3 Ways Loans and Savings Go Hand-In-Hand in Building Wealth
Building wealth can be challenging, but having the right tools is the first step. Racking up savings is a common practise, but there is something else that can help you become wealthy.
Surprisingly, loans from legalised money lenders in Singapore can actually be your friend in the wealth-building process. Here are three ways this is possible.
They can both help you purchase assets
Both savings and loans can help you acquire assets – things that can make you money. For example, you want to start a baking business. To start, you will need baking equipment and supplies. That may cost a lot of money in the beginning.
If you have substantial savings, you can use that to buy ingredients, for example. Afterwards, you realise that you need a new oven, but you’ve used up most of your savin...