Do you have debts now(assuming that you have a business as well)?

[Claraviolet]

Well, my husband is struggling with debts thanks to the business and COVID situation. Now, we had to migrate to another country, to earn and cover all of them. It's hard for me to leave my home country and I am quite mad at him, for getting me into this troublesome situation.

So, I just want to understand something here. How come people don't know when to quit doing a business? Why do they think, things will turn around ...always? We had to give up our house and whatnot and even now, he believes that some other business would likely succeed.

I am not sure how to make him realize that, he can't do any such business just yet.
So, do you have debts at the moment? How would you deal with sticky situations?

 

[Setho]

I have set up my business in such a way that I do not need to take up any kind of loan before I can continue. I also believe that businesses that are being around like this are going to last longer.

 

[Claraviolet]

I have set up my business in such a way that I do not need to take up any kind of loan before I can continue. I also believe that businesses that are being around like this are going to last longer.

That's true. If you are taking out a loan to start a business, then you are taking a gamble there. If something goes wrong, you will have to worry about your livelihood as well as the loan.

So, it's better to get the initial setup amount first, without having to borrow it from a bank. However, it's not easy to accumulate so much money and certainly not easy for a salary man. I wish I could make my husband understand these points.

He plans to set-up a food business soon and I don't want him to bring back more debts. I wish people would consult their loved ones and get their approval before doing things like this. It's not just them that are getting effected by these decisions. They are dooming their loved ones as well which is just the bitter truth.

 

[eenya001]

it is better to take a loan, only when you intend to expand your business and not when you are starting out, so as for you to know every area that needs strengthen and more attention.

 

[Danny4cash]

Debt is a very dangerous thing and can hamper any business. That's why it's advisable not to borrow money to start a business. Debt always give person a pressure and when you're working under pressure, making a good decision become a tedious task.
Debt is a very dangerous thing and can hamper any business. That's why it's advisable not to borrow money to start a business. Debt always give person a pressure and when you're working under pressure, making a good decision become a tedious task.
Debt is a very dangerous thing and can hamper any business. That's why it's advisable not to borrow money to start a business. Debt always give person a pressure and when you're working under pressure, making a good decision become a tedious task.

 

[Lynaia]

Yes i have debts to pay but it's not actually an outside debt. It's a debt within my family and i might be paying the money back even though i have to do as if I'm looking for the money

 

[Kvngsammy]

Yes for now I have a few debts I want to settle but one great lesson I've learnt is to not borrow no matter how tough the conditions might be. This puts you under a lot of pressure and monies that should be channelled somewhere else is being wasted.

 

[Shaffy]

I don't do business with borrowed money, but I've recently had my salary withheld for a while so I had to borrow money to pay for expenses. It's not easy, but he can get another way to earn extra money to serve as capital.

 

[Good-Person]

Well, my husband is struggling with debts thanks to the business and COVID situation. Now, we had to migrate to another country, to earn and cover all of them. It's hard for me to leave my home country and I am quite mad at him, for getting me into this troublesome situation.

So, I just want to understand something here. How come people don't know when to quit doing a business? Why do they think, things will turn around ...always? We had to give up our house and whatnot and even now, he believes that some other business would likely succeed.

I am not sure how to make him realize that, he can't do any such business just yet.
So, do you have debts at the moment? How would you deal with sticky situations?

There are many businesses that have debts and they tend to manage those debts by analysing the profit and loss ratio as well. You must gain enough profits in order for you to pay off your debt.

 

[Billy]

Well, my husband is struggling with debts thanks to the business and COVID situation. Now, we had to migrate to another country, to earn and cover all of them. It's hard for me to leave my home country and I am quite mad at him, for getting me into this troublesome situation.

So, I just want to understand something here. How come people don't know when to quit doing a business? Why do they think, things will turn around ...always? We had to give up our house and whatnot and even now, he believes that some other business would likely succeed.

I am not sure how to make him realize that, he can't do any such business just yet.
So, do you have debts at the moment? How would you deal with sticky situations?

