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Friday, April 12, 2024
HomeUncategorizedHow to Use Other People's Money

What do you understand by other people’s money? Other people money (OPM) is the money you borrow from banks, friends, Organization or your family members. But the best of all is the one you borrow from your family members or your friends.

Nearly all business, small or big from one time or the other need to borrow money for one reason or the other. Be it for buying material that the company needs to keep it running, buying landed properties or individual For investing, such as Real Estate bond and stock. With the high interest most bank are placing the loan, it will not be appropriate for a beginner to start with the banks but if you find a bank with a low interest rate then you should go for it.

There are some organization which can give you money to invest in most case their interest rate is not too high but some are high but peradventure you find one that is affordable collect it and buy assets with. I know if you are fortunate enough to have a friend who can borrow money to invest with, men you have got to be smart because your friend will not be demanding for high interest rate. You might be lucky he will not even ask for interest but you must be careful with the money because if you miss use it, it might jeopardize other opportunities.

That of your family members is as good as that of your friend all you need to do is to convince them of your business idea and with a good business proposal. You can rake in millions with other people money. You can become a millionaire with other people money if you understand how money works and how to make it work for you.

Go for soft loan if you don’t have friends and family members to borrow you money, please don’t take loans without you knowing every details surrounding the loan. Loans can make you super rich but it can also put you into debt traps. So before applying for any loan makes sure you know the pros and cons of the loan.

You should be able to show those who wants to grant you the loan, how you are going to repay the money, also you should comply with the payment schedule specified by the lender of the loan. Any loan you are able to raise be it from the bank, organization, friends and family members make sure you seek the help of experts in the areas you want to venture into.

Take risks but it must be calculated risk.


Source by Omokaro Efeobome

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