Today’s financial term is collateral. Collateral is any asset you pledge as security for a loan instrument. Lenders often require collateral to make sure they don’t lose money if you default on the loan. When you pledge an asset as collateral it becomes subject to seizure if you fail to meet the requirements of the loan. An every day example of using collateral in the hood is the pawn shop. Let’s say it’s the end of the month and you are low on cash. You decide to take your flat screen tv to the pawn shop to get a few dollars to get you through until your check comes on the first. The pawn shop takes your tv as collateral and lends you some money. If you repay the loan according to the terms of your loan you will get your tv back. If you don’t pay the loan the pawnshop keeps the tv to sell to make their money back plus make a profit.
How you can use collateral?
How can you use collateral to improve your life? Do you have family or friends that always need to borrow money from you but you’re not sure they will pay you back? Tell them you will loan them the money but you’re going to need some collateral. You can hold electronics, jewelry or any other thing of value to ensure you don’t lose. If they don’t pay then you take ownership of something of more value than the money you loaned that you can sell to get your money back or keep for your own pleasure if you like. With that being said, follow us on instagram @MyDetroitHustleDotcom , on twitter @MyDetroitHustle, on Facebook@MyDetroitHustle, and on TikTok@MyDetroitHustle.com. Check out our beats on Soundcloud@MyDetroitHustle.com, Checkout the MyDetroitHustle.com podcast on AnchorFm and all streaming platforms and subscribe to our YouTube channel My Detroit HustleTV.
Listen to the “Collateral” segment from the MyDetroitHustle.com Podcast in the player below.
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