borrowing money

[dmiller403]

im doing things real small right now. and just like if you started any bussiness the first year or so allot of that money goes back into the bussiness. same goes for starting on a smaller scale. I first tinted in high school. my own cars my brothers. then friends came along relatives, word of mouth. got away from tinting for a while but come to see the work that is being pushed around my area and the lack of quality kind of disgused me. and being out of work I brushed off the squeegies and went back to it. pushing the greatest quality I can. letting people know what the results of a quality job should look like.

now with that word of mouth getting around it brings in great quality job. and actually more new cars which makes it easy for me, haha.

to go from purely tinting mobile and tryig to get the best quality with that. to now having a garage of my own to work from. it is a success. and from here there are so many more things to branch off into.

but to get back on track. within this time I have used most profits to buy better tools. find great locations to become known. and once again tools and supplys to venture into other profitable areas of our trade.

so im against loaning money. you may skip over key moments by putting things in fast forward like that. kind of like a tough love.

[McCoyH]

Only borrow money when you have money to pay it off immediately.

If you have $500 in your pocket and you need $400 worth of tint or tools, go get the loan for $400 (most banks and financial institutions have around a $1500 minimum, but just for example)

go get the loan for $400, then pay it off right away. This builds your credit so that if for some reason you do need a loan for... a house... a company vehicle... etc, you can get it.

Most people already know this though, but just sayin.

btw, we only owe $500 total, to anyone... then completely debt free.

[TomTint]

Borrowing money is not always a bad thing. There are many different situations that would require credit. The secret is to pay it back on time and as soon as possible. Interest rates today are so low, many people with plenty of cash are deciding that is is a better move to take a home loan for 3% than have no mortgage at all.

[coastguy]

Any opinions on tax incentive 179 and how it works with loans or if you are able to pay in upfront in full for equipment etc.?