Today’s topic is about saying no. In previous topics we have discussed borrowing and the advantages and disadvantages of borrowing money.
But what about if you are the borrower. Ajapa wants you to know there is a time for borrowing money but there are also times when you have to say no.
Lending money to someone in need is a good thing to do. But there are times when it is unwise to lend money.
For example, if all you have in your account is N10,000 and someone wants you to lend them N10,000, then it would be unwise to say yes. So the first lesson is – don’t lend all your money!
The second lesson is – don’t lend money that is not your own. You might owe money yourself, or be holding money for someone else. This is not money you can lend because it is not your own money.
But there are also cases where you have the money and it is still unwise to lend it. If you have money in your savings and the borrower does not need it for an emergency, it is better to keep the money in your savings because you have a goal.