Part Three - Lesson 9
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Holistic Life Improvement Training | 45
Planning the wise use of a loan
It is important only to take a loan from an institution or group that will be honest and fair with you. Be sure to ask all the questions you have and discuss with your family before making a commitment. It is also important to think about using the loan in a wise way. Because you have to pay interest on the loan, you should invest the loan money in things that will help you increase your income and profits. Some people may know you got a loan and ask to borrow some money. Or maybe there is a temptation to spend the money on some personal items that won’t help you increase your profits. The best thing to do when you get the loan is to invest it in your business as soon as possible. If you really need to lend someone money or purchase a personal item, do it out of your business profits instead of the loan. Closing activity: Ask the group to share two things each that they remember to consider when taking a loan. If time allows, you could ask them to share example from their experience or that they have seen from others of how to use the loan wisely for a purpose that will increase profits.
