Self Mentor

-7. Neither A Borrower nor a Lender Be

A key part of any personal finance audit will be to add up the accumulated debt on all your credit cards and work out how you can pay it off. If you want investments to become a way of making and earning money, you should try to pay off your debts first. The same resolve should be applied to any personal loans you’ve taken out. A debt of this kind can be a millstone around your neck preventing you from starting out as an investor. Borrowing to invest or investing to borrow can be a fast road to financial ruin. Don’t do either.