Author Reno Omokri has taken to social media to dish out a piece of financial advice for the new year.
According to Omokri, the only time advisable to take out a loan is if the money will be used for business.
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In his words;
”Financial Intelligence For 2020.
Only take loans to: * Expand a business that already exists and is profitable or about to be profitable * Pay for either your education or your child’s education
* Buy a house, and
* Pay for emergency healthcare
Other than these, avoid all debt like a plague. If you go into debt to increase your consumption, that debt will consume your future. But if you go into debt to increase your production, the debt can drive your future by enabling you to sell to excel! Other than to increase productivity, avoid all debt!