Credit for my dream? Should I take out a loan?
Is it smart to take out a loan to finance your dream?
I have a dream! A statement so bold, so intriguing. It has the power to convince millions into following it. Almost every invention we enjoy today begun with a dream. The inspiring story of Dr. Martin Luther King resulted in the civil rights movement with his “I have a dream!” speech. Former president Nelson Mandela also proclaimed his dream about an Africa in peace with itself. Steve Jobs, Elon Musk, Sir Richard Branson and the list goes on. The legacy these gentlemen either have left or are still at work in our society today is well evident.
Your dream is precious. Your dream is necessary. Dr. Myles Munroe once said that the richest place on earth is a graveyard. There are dreams worth billions lying in those graves. Dreams that never saw daylight because of indecision. Take the plunge! Follow your dreams! People are waiting on the other side of your decisions. A wise man once said that the service of many leads to greatness and many times millions. Who ever said serving others would only make you poor?
Commitment – the stuff dreams are made of!
Indecision breeds procrastination. Your dream will take hard work. But deciding to follow through with it will make the road to it simple enough. Don’t ponder too long on the viability of your idea. Make it work. Thomas Edison didn’t give up on his 85th attempt creating the light bulb. After the 86th attempt, he had already failed more than double his efforts before that. The point is – making a decision to go after your dreams at the start of your journey will save you lots of time procrastinating on quitting when the going gets tough.
That being said, is it now a wise move to take out a loan to finance your dream?
One of the most important things about investing is a positive return on investment. This simply means that the value you get out of an investment is more than the value you put in at the beginning. People are in essence investing in their dreams. So when people take out business loans, for instance, they should consider the same principle.
Loans should build dreams – not ruin lives.
South African loans will become more expensive in time to come. Therefore, it would be wise to make sure that you are beyond a point of return in your dream. You don’t want to take out a loan on something you will quit a year later.
The best advice for a budding entrepreneur would be to start with what you have. Use what you have in your hands. Most ideas can see a beginning without credit financing. Soon enough the fruit of that idea will show. Create a following of people and businesses before you take on the risk of using credit like online loans to finance your dream!