6 Reason You are Robbing Yourself
#Interestrates #Latefees #AskGaryVee #MarkCuban
If You Hate Crime Why Are You Robbing Yourself?
In today's society, the people or person holding you back the most is you. We want to blame our job, government, family, the place we live, and even strangers. The truth is you are the only reason you are broke. Well, we will take a look at six of the reasons in today's blog
1. Stop Paying Interest
If you borrow any money, you will end up paying interest. Please understand how simple this is. 40% of the people in the world borrow money for things they don't need. Another 40% of the people borrow money for things they can't wait to have. Let's say an item costs $500. if you pay with a credit card, it will be higher. Paying the minimum over a year or longer, that item will be close to $750. By the time you finish paying for it, you either got rid of it or no longer use it. Just save the payments for a few months guess what now you have the full amount, and the item is on sale. This goes for big purchases as well as cars, homes, and college tuition.
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2. Paying Late fees
Late payment expenses don't have to happen anymore. With new apps and a computer in your hands (Phones); there are all types of alerts and automatic transfers, to prevent that from happening. What happens if you will be a little short on your upcoming bills? You can call most companies and give them a heads up, and they will put in a notice to stop the fee. Now, if you get the late fee and call them, they will check your history if this is a one-time thing they reverse it. The main thing is to focus on not taking on too much financial responsibility where you will fall behind on anything.
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What is a late fee?
3. Buying Stuff You Don't Need
We are all guilty of this. Buying everything you see and other nonsense is the American way. We have been programmed for impulsive shopping with constant commercials. Buy Now, Pay Later is the famous motto. You can have what you want and even things you don't want. The problem is not spending the money, it's spending money you don't have. Every dime you, spend/ waste, could be invested in your future. I said this before buy assets first and let the assets buy everything else.
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Here are some 10 reasons why you buy things you don't need:
4. Taking Out A Loan For Personal Use
I don't know if you knew this however, all debt is not bad. Taking out a business loan is good for you, but only if used right. Now, if you take out a personal loan most of the time, it will put you in greater debt. Some times the personal loan is used as a Peter pay Paul situation. That won't fix your problem; it will just put a band-aid on it. Many people use personal loans for remodeling their homes, Buying a car, and paying for a family vacation. A lot of times these things can wait until you save up the money instead of using a loan. This is going back to not paying for interest rates. So before you apply make sure you do your math.
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5. Lending Money Out
The worst thing you can do is lend money without having a guarantee on its return. One should never lend money without adding a bit of interest to it. Your money should be considered workers, that work 24hrs a day. If you lend it out without charging a rate, that means your money is no longer working. What is the purpose of lending money out anyway? Most people that need to borrow are not good with money in the first place. So why would you take the risk of burning your cash because that could be the end result? If you feel the need to lend money; lend it to an investment fund.
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6. Gambling
I'm not one to judge when it comes to gambling. Look at the definition: take risky action in the hope of a desired result. Come on now, let us think about that; for just one second. If that was said about any other factor in your life would you do it? Then there is the saying The House Always Win. Why would you take them odds especially if you are not the house? The difference between betting and gambling is simple. People who place bets have studied gain knowledge on whatever they are betting on. Gamblers just feel lucky and take a chance that things will go in their favor. I always say bet on something you know and bet on yourself. Never ever bet more than you have.
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Today's Call Of Action. Let us know if you are dealing with any of these issues today. Did this week's blog help to put things in perspective for you?
