The Rich & the Poor & the Power of Debt

Avoid using credit when holiday shopping

One of the most valuable lessons I have learned as a motivational speaker is about the POWER OF DEBT – and learning how to make it work FOR ME, instead of against me.

It’s holiday time and many of the people I know are busy shopping – in stores and online – racking up serious credit card debt all in the name of Christmas.

I urge you to use caution when spending for instant gratification, as when January (and the bills) come around, I don’t want you to regret your purchases.

This leads me to share this valuable nugget of wealth with you….something that the RICH have known for a very long time: POOR people use debt for INSTANT GRATIFICATION; WEALTHY people use debt to INVEST IN THEMSELVES. Trust me when I say, “Donald Trump never paid CASH for a building!”

Avoid using credit when holiday shopping
Avoid using credit when holiday shopping

The poor tend to use their credit for things that satisfy their need for instant gratification, but these items will LOSE value: Cars, Trips, Big Screen TVs, Jewelry, etc. Meanwhile, the old expression, “The rich get richer,” is proven as wealthy investors spend their money on things that will GROW and GAIN VALUE, such as real estate, stocks, education, information, technology, and more. Can you see the difference? A purchase driven by instant gratification is over and done with the moment a clerk hands you the receipt. The other becomes something you can nurture and watch grow.

Donald Trump
Donald Trump

If you are at a point in your life where you are struggling with your personal economy, investing in yourself can be as simple as buying a book or a home study program. (NOTE: Great values on these can be found on Ebay!) Motivational speakers offer some of the best investments you can make in yourself. Successful speakers offer books, home study courses, and coaching programs to help you succeed. Their books on personal development, business how-to, and other topics are the result of years of study, research, and experience. Imagine being able to avoid costly mistakes on your life journey simply because you had read a book that offered the answers you were seeking! Why “reinvent the wheel” when you can simply benefit from someone else’s experience?!

You can learn everything you need to know about social media, investing, real estate, relationships, attitude, overcoming adversity, finding your purpose, and more – all for the cost of a book….new OR used! Invest in yourself! Then, dedicate a few minutes a day to read or listen to this incredible information.

You can buy a few shares of stock or put a down payment on a real estate investment. Ask yourself what something might be worth a year from now. As the US recovers from this past year’s economic woes, think about where you want to be five years from now – or even ten. Then, create a strategy that will help you get there. This is how the wealthy do it….you can, too!

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