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I felt like this is something worth addressing, given just how much mis-information there’s been surrounding a few of the recent videos I’ve made. This is why I have $1.8 million in debt – enjoy. Add me on Instagram: GPStephan
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Now, while some of you might understand the nuances of money and grasp the bigger picture, its become very evident that MOST people out there, do not. Instead, they just focus on one, single word: DEBT.
To be honest, this isn’t surprising to me, because we live in a culture which both glorifies and vilifies the act of borrowing money…On the one hand, if there’s something you want…doesn’t matter if you can’t afford it…you can finance it. But with that, comes some very scary consequences…
Consumer debt reached an all time high, of $4 Trillion Dollars
From that, $1 Trillion Dollars is charged to a credit card…
And to top it all off, nearly 70% of college students graduate with nearly $30,000 in student loans
So how do we solve this, and what’s the solution? Well, most people believe it’s by practicing one basic rule when it comes to managing money:
DEBT IS BAD. AVOID IT, ALWAYS.
See, when I think of debt, I see a game of life that you choose to play…and you have the option, right now, to pick which team you want to join.
One team plays defense.
The other team plays offense.
The people who believe that “DEBT IS BAD” will pick defense.
They avoid it at all costs, any amount of debt needs to be paid off immediately, and they want to preserve as much of what they already have as possible. Instead of playing to win, they play NOT to lose. And while that is a very SAFE strategy…without any offense, they won’t score.
On the other side though, we have OFFENSE.
They embrace debt, they don’t concern themselves with paying it off early, and they just want to score – even if that means risking the game in order to do that. These are the people who PLAY TO WIN….and while this is a RISKY strategy that could pay off, without a good defense, they could just as easily lose.
However, ANY well-calibrated team is NEVER one, or the other…it’s NEVER an ultimatum, and no one team JUST plays offense, or JUST plays defense…instead, the best teams in the world find the ideal strategy of combIning BOTH into a winning formula. Same applies with DEBT.
To me, this is what that winning combination is:
If the DEBT cannot make you money, AVOID IT – ALWAYS.
If buying something WILL NOT make you more money – then ONLY BUY IT if you can afford to pay for it outright.
On the other hand,
If DEBT WILL make you more money, EMBRACE IT. SOMETIMES.
If buying something WILL make you more money – it’s OK to finance it – SOMETIMES.
That’s the differentiation between good, and bad debt:
I do not take out loans on real estate speculation, I do not spend the loaned money on anything that doesn’t make me more money. I do not take loans that a bank can randomly “Call” if the value declines. I do not take on loans that I couldn’t already afford to pay if the properties are vacant. And I do all of this within my means.
If you have the education, the self control, and the persistence to make smart, calculated risks – using debt can be like playing an intense game of offense. But if you abuse it, waste it, and get caught in the cycle of random consumer spending of random crap – you WILL get burned. Don’t be reckless, don’t get greedy, and don’t over-leverage…play it safe, take it slow, continue learning, and pretty soon you’ll be $1 million dollars richer, and smashing the like button with leverage..
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
Can I Get a Mortgage if I’m in Debt, The Reason I’m $1.8 Million In Debt.
Financial Obligation Totally Free Living – It’s Within Your Reach, Part 1
When you are one paycheck from personal bankruptcy it is much easier to live by your concepts. There are a lot of reasons you would need money now, instead of later on. Some financial institutions may not co-operate in the least.
The Reason I’m $1.8 Million In Debt, Play popular complete videos related to Can I Get a Mortgage if I’m in Debt.
How To Get Rid Of Debt
A person does not require to take a trip down this road alone. Opportunities are high that you most likely use one or 2 credit cards regularly. So you need to do something right away to get rid of your debt.
Used cars and trucks can be a part of an economical lifestyle. In fact, some monetary specialists who concentrate on helping their followers end up being debt free supporters just buy used lorries for money. Being in debt is like having actually an anchor connected to your ankle and dragging it around. One false relocation, and you could fall under the ocean of costs and sink.
UnSecured Debt is debt that is not Secured Debt-it isn’t connected to any particular assets. Just because a financial obligation is “unsecured” does not mean that you can not be taken legal action against for the financial obligation. On the contrary, it suggests you should be sued personally for the financial obligation collector to collect any money. The creditor then “enforces” the judgment against you by garnishing salaries or attaching accounts. But this can be tough for various reasons.
To show cause primary involves looking as the economic scenario in the previous few years. With the recent recession, a lot of Americans got so deep in debt because they simply did not have the money to support their fundamental needs. With the job loss and increasing joblessness rate, a great deal of customers let their financial obligations run deep because they had no option. Of course, given this cause of credit card debt, you will think that this is inevitable. However if you think about it, having an emergency situation fund established would have assisted in saving the day.
In any debt reduction program, balances with the greatest amount and at the greatest rates of interest ought to remain in the concern list to be eliminated. There are various ways to get rid of these high rate of interest balances. Amongst the popular alternatives are: balance transfer to credit cards that have low rate of interest; and you can also get an individual loan at low rates of interest to clear off the financial obligations that charge high rates of interest. The bottom line is, the accounts with huge balances and high rates of interest will grow out of control the debt quickly, so they need to be gotten rid of initially. This is among the fastest techniques for you to work the way toward living Debt Free.
Never ever sustain any card financial obligation that is beyond your capacity to repay in a single month. That is to state, keep away from Revolving Debt. The card business make maximum out of the revolving debt only.
This might sound weird to you but you can’t have good credit without debt! It’s not possible. Not with the method our current credit system is set up. Your credit report is basically a record of the loans/credit you have actually been offered. Your credit rating is a number representing how well you have actually managed those loans. Since you go into financial obligation when you take credit or get loans, your credit rating is a reflection of how well you have dealt with debt. A high rating implies you are excellent at dealing with debt (up till now that is).
Because the statistics paint an opposite picture of what our financial institutions are really telling us, these credit card debt facts are alarming to the typical customer. At the end of 2009 revolving debt is expected to be around $990 billion. The stunning part about these data is that America’s wealth is gradually declining while debt is increasing at a much faster rate. If excess financial obligation is something that has capitalized or your finances, you may certify to have your debts erased.
It does need commitment, it does need work and effort, it does need determination. You need to examine your needs versus your wants. They are providing away totally free cash to those that they think deserve it.
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