Yes, I have debts now. But my business is still growing and I'm making more money than ever before. When I started my business, it was just me working from home in a spare bedroom. I didn't have any employees or rent to pay, so my overhead was low. That meant that I could put all of my profits from each sale back into the business instead of paying myself a salary like most businesses do.

I didn't have any debt either—I borrowed money from friends and family members at first because my credit score was too low to qualify for loans through banks or credit unions. But with each hire that I made, I had to go back to them again asking for more cash because we were growing so quickly!

Now that our company is established and we're doing well financially, it's finally time for me to pay off those loans and start taking care of myself financially as well!

 

[Chibson]

it is better to take a loan, only when you intend to expand your business and not when you are starting out, so as for you to know every area that needs strengthen and more attention.

I actually shared the same sentiments with you. If you want to expand your business it is better for you to get a loan rather than when you want to get started. This is because if you want to expand that means you have already succeeded and you're already have enough knowledge of how the business works.

 

[frederick_9]

If you want to know every area that requires strengthening and more attention, it is advisable to take out a loan just when you want to expand your business rather than when you are just getting started.

 

[Immilash1]

If you want to know every area that requires strengthening and more attention, it is advisable to take out a loan just when you want to expand your business rather than when you are just getting started.

That's true, if they are ok with taking loans I think that's the only best option they can use, a lot of people don't like the idea of taking loans but that's just the best way to handle this.

 

[Joseph555]

Debt is a very dangerous thing and can hamper any business. That's why it's advisable not to borrow money to start a business. Debt always give person a pressure and when you're working under pressure, making a good decision become a tedious task.

 

[GIFTMICHAEL]

Well, my husband is struggling with debts thanks to the business and COVID situation. Now, we had to migrate to another country, to earn and cover all of them. It's hard for me to leave my home country and I am quite mad at him, for getting me into this troublesome situation.

So, I just want to understand something here. How come people don't know when to quit doing a business? Why do they think, things will turn around ...always? We had to give up our house and whatnot and even now, he believes that some other business would likely succeed.

I am not sure how to make him realize that, he can't do any such business just yet.
So, do you have debts at the moment? How would you deal with sticky situations?

Your story really hit me hard because one of my friends experienced this same so I can understand your situation.
And I happy that I'm not facing this kind of things in my life even though I'm earning low but I'm managing everything properly without taking loan.

 

[Ronald]

Well, my husband is struggling with debts thanks to the business and COVID situation. Now, we had to migrate to another country, to earn and cover all of them. It's hard for me to leave my home country and I am quite mad at him, for getting me into this troublesome situation.

So, I just want to understand something here. How come people don't know when to quit doing a business? Why do they think, things will turn around ...always? We had to give up our house and whatnot and even now, he believes that some other business would likely succeed.

I am not sure how to make him realize that, he can't do any such business just yet.
So, do you have debts at the moment? How would you deal with sticky situations?

Certainly, I currently have a few obligations I need to pay off, and I've learned that regardless of how challenging the circumstances, never take out loans. You put yourself under a lot of stress when you make this move.

 

[Laurentta]

I don't have debts at the moment. I'm sorry you lost your house and you had to move out of your home country. Do not see it as a bad thing, things might turn out well for you guys in the new country.

 

[Good-Person]

I actually shared the same sentiments with you. If you want to expand your business it is better for you to get a loan rather than when you want to get started. This is because if you want to expand that means you have already succeeded and you're already have enough knowledge of how the business works.

Yes, but getting a loan will increase the risk of bankruptcy and such kind of condition is never great at all. In order to deal with this condition, many people use personal finance.

 

[Syldan]

Actually I haven't experienced any debt in my business yet simply because I wished not to start the business without taking loans from anybody or borrowing. I most often used my personal savings to fund my business.

 

[Skysaint]

I am actually not a huge fan of taking loans or being in debt. Even the network I am subscribed to, I can't remember ever borrowing money from them let alone taking loans for business.