Loans! How to take it to your advantage

jason7282 (61)in #steemit • 7 years ago

POWER OF INVESTING, BE CREATIVE WHEN YOU DO THIS

I recently came across a conversation where my friend wanted to buy a car 30k cash. First of all wow, my friend lives quite humbly with all that extra laying around. He came to me and asked, "this is a stupid question but should I buy cash or take a loan?" Now, most people would say get out of debt pay cash! I wonder what you think right now reading this would do. Here is the best thing to do in that case. Also, use this with smaller cases like credit cards if you have 0% interest for the first year you will be blessed with this strategy.

So 30k cash boom done. 30k loan at 3.5% APR you will pay a total of $32,745 for 60 months. Monthly payments will be $546. Now let's say you put $100 extra on every single payment! What do you save? 10 months of payments and $461.08. Let's talk numbers paying that $6,000.00 total saved you $461.08. Now let's think about investing. Keep in mind this strategy only works if you can make money with marketing or your side hustles. Please don't accumulate more debt unless the numbers work.

Can you make $6,000.00 investment and make it worth more than 6.4k. Hell yea, many ways. Dropshipping. Affiliate marketing. Investing in crypto is a good example. 60 months is a lot of time for losses and wins. Investing in a friends company is another good one. Charge a middleman service for your assistance. Flip cars if you have a friend that is a mechanic. Endless possibilities with endless profits.

Luckily my friend didn't buy cash and actually bought $1,500 worth of ether. He already made enough profit to pretty my pay that entire 3.5% APR already. He is buying a car soon but is now into that mindset of not giving it all up so fast, and will have a nice brand new car with it. If you have a 0% credit card you're blessed and take advantage of the system!