Daily Money Minute

Fotolia_54867638_XS_7“People who want to make a million borrow a million first” ~Sophie Kinsella

Generally my financial philosophy is to avoid debt whenever I can. At a personal level there are times when it cannot be avoided. When buying a house for instance. Similarly in business there are times when debt financing is an option worth considering. If your aim is to get rich by building a business then you have to think big. You have to be bold and you need the courage of your own convictions. If you believe that you have a business idea that will generate a greater return on the money borrowed than you would have to pay in interest on the debt then the risk can be justified. Equity financing is another possibility of course but then you would have other owners in your business and part of your energy would be expended in keeping them happy. There is a lot to be said for being king of your own castle. You’ll have to work very hard but the gains will be all yours.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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