JoelM
Contributor
I started financing my business with money I had saved and a loan from my retirement account. The loan is at a 2.75%, which is pretty good compared to personal loans (8-9%) offered by the bank. My business relies on trade of goods so I needed about 45-50k total to invest.
So, for those of you who have needed several thousands of dollars, I am curious about how you guys have financed your business. Have you used Other People's Money (OPM)? If so, what type of OPM was available to you? Any lesson's learned? Did it work out or you regret it? Why? I have not used the credit card yet, but I think that also counts as OPM.
So, for those of you who have needed several thousands of dollars, I am curious about how you guys have financed your business. Have you used Other People's Money (OPM)? If so, what type of OPM was available to you? Any lesson's learned? Did it work out or you regret it? Why? I have not used the credit card yet, but I think that also counts as OPM.
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