This week in focus

Many time you need to have some extra cash to support your next investment – to make it clear, I never recommend personal loans to fund your requirements like buying a new phone or any thing which falls into slightest paradigm of luxury.

So, while taking a personal loan for sane investment you need to first of all make sure the interest rates are making sense to fund your investment – and only after that the below points can help you take a wise decision to mitigate the loan that you are taking which I also talked in the video linked below:

To take a safe loan you need to build collateral at your end which can be anything like the below:

1 – Your gratuity, you can keep this amount in your mind while taking loan as in case of job loss to fund your loan you have a cushion.

2 – You can have your personal car (I talked about this with an expat in mind) as if you need to leave the country, you will have to sell the car in case of job loss, so you can use the car’s equity to help fund the personal loan installments.

3 – There must be some cash / assets you have to back in case you are taking the personal loans to built up wealth from past as well. So keep them in your mind and in worst case, you might have to liquidate the best possible asset if required.

4 – Lastly, make sure while taking the loan to not go overboard with loan’s amount and keep a realistic number for repaying as well as overall loan amount which you can sustain over the smallest amount of time.

Apart from this video, 2 other videos were published linked below:

Keep hustling
Best Regards 🙂