proves the point I said that being in debt hinders financial growth. I missed out of more money because I had to clear debts. And now, I have to start building my Leo Power from scratch again. Quite unfortunate.


Another disadvantage of being indebted is that you get to overwork yourself just so you can clear your debts. Your happiness and peace of mind disappears when you are in a very big debt issue. Some people get to lose more things when in debts; you see people trying to sell their properties just to offset debts.

To avoid debts, the following underlisted tips can be useful:

  • live within your means; stop looking for a life of $1000 when you only earn about $1 monthly. Be contented and learn to manage your funds.

  • invest more; spend less: investments will always bring profits but spending never will

  • Don't enjoy borrowing; be scared of loans: it is from borrowing that you incur debts. Use your skills to make money instead. Opportunities are everywhere, maximize them.

Being in debts is a very big load and burden. If you have been there before, you will understand better. So, endeavour to not get into the debts trap!

Posted Using LeoFinance Beta

Sort:  

live within your means; stop looking for a life of $1000 when you only earn about $1 monthly.

Very valid advice. Anyone who lives in debt can never move into the future with joy because the future has already been withdrawn yesterday.

Posted Using LeoFinance Beta

Good advice that will go totally unheeded, by the sheep.

It's a free world

Posted Using LeoFinance Beta

I see very little evidence of that ... lol

How do you mean?

I argue that the debts didn't prevent you from getting the airdrop. It was your repayment of the debt that did. Debts aren't bad if what you use it for pays you a higher ROI than the lender is getting from you.

Actually true, the repayment made me miss.

Posted Using LeoFinance Beta