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This might sound harsh but it an advice (well maybe an opinion) that will save you a lot of financial stress and problem, later on, take it or leave it👇

No man should ever endorse a promissory note or become security for any man, be it his father or his brother, to an extent greater than he can afford to lose, and care nothing, without taking good collateral. Why?

let's look at a case study 👇

Here's a man worth twenty thousand dollars; operates a successful manufacturing industry or commercial trade; he is retired and living on his money; comes to you and tells you;

“You know I'm worth twenty thousand dollars and I don't owe a dollar; If I had five thousand dollars in cash, I could buy a certain amount of goods and double my money in a few months; Would you endorse my promissory note for that amount?

You think it's worth it, and you take no chances by endorsing your promissory note; You are happy to accommodate him and lend your name without taking the bail precaution. Shortly thereafter he shows you the slip of paper with your cancelled endorsement and tells you, probably true, "he got the benefit he hoped for from the operation", you think about it, that you did a good deed, and the thought makes you happy. Gradually the same thing happens again and you do it again; You've already ingrained the impression that it's perfectly safe to endorse your notes without security. But the problem is that this man gets his money too easily. All you have to do is take your ticket to the bank, discount it and take the cash with you. You get money for now with no effort; no inconvenience to yourself. Now mark the result. He sees an opportunity for speculation outside of his business.A temporary investment of only $10,000 is required. It comes back safely before a bill is due. He puts a note in front of you for that amount. They sign almost mechanically. Being firmly convinced that your friend is responsible and trustworthy; They back up their notes as a "given".
Unfortunately, speculation does not come to a head as quickly as expected, and another $10,000 bill has to be discounted to take the last one at maturity. Before this ticket expires, the speculation has proven to be a complete failure and all the money is gone. Does the loser tell his endorser friend that he lost half his fortune? No problem. He doesn't even mention that he speculated at all. But he was excited; the spirit of speculation has seized him; he sees others making large sums of money in this way (one seldom hears of losers) and, like other speculators, "seeks his money where he loses it". Try again. Backing up notes has become chronic for you, and with any loss, gets your signature for as much as you want.

You eventually find out that your friend lost all his belongings and everything of yours. You are overcome with wonder and pain and you say, “It's a hard thing; my friend here ruined me", but you should add: "I ruined it too. If you had said first of all, "I will obey, but I will never support you without taking sufficient security", you could not have overstepped your limits and you would never have been tempted to go out of your legitimate business. . It is therefore at all times a very dangerous thing to let people get money too easily; not least it tempts them to dangerous speculations.

This is what happens to the young person who starts a business; those who understand the value of money deserve it. If you understand its value, then grease the wheels a little to help you start a business, but remember that men who get money too easily usually don't succeed. You have to get the first few dollars through beating and some sacrifice to appreciate the value of those dollars.

I hope you've gained one or two financial value from the above. Stay safe and grow financially and remember it doesn't matter how much money a man has now, if he can't manage it wisely, he is no different from a poor man

Thanks for reading, Sayonara.