Can We Really Get Rich With Debt?
By ARIES1973
@ARIES1973 (11426)
Legaspi, Philippines
April 6, 2021 3:49am CST
I was happy when the accounting staff told me that I no longer have a loan with Pagibig. Though I still have loans from other agencies but it would be soon, I can pay them all.
As I frequently watch videos about increasing one's income, I came across some videos talking about using debt in order to acquire more income. This is referred to as leveraging.
So now, I am thinking of buying a new car, but then, I want something that can give me an income. My idea is what if I buy a van that can accommodate more passengers instead of a sedan? I can rent it out on occasions. This way, it can bring in some income which could help me in paying the loan.
Do you think this is a good idea?
12 people like this
13 responses
@gamayngbaki (1602)
• Cebu, Philippines
6 Apr 21
Going into the transportation business is a good idea. But it also can bring you a lot of problems. First and most important of all is your unit. If you plan to go into the van for hire business it is advisable to buy two brand new units so that if one unit goes into trouble then you still have the other unit running and earning income for you.
4 people like this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
Yes, we need to consider various concerns if we are into transportation business. Apart from the unit,, we also need to check the regulations, and the safety of the passengers. Thank you for sharing your opinion. I will look further into this plan to make sure that I will be making the right decision.
3 people like this
@gamayngbaki (1602)
• Cebu, Philippines
6 Apr 21
@ARIES1973 Yes you need to make a thorough feasibility study before going into this kind of business. Ask the opinions and advise of those businessmen who are already indulged in vans for hire or taxi business.
3 people like this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
@gamayngbaki Yes, I have several friends who are into this kind of business. But the pandemic has made a lot of changes and we seldom see each others nowadays. I know this might not be the perfect timing so need to study it carefully.
2 people like this
@merrybelle2021 (1393)
• Philippines
6 Apr 21
Who would drive the van when you rent it out?
Does it need a full tank of gas before they drive it?
Would you need to buy insurance (for the passengers) in case something happens?
2 people like this
@ARIES1973 (11426)
• Legaspi, Philippines
9 Apr 21
@merrybelle2021 Yes, there are many ways that we can make use of a vehicle. But I need to make a careful study of this plan. I am still considering other ways to get additional source of income. Thank you for sharing your idea.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
7 Apr 21
I have a driver and they can also drive. Yes, gas should be taken into consideration as well as the insurance of the passengers.
1 person likes this
@merrybelle2021 (1393)
• Philippines
9 Apr 21
@ARIES1973 I guess you can also use it as a service van for work, school, or business if there are no out-of-towns.
1 person likes this
@m_audrey6788 (58472)
• Germany
6 Apr 21
The problem is there will be no social distancing in your van 
Is that allowed in your place? 
Is that allowed in your place? 2 people like this
@m_audrey6788 (58472)
• Germany
6 Apr 21
@ARIES1973 Oh ok. If you know how to handle it. I think it is a good idea. Good luck with your business 
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
There are some vans that are allowed to pick up passengers but just within the borders of the province. The number of passengers are limited because of social distancing.
2 people like this
@Letranknight2015 (51957)
• Philippines
6 Apr 21
I don't think It's feasible at this time because you won't be able to fill those space because of social distancing. multiple inspections plus what happens if one of the passengers is infected.
2 people like this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
Yes, that's the worst part that could happen, if one of the passengers got infected by the disease.
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
It is really better if we could start with our own money unless we can make sure that what we earn can cover the expenses.
@Robinhuut (457)
• Bogor, Indonesia
6 Apr 21
Yes, it's a great idea to develop a business, meaning debt that other people pay for us
2 people like this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
Thank you for sharing your idea.
1 person likes this
@Robinhuut (457)
• Bogor, Indonesia
6 Apr 21
@ARIES1973. Thank you again, the problem of debt, don't think about it but pay it
1 person likes this
@allen0187 (58582)
• Philippines
6 Apr 21
Depends on if you have a set of potential clients that will rent your van regularly. Otherwise, it might be better to use the money to buy the van to pay off some of the debt that you have.
1 person likes this
@allen0187 (58582)
• Philippines
7 Apr 21
@ARIES1973 good luck with whatever you decide to do.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Apr 21
That is also a great idea. I am still studying the possible consequences considering the current situation. Thank you for sharing.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
10 Apr 21
Yes, that's another consideration. The demand considering that nowadays people's movement are limited.
1 person likes this
@RebeccasFarm (89882)
• Arvada, Colorado
6 Apr 21
Any business today is at high risk.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
7 Apr 21
You are right. But we can also start so long as we planned our activities well.
1 person likes this
@RebeccasFarm (89882)
• Arvada, Colorado
8 Apr 21
@ARIES1973 Yes we must start to do anything or never achieve. I agree AIRES
1 person likes this
@jobelbojel (35577)
• Philippines
8 Apr 21
That is a good idea. You can have it rented or have someone to drive it as transport for people going to and fro. Would boost your income.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
8 Apr 21
Thank you. Though currently we are in a situation when transport sectors is on it's lowest momentum, I believe that we will be able to overcome this pandemic and everything will be back to normal. I am still planning and saving so that I have back up fund.
1 person likes this
@jobelbojel (35577)
• Philippines
8 Apr 21
@ARIES1973 Yes absolutely we can get through this.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
9 Apr 21
Thank you for the information. I know that transportation business is a very risky business. We are responsible to the lives of the passengers. That is why it is extremely important to make a thorough planning if we want to enter in this kind of business.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
8 Apr 21
Yes, I need a driver or I can also drive when the situation requires. I am still studying the situation. It also requires a lot of capital so I need to come up with a good plan.
1 person likes this
@thelme55 (77061)
• Germany
8 Apr 21
@ARIES1973 that’s good. You have to think a lot if you will do it or not.
@ARIES1973 (11426)
• Legaspi, Philippines
7 Apr 21
Thank you. Have a lovely day.
1 person likes this
