"You Have The Mindset Of A Boss. Handle Your Business."
There's nothing like being independent and self-reliant enough that you don't have to beg or borrow from your family or friends. Many people would say you're supposed to be able to go to your family and friends in times of need - especially if you're a trustworthy person. But, sometimes, it can make you feel like a bum. Sometimes, your family and friends can't loan you things because they don't have anything to give. They may be barely scraping by themselves. And, of course, some family members don't want to loan out anything, because they're selfish or wary about loaning anything to anybody. Even if they have money or whatever you need, these people will still tell you "no" or make up a lie in order to avoid trusting you with what they've got.
In situations like these is when credit comes in handy. When you have a certain amount of credit, you know it's guaranteed. You don't have to feel ashamed or embarrassed about asking for it or using it. You are trusted based on your "personal status" (job, income, prior credit history, etc.) and the bank's need to pool in some new suckers. So, in many cases, banks are begging you to get credit from them. The proof is in all those ads plastered on TV, on the Net, in magazines, and everywhere else. Signs. Billboards. Flyers. Handouts.
Credit not a bad thing if you're savvy enough and responsible enough to avoid being one of the suckers. Many people out there just don't plan, research, or have any self-control over their spending. And, sometimes, bad things happen to good people. Like: relationship break-ups, lay-offs, illnesses, trauma, tricksters, or tragedy. Any one of these things can affect your financial situation. But, if you plan and prepare for these situations while you're in the game, the fall from grace may not be as deep as the pits of Hell.
But, the important thing is to be sure that you're ready for the responsibility - and understand the penalties and inerest rates.
And, this is the reason why some Players and samaritans (average Joes and Janes) don't like credit - especially credit CARDS. Some loan shark banks and retail outlets have hidden charges and charge outrageous interest on what you buy with credit. I mean their pimp-hand is overly strong, and you have to keep an eye on those rascals.
Your pimp-hand has to be strong too. As an Aspiring Don or Diva, you have to be savvy and responsible. You have to plan and prepare. You have to use strategy when using credit, because you aren't just using it to buy trinkets and junk.
You're using it to increase your status, improve your lifestyle, and build your financial empire.
Therefore, you must ALWAYS focus on being financially Stable, Powerful, and Debt-Free.
Good credit gives you more options and opens the door to opportunities that you can't even imagine. Hell, I can't even imagine all the doors that are opened.
Credit can also save your ass from freezing to death, going hungry, having a roof over your head, getting a good/decent job, or running around smelling like a swamp rat.
Any of these issues can be taken care of when you have available credit.
You can also save time and improve your social life when you have credit at your disposal.
You can mortgage or rent your own place and establish your own rules in it.
If you can't afford to pay cash for a car or truck, you can finance transportation or repair your transportation on credit.
If you have an emergency, good credit can be asset.
Your leverage in certain negotiations also improve when you have good credit. Boss Status.
You can wash your clothes in your own home instead of driving to a laundromat or washing them in the bathtub.
Millionaires AND Billionaires use credit in one way or another. And, some of them have used credit and loans (from family and other resources) to get their major start in business. So, Credit is one of the secret ingredients in the Success of successful people. But, you have to be smart with it, strive to build it, and never neglect it or abuse it.
Eventually, you will be living The Good Life... And, The Player's Lifestyle.
- The Player's Lifestyle
** Here are a few things I've done to acquire my new Castle / Bachelor's Pad and fill it with cutting edge high-tech equipment...
As a sidekick to a credit account, many people have a local bank account (checking or savings) that offer same-day deposits. This means that when you make a cash deposit or certain check deposits that , that the money will show in your account the same day - sometimes immediately after the clerk enters the transaction.
A local bank is also great if you have issues that you'd like to discuss immediately. You WILL have to be wary of erroneous charges and of tricksters charging you monthly fees for crap you didn't order. Be wary about what you use your card for. And, don't use it on websites that you have not researched thoroughly - especially their e-commerce system or affiliations.
Another benefit to having a local bank so that you don't have to run around all over town to pay bills or to mail payments. Do it online and get it over with.
Link the credit account to your bank account. Pay the credit card on time. Once the money is clear, pay your other bills with the credit card.
Calculate how much money you will spend for bills and food. Pay that amount towards the credit card and a little more if you can afford it. Keep the rest of the CASH in your local bank account. Use the credit for your expenses.
Need to double-up? Pay only the minimum amount on your card for one month and keep all CASH from your income. The next month, pay into your credit card for the bills and food and a little extra to keep the balance down. Keep the cash in your account for any upcoming business deal that requires cash only. Use the next checks to bring your balance back to zero.
DON'T LET ANYONE TALK YOU INTO GETTING MORE CREDIT THAN YOU NEED.
**Many retailers and salespeople will try to coerce you into getting a credit card as soon as you stick your nose in the door. If it's not a credit card, they want to try to sell you something and want you to finance it. Just say "No". Try to avoid having so many bills each month. It can be nerve-racking.
Live simple. Or, at least as simple as possible without making your life miserable.
If you need the merchandise. Fine. Calculate how soon you can pay the bill off. If it will take a few years, so be it. But, don't allow these salespeople to hem you up and force you into applying for more credit than you need. That can also hurt your credit score and status.
The longest credit source you've ever had is YOUR BEST credit reference. Even if it's a small limit, keep it. If it's a "secured" credit card that has helped you build your credit, try to get an approval to have the account switched to "unsecured". If you close the account without doing this, you will lose a few points on your credit rating. No one knows how many points, but if you're going to make a major purchase soon, then keep this card until then.
If you have a hard time getting credit, don't keep applying everywhere. Too many inquiries hurt your rating. They stay on your record for two years, and are strikes against you for at least 6 months (some companies count them against you up to a full year). Stack some cash, go to a local bank and talk to a representative or loan officer about a secured card. It will require a deposit into a savings account. Also, make sure to save enough money to last you about two weeks. That's about how long it will take for you to receive the card. Use it like it's your primary cash. Don't think of the monthly bill as a liability. Every time you get some cash, pay the balance and use the card when you can. As long as you keep paying on time, and keep your balance low, your credit and status will improve enough for you to get more credit with higher limits. But, don't abuse it. Keep building for your future.
If you can't pay your credit card off, at least pay it down to a third of the limit. Divide your limit by 3 and that will give you the amount to pay down to. If you can get your balance below this amount, that's even sweeter. If you have two credit cards, try to get both of them to that amount rather than paying one card off and leaving the other card with half the limit in debt.
Research "How To Build Credit" online. There's a lot more information out there.
Play on Dons! Play on Divas! Live The Good Life... And, The Player's Lifestyle.
