OPM being Other Peoples Money,

Basically I am wrapping up the start up costs for a business I am starting, and now I have people who are not business owners telling me I should have taken out a business loan rather than paying the entire cost out of pocket. In dealing with my personal finances I've never liked making payments on anything, not even my house and I feel I made the right decision to start this business up with no debt.

Had the start up costs (under $10k) been more than I could afford to lose then yes I would have gone with a loan, but I could easily recover if things did not work so I am wondering what you guys think. Pay for everything yourself or head to the bank?

 

First of all, this is the wrong forum lol.

But back on topic. In your situation, I personally would probably have done the same, since you said you had savings saved up incase this didnt work out. For other people who don't have spare savings saved up for a rainy day, this might be a bad idea, similar to the saying "putting all the eggs in one basket".

 

wow very sorry, can the mods move this? I thought I was in the money & investing forum