in the New Era of Finance
Credit and Your Financial Future
Now this isn’t completely bad news, because American’s need to quit borrowing and depending on credit cards to finance everything they buy. However the ability to access capital can be crucial, and you should be aware of the most effective and efficient ways to borrow money.
In today’s fast-paced world we are often lured into buying when we ought to be saving. Saving takes discipline, and with the ease of purchasing using a credit that makes the task that more difficult.
By learning how cash flows you can reverse the trend and recapture some of the interest you now pay to others. How you finance and pay your expenses will have an enormous effect on your lifestyle today and how you spend your retirement income tomorrow.
“You finance everything you buy. You either pay interest to others or you lose interest you could be earning. Anytime you can cut out the payment of interest to others and direct that same market rate of interest to an entity that you own and control, with minimal taxation, you have improved your situation.” ~Nelson Nash
Human Factors That Will Affect Your Ability To Create Wealth
2. Willie Sutton’s Law – wherever wealth is created, someone will try to steal it.
3. The Arrival Syndrome – I already know everything, so there is no need to learn anything new.
While we may have been told that creating wealth is a factor of the rate of return, that is only part of the equation. Most often the magical rate of return that we are chasing comes with RISK. A better approach to creating wealth will focus on eliminating the eroding factors and maintaining control of the money.