Plan and borrow wisely..! Maryam Khalfan Plan, that too wisely..! Especially, for those who are in quest to live a successful and brighter life, it’s never too late to start planning. In fact, the earlier you start to plan wisely, the better it is to achieve your pursuits. If, we were to learn from experiences of many senior citizens who fell prey to unwise planning — amazingly, we will comprehend a lot from their experiences. Also, if we were to spare some time to listen and learn from both their mistakes in life and their accomplishments in quest for success and better standard of living, we will realise that they sacrificed a lot of efforts, mobilised several resources and their lifetime to repay debts for many years. For instance, for a segment of them who unwisely availed of every given opportunity to secure personal loans either in form of the so-called ‘short-term loans’ or ‘soft-loans’ or ‘long-term-loans’ from banks and other financing companies, which are essentially designed to alleviate monetary burdens of people — majority of them were severely impacted by the attractive financing schemes they availed of. It is unfortunate that even to date, some people continue to suffer for their decisions, which lead to financial collapse. In the worst scenarios, due to the financial burdens they encountered in their livelihoods, many years on — such persons spend nearly all their monthly income (salary) within moments of receiving it. Others can, at most, only maintain a few pennies merely enough for maximum of a week while others who are extremely over burdened by multiple loans do not enjoy of a penny from their salaries. So, how do such people sustain their living? On what did they invest their monthly income on? And, for how long did they or do they continue to repay their debts? The answers are many. In reality, the majority of them availed of all available opportunities to secure both the long-term and short-term loans to meet their routine social and economic necessities. To date, they continue to rely on monthly salaries; others avail of an opportunity of borrowing from friends and relatives while others have a monthly account with the nearby foodstuff shops to facilitate for their family’s basic necessities. Whether, they took loans to invest in material wealth like a house, automobiles, furniture, gold and other basic necessities and luxuries — without doubt, the choice was theirs provided that they, during then had the potential to take loans and felt it was wise to do so. But, for a portion of them who availed of the financing firm’s opportunity simply because they either envied their peers or merely did so for the sake of showing off that they had the potential to own material wealth of temporary nature, again, it was their choice. But, was their decision worth? Definitely, they must have gone by the drift of the time. Given the historical experiences of fellow citizens and the rapid advancement of science and technology, the standards of livelihoods have evolved too. New innovations, techniques and methodologies have further come into play in quest for success and to achieve material wealth. Whatever your need or quest is, it is necessary to have a wise and proper planning to achieve your goals. Your personality should reflect in your decisions. And, if the need be, review your plans according to your objectives. Don’t envy at what others have; instead take it as a source of inspiration, if they are good. Control your spending and prioritise your wants. Avoid borrowing funds unless you desperately need them. Whatever the circumstance be, try to save as much as possible so that you can use them in times of contingencies and emergencies.
Posted on: Sat, 02 Nov 2013 15:57:51 +0000
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