When was the last time you asked someone for a loan or apply from an office for a loan?
Are you still in debt or have you already gotten yourself out from your matagal nang pagkakautang?
Kung wala ka nang utang, Congratulations!!! Binabati kita. Sana ako na rin ang susunod sa ‘yo 🙂
But…wait. Is DEBT really BAD?
According to Robert Kiyosaki, there are 2 kinds of debts. There is a BAD DEBT and there is also a GOOD DEBT. Hindi ito yung utang na loob a 🙂
BAD DEBT according to Kiyosaki is the money borrowed that is used for things that takes away money from your pocket. GOOD DEBT on the other hand is yung utang that is used for things that helps you acquire wealth.
So going back to my question, BAKIT KA NANGUTANG? Is your debt a masamang utang? or a mabuting utang?
Recently, I have joined a Facebook group of some Filipinos, karamihan OFWs, who are in to financial literacy. One of the group members asked:
“Hi there!! I am planning to loan for my start up business which lending companies that I can loan? The amount that I barrow is Php. 30,000. And also is PAGIBIG loan can barrow in the said amount? Thanks!!”
This member has a good aim but he should also make sure that his purpose of borrowing is well planned. Otherwise, sayang. Especially he mentioned that it is for a start up business. But, according to Kiyosaki’s definition of debt, this can become a good debt assuming that the start-up business is solidly planned.
On the contrary, Violy (ako po yun) applied for a loan from her insurance company dahil kinapos ng budget during one of her bakasyon sa Pilipinas. By that time she hasn’t yet met her role models: Robert Kiyosaki, Bo Sanchez, Francisco Colayco and Warren Buffet.
She used the money she borrowed para sa pamparenovate ng bahay lng naman and panlibre. As a result, maganda na ang pader ng bahay nila, but she’s still in the process of paying her loan plus the interest. The walls of their house do not even say, “Hi, ito o pambayad mo.”
If she could have delayed a little bit and saved for that amount… Tsk…tsk…tsk… A lesson learned.
Make borrowing your friend not your enemy because when you borrow and have bad debts, this will pin you down with the burden of paying the principal and the interest. But if you borrow for things that will put money in your pocket, this will uplift you from your miserable financial situation.
The next time you UTANG, think first, WHY?
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