You are viewing a single comment's thread:
RE: The Illusion of Ownership and the Debt Trap [ENG-URDU]
Thank you for your article not many people are talking about this because they are afriad of judgement from others . I hope soon that neighbor of yours will soon realize that in three years many things can happen that require having a big chunck of money. They are also a great example of Performative Consumer I am pretty sure they did not buy that Iphone and brand new car because they really need it like that but to display and upgrade their status with others . I wish schools will teach us about Financial Literacy however it is not too late for some people to change and learn it .
0.00176687 BEE
I have seen so many people fail to pay back their loans and get their cars repossessed. I had a friend who did exactly this. He took a bank loan, got a car in his name, and put it on daily rental. It actually went well at first, so he kept repeating the process until he had three cars all on daily rental just to pay off the bank.
Then, one of the cars had a major accident. Of course, the insurance was slow and did not cover all the damages since it was limited to a specific amount. His whole model just broke down after that. He could not keep up with all the loans on his head and eventually had to sell his other cars too. In the end, he was left with nothing because he leveraged the bank loans way too much. It is honestly just like people trading crypto with 20x leverage and getting rekt.
That is the thing as well there will be always the right time to upgrade your business . Don't speed up things by getting in bad debt .While working a business still work in your 9 to 5 . So that when businesses fails you have something to fall back on . Work and patience.