Don't Borrow To Invest
Cryptocurrency has no doubt changed the world and has had a significant impact on people's lives either good or bad. I have been in the crypto space for quite some time and even though I am still figuring my way around it, there is one thing I know for sure you should not borrow money to invest in cryptocurrency no matter how tempting and promising the token who wish to invest may sound to your ears.
Before investing in a token I believe research must be done to know more about the token, where it is heading in the future and most importantly make sure they are not part of a Ponzi scheme or scam to avoid any inconvenience issue that may arise in the future and also to avoid acquiring high losses and regrets.
There are cases where people who borrow money to invest in crypto have a maximum profit return which I acknowledge, but that does not mean it should be encouraged and practiced by other people especially when the individual has nothing to fall back on if by chance the investment crashes down. Yesterday a friend of mine was on a call and normally I don't eavesdrop on people's conversations but what got my attention was when I heard the person he was talking to say why he borrowed to buy a token and did he tell him before going ahead to purchase the token.
Before that day he approached me and talked about a token he was interested in buying and also chipped in about him borrowing money to invest. I told him it was not a good idea and that it could backfire if he didn't pay on time because these loan apps can be very petty at times. Unfortunately, he did not heed to my advice and went on to do his thing and currently, the token he purchased for 60 USD is not even up to 10 USD which is a huge loss.
Now is will be wrapping his head around thinking of how to pay the loan which will include an interest fee and if the loan payment is not paid on time more interest will accumulate and this could cause a problem for him to pay back. I feel bad for him but he brought it upon himself and chose not to listen to me and his friend who introduced the token to him. The mistake has been made, but I am sure he will learn his lesson and come back stronger and better.
So guy that will be all for now. Thanks for stopping by and have a good day.
borrowing to invest is never a proper way, though you might be lucky but the probability of that happening is slim
It a bad way to make investments and could end badly if the money borrowed is high. The individual will never have peace of mind and will be worried about what is to come on the deadline for the loan payment.
This was so common on 2017 bull run, I remember many people saying how they could pay their interest but I think most were noobs in to crypto, I was not yet invested but do have experience managing credit/loan, its a bitch when you don't pay on time and interest starts to accumulate then come extra charges, its a mess, short story lots of people lost their shirts with cc and loans to buy crypto when bear market hit, its all common sense but euphoria takes out any common sense once you see that much money flowing
Most people fail to understand borrowing money is not the problem, but paying it back that where the problem is and it can be stressful because all they think about is how they can settle up the loan which can draw their attention away from a lot of things.
have you consider a small portable carrying trolley to carry stuff arround, might come hand because taking all those gallons depending how far you park plus unloading, it might help ✌️ but also the work out is worth it 💪