When I was a bit younger, I fell into the common trap of taking out too many Personal Loans. I had my mortgage, my car payments, and all my credit card bills to pay. At a time, it became a bit too overwhelming that I already needed some professional help. As soon as I had recovered from these debts, I swore to myself never to get caught in the same dilemma ever again. I vowed that I will never again borrow an amount of money more than what I can comfortably pay off.
So when my brother came to me with a proposal for a business concept, my immediate question was where were we going to get the funding. And after tallying our available assets, we realized that we didn’t have enough. We would still have to take out Business Loans. This automatically set off alarms in my head since I didn’t want a repeat of what had happened to me in the past. But my brother reassured me that this will be much safer since the Business Credit is under the name of the business, we will not get into that much trouble. That put my mind at ease and it was all I needed to decide to push through with the business.