Money | BREAK IT DOWN PETE

I read a few articles a couple of weeks ago and was pissed off by the hard sell and grandiose attitude. It upsets me when we are fed these glorious how to become millionaire how to’s. “Learn how to generate multimillion-dollar wealth — and enjoy the journey on your way to the top”. “First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire”. Hears my answer EAT ME! They never give you word for word or step by step directions. Just hyperbole and round about that lead you to a product or service or agenda that they are really trying to sell. And that’s what is truly upsetting to me is that we fall for the fast track, the get rich quick scam the take a magic pill and lose weight or wear the magic electric belt and loose belly fat story. STOP IT!!! Holy shit whats it going to take for us to understand the facts: To lose weight you have to burn off more calories than you take in. PERIOD! Basically eat better and smarter and move more. You know, don’t pound down 5 cheese burgers and take a nap instead eat one cheese burger and take a walk. Now I know it is not that simple, some people have medical issue, mental issues etc. Save your complaints I get it! You are the one who doesn’t get the point of this post. It’s not about fat people or poor people or stupid people it’s about stepping back and thinking, applying some thought and common sense processes. Ok back to the post. For financial health spend less money then you make. Basic math people. The greatest word in math is MULTIPLY! If you make $1,000 a month but spend $1,500 MULTIPLY that by 12 months and you’re in deep shit. Now multiply that by the credit you use to make up that $500.00 you over spent and the criminal interest rates you paid to use that credit by 12 months and now you are in really deep stinky diarrhea shit. On the other hand spend less than you make and save or invest that extra cash, MULTIPLY it by 12 months and now your shit don’t stink now you have some peace of mind, now you are not depressed about money and not arguing with your partner about money and you have a little security, now maybe your credit score is better and you can take advantage of opportunities that might arise to increase your net worth. NET that’s another great word. GROSS doesn’t mean shit if your NET sucks. If you’re gross is a million dollars but your liabilities are 1.5 million then your net worth is negative 1/2 a million and your financial life sucks. Wait, Wait for it, here come the wall street crowd, Pete you are wrong you forgot about leverage in this scenario. And too you I also say EAT ME! You don’t get the point of this post. I have no finance back ground, I am not offering your bullshit advice to my readers so save it. My savvy readers get this post, come back and read their comments. I simply say THINK, RESEARCH, TRUST YOUR GUT, USE COMMON SENCE. Dont allow yourself to become the food in the food chain!

UPDATE: In one of those articles they had rules for becoming a multimillionaire and I have to admit that some of them if you use them in everyday life could be beneficial. So I will copy and past their rules and add/adjust to make them work for me. You are welcome to see if they fit in your life.

And one more thing, when you become a Multimillionaire. Help a brother out! Send me a few bucks.

No. 1: Decide to be a multimillionaire
BIDPETE: How about I first decide I want to be a better person, better father, better husband, better man. Yea I think I will start there and I bet you I will start making better choices, better decisions.

No. 2: Get rid of poverty thinking
BIDPETE: WTF? im just going to ignore this one. I want to remember the hard times, the mistakes so I can enjoy my accomplishments. P.S. I get it I just don’t ever want to lose myself.

No. 3: Treat it like a duty BIDPETE: Yes you have to be focused, committed and work hard every day towards your goals in life. What ever those goals are.

No. 4: Surround yourself with multimillionaires
You can’t learn how to make money from someone who doesn’t have much. Who says, “Money won’t make you happy”? People without money. Who says, “All rich people are greedy”? People who aren’t rich. Wealthy people don’t talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited? BIDPETE: A big yes. I believe that you have to move out side of your circle of influence to grow. If your circle involves chaos and confusion, or abuse or negativity, poverty, criminality. You can not learn how to move on from this circle. That is why they are still in this circle, they don’t know how to get out of it. You have to look outside of this circle one circle at a time untill you acquire the skill set to move on. I could go on for days on this one. If you don’t make a change today than tomorrow will be just more of the same and so on for years maybe even a life time.

No. 5: Work like a millionaire Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working. BIDPETE: Hell yea! Just don’t forget to smell the roses. Enjoy your life. Be there for your FAMILY!

No. 6: Shift focus from spending to investing
The rich don’t spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue. BIDPETE: Hello! Checkmate! Read this section a hundred time please!

No. 7: Create multiple flows of income
The really rich never depend on one flow of income but instead create a number of revenue streams. BIDPETE: CHA-CHING!

If at all possible you have to avoid these like the plague! First: Payday loans are very high-cost, short-term loans that ensnare borrowers in a debt trap. The trap starts when you can’t pay back the loan and have to roll it over with a new loan. By one account www.nclc.org the annual percentage rate runs between 391%-782% for a two-week extension of credit. A payday loan is usually a 14 day, cash loan. Typically they cost between $15.00-$30.00 per $100.00 borrowed all payable in 2 weeks. So think about it, if you need to borrow $300.00 today it is unlikely that you will be able to pay back the $300.00 plus interest and fees in 2 weeks and that’s how they get you hooked on rolling over the loan at new added fees. Also understand that in order to get the loan in the first place you have to give the lender a personal check (or authorize the electronic equivalent) to cover the amount borrowed plus interest and fees. The lender holds the check or authorization until the next payday. When the loan comes due, you can redeem the check for cash, allow the check to be deposited, or pay the finance charge and roll the loan over for another pay period at a new fee. Now this is where the lender can get gangster on you if you are not careful. The lenders ability of holding your check and electronic debit authorization combine to hand control of your bank account over to the lender. In addition to the initial personal check, the payday contract often authorizes the lender to withdraw the funds electronically in the event that you stop payment on the first check. Such agreements enable payday lenders to avoid laws that permit you to stop payment on checks. The payday lender may re-present the check several times, to your bank forcing you to incur a non sufficient funds fee each time. or to overdraft fees, either on the payday check or other outstanding checks like your rent check that now bounces because the non sufficient funds fee lowers your balance. So now you pay fees on this check and the payday check and still owe the original balance on the loan and so on and on and this is now a big giant financial mess. So think, think, think long and hard before you go this route!