To be in debt means using future time in advance. If you go into debt to avoid a difficult situation right now without awareness because you think, “I can pay it back later,” you will experience the cruelty of life against the fairness of time. Assuming that income does not change and the present is maintained, the future spent in advance will again be insufficient when the future that has been drawn up in the coming time becomes the present. In the end, this means you have to continue incurring debt. Not only do you have to repay a debt, but you also have to pay interest as compounded interest. Therefore, the present that has spent the future ahead of the past is poorer. Moreover, prices are higher than in the past. Most people in this world do not understand why debt is a burden due to compound interest. - Joseph’s “just my thoughts”
There are many reasons why a business is challenging. Still, the most general and essential mistake is the inability to distinguish between “good and bad revenues” and “good and bad debts.” Competitors take away good revenues if you are not competitive, and relatively inadequate revenues are selected. If the financial situation is terrible, choosing a lousy debt rather than a good one will be possible. Sometimes, your situation makes a bad choice, but somebody stands up to the problem and endures a chance. In other words, emotion and patience are more important than the situation. - Joseph’s “just my thoughts”