Living above borrowing

Inem

Active member
A lot of times we have the option of either living by our means or getting some credits to financed our either long term or short term projects. We can always used our money to finance our different projects if we put our minds to it,to avoid any form of borrowing or owing. Could this be possible I think so. How do you live above borrowing even with projects to complete?
 

Augusta

VIP Contributor
Borrowing money for whatever reasons is a personal thing. You can still live without borrowing if you have your projects or life well planned out. I know some high funding projects that need a kind of borrowing but if you are not in a haste to complete it at a set duration then you can go steady and slow with it with the money at your disposal.

This is why early planning is very important. This will help you halt any kind of rush that would push you into any kind of borrowing. Planning for a project sets you on pedestal that you would follow only your set goals which will be to complete a milestone with only what you have.

Another way is trying to live within your means. When once you start looking at what is way beyond you you would be heading for debts. Try to work a budget for things you need and only have money that would buy them per time don't go overboard with it.

Bottom line is that be contented with what you have and avoid wanting to keep up with the Joneses.
 

Jasz

VIP Contributor
In our era of ever-rising debt, it's easy to get sucked into the culture of overspending and borrowing. Those new clothes look so cute, and you've got a little more space on your credit card… why not? But the sad truth is, if you only live above your means and never make a conscious effort to visit the other side of that equation—the side where you spend less than you earn—you're going to end up in deep trouble before long.

So how can you take control of your finances? It starts with a simple mantra: live below your means. Instead of looking at what you can afford with what you're currently making, try to imagine yourself as a person who makes less money than you do now (and likely will in the future). How would they budget their expenses?

Would they buy those designers? Probably not. Which doesn't mean that they'd have to live their lives in total drabness; maybe they'd just choose some cute flats instead. Or maybe they'd wait until the designers go on sale at the end of the season. If you only focus on what's within your grasp right now, it's easy to lose sight of future possibilities. But if you live below your means today, tomorrow there will enough to spend and invest.
 

Ridorz

New member
We can live above borrowing money to run our project if we have already made a mindset. You can get capital by saving, you can also get money through donations from your relatives. It is not advisable to get a loan to start a new business because things may not go in the right direction as your expectations and it will be difficult to return the loan.
 

Abigael

Valued Contributor
I believe that it is very possible to live above borrowing. Both with your personal finances and business finance. You can completely run a business successfully with the little amount you have until it becomes successful. You don't need loans for a startup, you can look for other means such as saving up your income.

I know that successful businesses usually borrow and there is a saying that you need to use money to make money. That is what successful businesses do, they borrow money to expand their businesses to be greater. Mark you, they take a loan in order to expand an already existing business, not for a startup.

Startups require you to plan well so that you can decide on a better source of income that does not involve having to pay back after a while. Then you can manage the little amount you have so well so that it does not get wasted.

All business funds need to be managed really well so that it can earn you profits without getting wasted. Otherwise, you will end up taking loans to correct a financial management mistake that occurred. Which is not great for business. Loans are supposed to be just for expansion.
 

sincerem

VIP Contributor
I know it's hard tho, when you don't have substantial means of generating money online or offline. Reason is because, cost of living is high during this pandemic period, here in my country it has tripled. The prices of commodities or products aren't much like it is at the moment, it has tripled now, if you don't earn high now, you'll find it so hard to take care of your bills. The major issue for some persons is that, prices of products go up every time, but the salary stipend or income generated as a result of your services online or offline doesn't go up especially for those who rely on salary. That's so frustrating, making many of them experiencing torrid time trying to survive the hardship. Those who aren't affected, are the business people, because they follow market demands, when the prices of products increases, theirs join the circle as well. People who reserved reasonable of crypto in the past aren't suffering it since most crypto especially Bitcoin, ETH is serving as hedge over inflation. They got extra amount to spend and stay afloat during this current economic hardship that is ravaging world wide. I know not every one is going through the heat period, but majority of people does.
 
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