Should I save for my investment or ask my parents for it?
By xmichx
@xmichx (109)
Philippines
August 4, 2007 10:13pm CST
My friends and I are planning to open a small business. We need around 25,000 pesos each and right now I don't have that kind of money. I asked my parents if they can loan me that kind of money and my mom refuse to give it to me unless she see's the location and all. I do not want her to get involve with the transactions I just want to loan the money. I don't want her to be involve because I want to be independent.
What should I do?
With this kind of circumstance should I just earn the money?
Should I loan the money from another person or should I back out of this business?
1 person likes this
7 responses
@Odlanor (140)
• Philippines
5 Aug 07
It's hard to gamble with the business specially if you don't have knowledge on it and lots of parties involve. Lot's of friendship destroyed by doing business, because of business failure. Pray and ask for guidance. But as for me I won't engage on it. Better save your money and wait for another opportunity that you will be the one who will have the control.
1 person likes this
@xmichx (109)
• Philippines
5 Aug 07
I know the risk in a business and I'm willing to take it. About my friends I don't think we will be fighting over the business because we have been faithfull to eachother in the last business transaction we have done. Thanks thou for your tips. I do need money right now that's why I'm trying to invest. I believe that now is the time of learning that's why I'm willing to risk my money.
1 person likes this
@magikrose (5429)
• United States
5 Aug 07
Your best bet is to bust your but and earn the money. you will appreciate it more if you earn it yourself. Plus you will also learn from personal exerience how to budget your money so you can save up for the business and you will be able to financially able to run your business.
1 person likes this
@kohuether (85)
• United States
6 Aug 07
I would earn the money as well. It will make things more meaningful and help you start on the right foot. How long will it take to earn the money?
@wisedragon (2325)
• Philippines
5 Aug 07
Congratulations for planning to start a business. You're on the right track.
You said you don't want your mother involved in the business because you want to be independent. Well, being independent also means not asking for money from your parents. So if you're serious about being independent, then you better earn that money yourself.
Your mother has a right to be concerned. No one wants to lose money.
@paidreader (5143)
• United States
5 Aug 07
Hello and welcome to MyLot xmichx. The investment will mean more to you if you earn the money you need instead of borrowing it. I understand trying to be independent, but your mother or anyone else would want to know the same information to make sure their investment will be a good one. Location can be very important for a business, so it is something that should be considered no matter who is providing your share of the cash investment.
@gervoj (34)
• Philippines
5 Aug 07
the best thing to do is to work for it and then save. then that's the time you open up your own business with your own money. its better if we really worked on what we achieve in life coz its more sweeter if it came from our own sweats and hardwork. people tend to appreciate us more if we start from scratch. sell stuff or work for it, apply first and save for it.. :)
@cutepenguin (6431)
• Canada
5 Aug 07
Anytime anyone invests in a business, it's only reasonable from their point of view that they see where the business is and what the business does. Your mother is probably just doing her due diligence - it is her money, after all. You might be best off saving up or borrowing money from the bank.
