THINGS YOU SHOULD NEVER TAKE A LOAN FOR NEVER take a loan for the following Not because loans are bad, but because these will put you at a tight-noose situation and can easily throw your life into complete disarray.
Betting, Gambling Or Playing Lotto
I know, we have quite a number of gamblers over here and so I am going to be very careful with my words. But listen to me keenly, never risk an amount of money you cannot afford to lose.
No matter how obvious the outcome of the options on the ticket appear to be, a loan (whether from a bank or a friend) should never be your recourse.
Betting games in Kenya have become very common as they always promise huge amount of money as returns for betting. Since the sport requires you to top up some money, please don’t get a loan to bet.
Remember that, the reason you are betting is because you need money. Therefore, don’t get a loan that you will struggle to pay for. And also, remember that betting does not gurantee winning money. Be wise about it.
Paying Rent
As with betting, paying your rent on loan is always a bad idea. Can you imagine spending sleepless nights worrying about how you are going to clear a loan plus interest for a house that will never become yours? It’s unhealthy, unwise and illogical.
Don’t get a loan so that you can live in Kileleshwa.
Unnecessary Medical & Cosmetic Procedures
Mganga toka kitui, Miti shamba libido enhancing products, bleaching, butt augmentation, liposuction, facelifts, botox injections, weight loss programs, fad diets etc are the trend nowadays as people seek for ways to improve their physical and psychological wellbeing.
But as much as each one of these procedures may have some benefits, you should be very careful not to sink your financial fortunes in them.
Christmas & Birthday Presents
Taking a loan to finance your girlfriend’s birthday party or to purchase a fancy present for your friend’s wedding isn’t a smart idea. It’s better to give a small gift with a clean heart rather than an expensive one with unwarranted cost implications.
Flossets
Flossets are things that appear like assets but they are not really assets because they lose value over time. These include leather personal cars, sofa sets, expensive jewelry and trendy mobile devices. Avoid buying these on loan. There’s nothing worse than appearing rich when you know very well you are actually broke.
Vacation
While vacations (popularly known as #Vacay on social media) provide you with tonnes of photo and videos to post on your Facebook, Instagram and TikTok accounts, they are not worth taking on loan. Instead of wondering where your next vacation is, maybe you should set up a life you don’t need to escape from.
Fundraisings & Extravagant Church Contributions
Before you run to your bank or SACCO to borrow in the name of meeting your Daddy and Mummy pastor’s extravagant demands; think thrice (not twice).
Even the Bible tells us in Proverb 22:7 – The rich rule over the poor, and the borrower is the servant of the lender…meaning; the minute you go into debt, you lose a portion of your freedom.
The Bible in Malachi recommends you only take a portion of your harvest to the church…not loans.
Starting a Business
I know this is bound to generate controversy because of many reasons. But take it from me, only morons launch their startups on loans.
At the startup stage, you are dealing with too much uncertainty and you don’t want to add the worry of repaying a loan to your schedule. Why not raise money from crowdfunding sites, family, savings or grants?
Final Word
Loans are liabilities that take money out of your pocket. But you should avoid taking bad debts. Bad debts like loan for buying a car, going for a vacation or something that has an end.
There are good debts like if you take a loan and buy an apartment and give it for rent and create a positive cash flow then it is a good loan.
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