FPU

STOP BORROWING MONEY!!!

Just to clear things up, the title isn’t to be taken literally. It’s just my way of grabbing your attention and telling you that if you are in debt, you need to hear this!! So LISTEN UP! This is perhaps the most important thing to learn after getting yourself on a budget. Dumping your debt will help you gain traction and in return offer you a hope you have never imagined. The reason is because all of the things most people have their money spent on before they ever get paid, steals their hope. When you accept the fact that you will always have a car payment, you have given up. You have bought into the idea that you have to do what everyone else is doing because everyone else is doing it. It’s just not true!

Think about this. You go out and you buy a brand new car right off the lot, mostly because you tell yourself that you “need” something reliable, but also because everyone else is doing it. LIE! What you need to do is satisfy your craving to impress others by “appearing” to be well off. The word reliable makes its way into the equation because it makes you feel better about a decision you know deep down to be wrong. The truth is that that brand new car is costing you an arm and a leg. So what if your payments are low!! Just because you have convinced yourself that you can afford the car payment does not mean you can afford the car.

Take into consideration that you will lose 60-70% of the cars value in about 4 years. This is why almost EVERYONE you know that has a car payment has trouble selling their car. They are all upside down. Don’t believe me? Ask around. If you avoid buying a car that will lose most of its value as soon as you stick the key in the ignition after signing the papers, you will win. (Let someone else take the hit, and buy used) But what happens is, by the time we all realize it, it’s too late. They have a few choices. Sell a car that is worth less than they owe, or trade it in to receive another car that will lose value too. To someone that is not thinking about all of the details, the second option sounds better because it means they do not have to come up with any cash out of pocket. Instead they continue the cycle. This is the cycle that car companies rely on to keep you slave to the lender. Sell the car, take the hit, and NEVER do it again!

That’s just cars. People have furniture payments, pet payments, memberships payments, mortgage payments, and let me please not forget the credit cards that they have maxed out because they were convinced that credit cards were the best form of an emergency fund. Do any of you realize just how RICH the banks and lenders are getting off of your stupidity?? Do you? You are paying extra for EVERYTHING you buy on these cards and the low monthly payments are dragging it out for as long as you remain blind. Your hope is lost, because when you wake up one day because you have had an emergency and you realize that you have reached your limit on borrowing, you give up. To you, at that moment, it feels like it will take you way too long to get out of that mess. Statistically, if you do not commit suicide, then you will probably file bankruptcy only to repeat the process. If you loaned someone money, and instead of paying you they filed bankruptcy, you would whine that it just isn’t fair. The little man just can’t get ahead.

I know the answer! STOP BORROWING MONEY!!! Stop overextending your income to the point that you can’t save a dime. Dave Ramsey has proven that you can change the outcome but you have to stop borrowing to do it. Debt is not a tool and it never will be! Stop being NORMAL. EVERYONE that is doing what appears to be normal is broke! Stop the cycle now! (To be clear, I AM YELLING!) Filing bankruptcy will not stop the cycle, it only gives you a do over and a false sense that you have won because you used someone else’s money and then got out of paying it back, so you do it all over again. Debt! Bankruptcy! DEBT!! BANKRUPTCY!! DEBT & BANKRUPTCY! Those two words go together like PERSONAL and RESPONSIBILITY! Personal responsibility!! You are personally responsible for stopping the debt cycle! It is up to you, and until you realize that, you will continue to live paycheck to paycheck and wonder where in the world all your money is going.

STOP BORROWING, do a budget, cut your expenses, save $1,000, and pay off your debt with EXTREME INTENSITY!!! Get RID of all the payments! You are killing yourself. Dave calls it death by a thousand cuts. Empower yourself to live, be free, and provide a great foundation for your family and their future. Stop relying on the Government because it is up to YOU. The Government has proven that it can’t do math. This is America! You have every opportunity to not retire broke. 80% of the wealthy in this country are first generation rich, so the argument that the little man just can’t get ahead is bogus. Dave is right when he says that if you are poor and you do poor people stuff, you will stay poor, and if you are poor and you do rich people stuff, you get rich. He also includes that if you are rich and you do poor people stuff, you get poor. The formula works the same no matter how you slice it. Go do rich people stuff and stop giving everyone else all of your income every month. DO RICH PEOPLE STUFF!

In a survey done on the Forbes 400 wealthiest people in the United States, 75% of them said that staying out of debt was the key to their success. DO WHAT RICH PEOPLE DO!!!! Those rich people didn’t have car payments. They didn’t play the lottery. They don’t have tons of credit cards, and they certainly do not use payday loans and debt consolidation. THEY DON’T BORROW MONEY, and that is why they are rich!

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