Sometimes, it is okay to borrow money.

Buying and selling real estate or borrowing money, bank loans, approved investments.

Sometimes, it is okay to borrow money.

If you want to invest in the future, borrowing may be a good option.


On my weekly radio show, Financially Speaking Show and in some previous articles, I try to discourage people from getting into debt but over time, I learn that it is okay to borrow money especially if you get a very good rate and you are investing in the future.

You see opportunities may come your way and sometimes you may not get those opportunities again and so you should embrace those opportunities. You may not have enough savings to take advantage of the opportunities so if you are able to borrow, then borrow. However, make sure you pay your loan on time and try to pay more than the required payment.

Borrow short term and long-term rental apartments and condos.

I believe it is okay to borrow for investment purposes. In the Turks and Caicos, there is a significant demand for long term rentals. Borrow the money to build apartments and based on the projected economic growth, I do not foresee you having any issues renting your place unless there is a pandemic. Furthermore, with the 100% duty exemption, this is an ideal time to invest in long term apartments.

You should also consider borrowing for short term rental properties. The Turks and Caicos name is a brand, and we are attracting thousands of visitors. During the tourism peak season, the accommodation is fully booked and even in the off season, there is a great demand for accommodation. The Turks and Caicos condo-style accommodation is unique in the Caribbean. Borrow money and build condo-style short term rentals. They do not have to be on the beach. Tourists can always rent a car to get to the beach. Like most developers do, you can develop strata corporations and sell these rentals to other investors and owners. You can use the proceeds from the sale of these units and apply it against your loan or invest in more units. Even for your long-term rentals, you may want to consider selling some of your units. Another thing is, you may want to consider is to buy one unit and put it in the rental program.

Borrow for expansion of your business or start-up of your business.

If you feel your business has the potential to do better or if you have an idea of a great business, develop a business plan and borrow the funds so that your business can grow to the maximum potential. You may be experiencing cash flow issues now but if you are to expand that business with additional products and services, you should be able to improve your cash flow position.

Borrow for educational purposes.

I know many people want to pursue college, but they don’t have the funds. I think it is okay to borrow, for educational purposes because it is an investment in your future. Of course, you should look at the different options that are available. Some of you may get a scholarship and don’t need to borrow. If you don’t get a scholarship, apply for financial grants so that the amount you borrowed can be reduced.

Do not borrow to go away on vacation.

I believe that everyone should take a vacation but please do not borrow any money for vacation. If you don’t have the funds, then don’t go away for vacation. Take your time off and vacation at home. Save your money to go on a vacation.

Do not borrow a loan for weddings.

Marriage is a big commitment and often you want to share your wedding day with your friends and family. However, do not borrow it for your wedding. Save your money for your wedding or just have a simple wedding. Obviously, the choice is yours.


Many people in the world became wealthy by borrowing. Therefore, if you want additional wealth, there are times when you will have to borrow to get there. However, if you are comfortable with what you have, then you don’t have to borrow. Obviously, the choice is yours but I want to put it out there because there is a myth that borrowing is not good. Borrowing can be bad if you are borrowing for the wrong purposes but if you are borrowing for investment purposes, then it is good.

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