Welcome back to this consulting feature of the various challenges that prevent us from achieving great success. So far we have discussed many challenges and learned through the challenges of others click on that text.
One of the challenges we have ever discussed is about building or not building, especially where one has no guaranteed income. In the article; ADVICE; What is the best way to build or invest in a business? We discussed in detail the best way to create or invest that money in a business.
Recently a fellow reader gave us his opinion explaining the challenge he faces. This challenge is exactly the same as the one we discussed about building or investing in a business, but its challenge has gone a little further so I thought it best to discuss it again.
Before we get into the advice I would like to give you a chance to read what we have been written by a fellow reader;
I HAVE A JOB THAT GIVES ME 30 LAKHS A MONTH AND I FIND MYSELF IN DEBT BECAUSE IT IS SMALL AND I RECENTLY JOINED SACCOSS AND GOT A LOAN OF 1 MILLION SHS. I AM THINKING OF STARTING TO BUILD A 3 MILLION HOUSE USING THAT LOAN TO REDUCE SPENDING. BECAUSE I GET A LOAN AFTER 6 MONTHS AND ALREADY THE PLOT I HAVE DECIDED SO AFTER THE SMALL BUSINESS I STARTED ON THE LOAN DO NOT MIX IT OFTEN GOES BANKRUPT BECAUSE I DID NOT START CAPITAL WITH SAVINGS INSTEAD SAVINGS IS WHAT HELPED ME GET THAT LOAN AND IT WAS ONLY 4 LAKH. GOOD DECISIONS? BECAUSE I SPEND IT ON WAGES TO PAY AND WHAT WILL THE FOOD BE LIKE?
Our brother has asked two very important questions that challenge him;
The first question is the right decisions? The answer is no, not good decisions. It is not a good decision to build a house of 3 million shillings for borrowing money while your income is very low. Here you are going to indulge in more serious problems.Your salary is very low as you said, so the main thing you need to do now is increase your income first. You may have calculated that three million is enough to build a house, but it will take you more than that and the house may not be completed quickly because your finances are limited.
Another important thing to consider is that the loan you are taking must have interest, even though you have not told us how much, so you are giving yourself more trouble over problems.
The second question; Because I use the salary to repay the loan, what will the food be like?
With this question alone you are already giving yourself the answer to the first question that the decisions you are going to make are not right. For a salary of one hundred and thirty thousand, you take out a loan of one million non-productive, excluding the repayments you make per month you will not have enough money to run your life. Maybe if you have other ways to do it, you have told us the business has not gone well.So with this loan you are going to take and with the salary you receive per month, you will not have the money to eat. Where you will find the money to eat, that is what will motivate you to take action better than building.
What to do?
Given this challenge you are going through of low income and wanting to build what I can advise you is if you have already got that one million do not go make that mistake of building.
You said that you did business but ended up losing money, now is the time to use all the problems you went through to learn more. Sit down and reflect on what exactly the challenges were that made you lose out on the start-up business. Also look at what mistakes you were making and see where you need to make adjustments.
After that important reflection, re-enter the business right now with one big goal that is to succeed. Use every technique you know to be successful in your business. Learn more and work with effort and knowledge to grow your business.
All you need to do now is give them an outlet and the support they need to keep going. No matter how tight the work you are doing, make sure you take the time to manage your business even if it will be by sacrificing other areas in your life.Change your whole lifestyle, make sure every minute you think about your business, completely eliminate the time you spend with people telling stories, never waste time resting and you will also need to reduce even the amount of time you sleep. All of this is to give you time to grow your business so that it can get you out of that job which is of little benefit to you.
If you give yourself one year of maturity with your business starting with that one million capital, I am sure after that you will be making a bigger profit than your current salary and then you can quit that job and continue to grow your business further. But you need to make a big difference in your life now.
That is the main thing I can advise you, do not rush to build while your income is still uncertain, declare a state of emergency, change your life and invest most of your time in building your business. You will face many challenges, but because you are committed, you will be able to overcome them.
I wish you all the best in the success of the business you are going to start and grow.
WE ARE TOGETHER
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