What are some things not to do with OPM?

4 Replies

i'm 21 and I have never taken out a loan. Taking out 100k and up is like taking a car and ramming a wall to me. what are some do and don't with OPM. how did you get OPM? what was your biggest mistake using OPM?

Well, for starters, don't think of it as "other people's money". Unless you got a signature loan, with no collateral, think of it as a partnership. If you don't fulfill your part of the partnership, your partner will take over, and you'll have lost your money and (likely) at least part of your partner's money. 

Originally posted by @Toby Bounnarpha :
i'm 21 and I have never taken out a loan. Taking out 100k and up is like taking a car and ramming a wall to me.

what are some do and don't with OPM.

how did you get OPM?

what was your biggest mistake using OPM?

For starters, don't buy a $100k car with it! Secondly, don't buy anything that isn't already worth 25%+ more than you're paying for it (and still going up in value over time)!

You should be buying things that you otherwise couldn't afford, paying less than they're worth!

Simple, when you think about it, right? It's time you changed your mindset! All the best...

[Start with a Credit Card. Use it to buy items you need anyway, but wait for "30% off" sales!]

@Toby Bounnarpha

OPM is neither good nor bad. It's how it's used. It's a sword with two edges. It makes good things better and bad things worse. So find a good thing first, then use OPM to get it.

Cheers... Immanuel

I have never made a mistake with OPM.

You won't either assuming you educate yourself thoroughly on your chosen investment path before you start. If you do not no one is going to loan you any money anyway.

Mistakes, like accidents, may happen but they are avoidable.

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