Borrowing 500 million from parents, buying a house of 1 billion in Hanoi right away, disillusioned with starting a business early, but resolutely “retirement while still breathing, if you are young, you have to owe”

Ngoc Nam (1994, Nam Dinh), her main job is interior design, specializing in residential houses and service shops such as milk tea, coffee, side jobs, contributing capital to an air conditioner repair shop, playing coins to earn more little income. Nam’s money-making career also has many ups and downs, after many life blows, the young people are still steadfast with the criteria. “Where’s the head, there’s the money.”

Deciding to buy a house at the age of 26, at the same time, the guy’s start-up process was also facing difficulties, so he borrowed 500 million from his parents to buy a house right away because he didn’t want to spend an extra amount of money. Let’s talk more with Nam.

Buying a house right when facing the risk of a failed start-up and losing 1 billion, do you feel that decision has increased pressure on yourself at that time?

The house I bought is actually quite suitable for those who live alone and like freedom, without the need to live “luxury”. The apartment I bought only has 1 living room, 1 bedroom and 1 bathroom, very simple, so the cost is about 1 billion. The time to buy a house was at the beginning of the epidemic, the price of apartments or houses at that time all decreased, taking advantage of the opportunity, I closed an apartment in Ha Dong for convenience. I pay 50% in advance and borrow 50% more from my parents, the red book is the owner and is a corner apartment with an area of ​​​​more than 50m2.

At that time, I still had not decided to close the cafe I started, because I just thought I had some difficulties and could be overcome. It’s just that then, I don’t want to spend tens of millions/month on the cost of renting a house anymore, it’s nothing, instead, I bring that tens of millions of monthly installments as savings more than that, so I decided to go down and buy it.

I borrowed another 500 million from my parents to buy, the rest I paid in installments within 5 years, the interest rate was preferential, so I needed to spend about 10 million each month to pay, which was quite reasonable with my income at that time, so I didn’t Think about it a lot, if it suits you, just buy it.

Your family seems to be very supportive of your decisions, have you thought about the situation if you cannot afford to pay your parents’ debt?

I am very grateful that whatever decision I make is respected by my parents. Actually, when you borrow money from the elderly, they also say that they can pay as much as they want, sometimes when they pay, they don’t take it, but give it away. But I’m also a reasonable person, if my parents don’t take the money, then I switch to buying furniture or buying something more for my parents, or doing things that help my family like not burning money into my passion anymore. such as.

Nam decided to start a business because he was passionate about making money, or did he want to try himself in something new?

In fact, the major I studied was interior design, the first time I graduated from school, I also worked on contributing capital with my brother to open a furniture company. Having worked for about 3 years, I think it’s quite good, so I thought about opening a cafe, collaborating between design and drinks, making a beautiful shop to attract customers to check-in, and bring more customers for the furniture company.

Nam’s nearly 1 billion start-up cafe

Another corner of the cafe

As for the story of self-starting, I think it is very simple. I personally like to try to practice business, so I decided to spend money, first to make money, second to experience, instead of just thinking. My own experience shows that the more you think about it, the more it doesn’t work out – because you don’t have experience to think much. It’s better to just spend money, let the mindset change from “have to get rich” It’s very general to “how to save money invested” in a very specific way, and even a little loss is better.

The start-up failed, did Nam go back to his old job or did he have another choice? The investment market is very exciting right now, are you participating?

I opened a cafe just as a sidekick, not having to put all my energy into it. I still maintain my job at the old design company, it’s just that when I opened the shop I was less involved in projects.