by: Andre Hardy
How many times have you been in need and relied on a friend to help you with a need? I'm sure your friend has no problem helping you out if they are truly your friend. They will surely loan you their car, clothes, and even jewelry, but when it comes to money even your closest friend will think twice about it.
Once your friend loans you money you tend to think you have forever to pay them back, I mean its your friend right, so what is the rush. That is the biggest mistake you can make with your friend, is to take too long to pay them back. I have a rule and I am sure it's the rule of many of you as well, "Never Loan Money If You Can't Afford To Lose It".
I had a friend, at least I thought he was my friend and I loaned this friend a hundred dollars because he was in serious need. The friend told me that he would pay me back in a week when he gets paid, well you know the friend never paid me back and I saw this friend almost everyday. I coached football with this friend and months went by, even years. He may have forgotten that he owes me a hundred dollars, but I tell you, I haven't forgot it.
It's been over four years now and I still remember that money. Imagine if I was a bank and charged interest on that money and late payments, Wow he would owe me a whole lot more than a hundred dollars.
The point is that relationships can be strained by owing a friend money. If that friend is close to you and you know you are not good at paying back you don't want to borrow from them.
The solution to this problem of having money for emergencies is to start an emergency fund. An emergency fund should start with putting away an amount of money that won't get in the way of you living your life. Emergencies don't happen everyday, as a matter of fact they rarely happen so there is time to build up an emergency fund.
A method a good friend of mine told me was to find a bank that is at least a gas tank away. Take a trip to that bank and open an account and set an allotment to come out of your paycheck to go to that account. When you set the account up, don't get a bank card and don't accept any means of being able to access that account unless you are physically present in the bank.
Now when you really need the money, the money will be there because you made it so hard to get money out of that account. This is an old school strategy that was used back in the day by our parents and grandparents. It worked well for them and it will work well for us too.
Now that would be a real emergency fund. You can save up to buy a new house, car, and most important you will never have to rely on your friends or family for money again. You will have a peace of mind and nothing is greater than knowing you are financially secure. The feeling of wondering how will I pay all my bills this month will be a thing of the past. I mean most of your stress will literally be gone. You will have a smile on your face everyday and people would be wondering why you are so happy. Everything would be glorious.
Now a great way to build that account up is to start a home business and send that money to that account and let it build up faster. Imagine making and extra $2,000 a month and sending that to an account you don't have access to. After a year of not touching this money you would have saved $24,000. Now imagine if it was in a high interest account you will have more than that.
I have a home business that anyone can do. All you have to do is refer people to an online catalog company. If you talk to people then you can be successful at what I do. If you contact me I can fill you in on what I do and have you up and running in hours to financial success. Just fill out the contact list on the top right of this page or visit my website and see what my opportunity is all about. www.1-2-3-bedebtfree.com
By the way.......This is not a get rich quick business, so don't think you will be rich by next week. It takes time to get there for most of us. Some are lucky enough to make a great deal of money in a few months. So if you are looking for a get rich quick business then I am sorry this is not for you.
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