Financial Literacy for Everyone
Welcome to the Workforce

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Borrowing money

If a soccer team has a goalie with bad eyesight and he cannot catch the ball properly, the team has a big problem.

If the team could borrow a goalie from another team for important matches, it would be great - but it does not work like that in the real soccer world! The other team will want something in return for lending its goalie - maybe your best defender or a big sum of money! You will have to think carefully about all the advantages and disadvantages before you make such a transaction. Perhaps there is a simpler solution, such as sending the goalie to an optometrist or selecting another goalie.

In the financial world it works the same way: sometimes you need or want something, yet you do not have the money to buy it. You could borrow money from someone or from a bank, but this person or bank will want something in return.

When you borrow money, you enter the world of debt. Understanding certain rules will help you "win" when dealing with debt.

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