Neither a borrower nor a lender
Shakespeare said, in Hamlet:-
neither a borrower nor a lender;
For loan often loses both itself and a friend,
And borrowing takes the shine off of farming.
This above all: be true to yourself.
When an idea has been around for as long as this one has, you have to wonder if it's true. But since then, a lot has changed, so should we still pay attention to it?
It goes against everything that people think today. Few people still live by it, but the lesson of what Shakespeare said about loans from and to individuals still holds true. There are thousands of good companies to which you can lend money without worrying about getting it back when you want. Depending on the Terms & Conditions, of course.
Debt doesn't just make farming less interesting; it can also ruin people's lives. Maybe only one in a hundred, but if you're the one, you'll agree that's one too many. There will be a few people in that group whose debts have a big impact on their lives, a few more whose debts are hard to handle, and quite a few whose debts make them feel bad and change their lives. Few people will get through life without having to deal with debt.
If you let debts take up a lot of your money, you leave yourself vulnerable if your situation changes. If the interest rates went up all of a sudden, your extra money from overtime or a part-time job went away. Most people's biggest risk is being laid off or getting sick and losing their job or having to pay medical bills. Could you still pay the bills if you didn't get paid every month? Most people weren't able to.
We all live as if nothing will ever change, but change is always going to happen. It's a rule of nature that can't be broken. You might never get sick, and I hope your job lasts as long as you want it to, but it's risky to plan your life around these ideas. By living on credit all the time, you are putting your house on the line that you will always be able to pay your bills. I hope it turns out to be a safe bet, but you should pay off your debts so you can get through any hard times in your life.
