Let me just start by thanking one of my mentors, Mr. Brian Beane, for enlightening me to this incredible concept. Being a self-made millionaire, he has seen a lot of the pitfalls and money traps first hand. He lead a discussion with our group recently about systematic poverty and how to stop it, now I’m sharing this with you!
Edit: I turned this post video too… check it out:
[video_box video_url=”https://www.youtube.com/watch?v=1B-gg3RITjw”]
Did you know that the biggest Banks made over $6 BILLION in 2015 from overdraft and ATM fees alone!?? The crazy thing is the year before, they only made around $1 Billion… that’s a 5 billion dollar increase, not a great trend start if you ask me… In fact, most of any bank’s profit doesn’t even come from interest from the loans they give out as you may have thought. This means banks make more of their money from the broke than the rich. This is the first hole in your money.
Did you realize that the tax man charges employees up front for taxes (up to 35% in some cases), but they let business owners pay taxes at the end of the year, typically at a lower rate?? They take your money up front and profit off the interest then they give it back to you as a tax refund and tax that too… it’s a shame, if you don’t have a business or are in network marketing, you don’t get to participate in the tax codes for the “rich”. This is the second hole.
Speaking of interest, since Uncle Sam takes so much out of your checks, often times you must borrow money from the bank or use credit cards to make up for the slack. Little do you know, you are going to be paying back almost 1.5 times what you borrowed thanks to compound interest. The average household credit card debt is around $15k for a reason… compound interest is the third hole in your money.
To ADD to all of this, the value of your dollar shrinks daily thanks to inflation… this is the same reason it’s estimated that people born in the 80’s and later will need $2 to 2.5 million in cash to retire comfortably… by then the retirement age will probably be closer to 70! Meanwhile, we are stuck paying back (appreciating) interest on loans with depreciating funds… this is your fourth hole.
Lastly, to keep the great citizens of the nation participating in the economy, they’ve created these Holidays almost every month. Failure to participate in Christmas makes you a scrooge, or if you stay in for New Years, you’re a party pooper… see how long y’all stay together after Valentines day if you don’t get your significant other something… and there’s nothing more UN-patriotic than not buying fireworks or cooking out on the 4th of July… the fifth hole.
The rich get richer, the poor get poorer, it’s just another day… this is the description of systematic poverty and it’s a plague on 95% of Americans… 60% of us don’t even have $1,000 in savings and 25% have a 599 or less credit score… is it because Americans or irresponsible or dumb? (well, before you answer that…) I don’t think that this many college grads and honors students are so backwards that they can’t live in abundance like the top 5%. I don’t think God made 5% of the population THAT much smarter than the rest… So what’s the secret?
First you have to develop a budget. There are plenty of ways to do this but the way I do it is by subtracting my average monthly bills from my average monthly take home pay and dividing out the rest of it by 31. So let’s say I plan on having $1,000 left over after bills every month, I know I have a max of $32 to spend every day to keep from going completely broke at any point during the month. Some days I may only spend $10 and I know I have some cushion for the next few days… some days I might spend $110 and know I need to slow down my spending for the next few days but that $32 figure gives me a goal. At any point you can see what your daily spend limit is by dividing your balance by the number of days til you get paid again. This helps me avoid paying overdraft and atm fees tremendously, however, I feel that budgeting and rationing your money is only a small bandage on a wound as big as systematic poverty… thankfully, with the help of some successful millionaires, I have found the only sound solution!
Your only escape when you’re already doing all you can to get ahead on the job(s) and saving as much as possible to continue putting food on the table is to think like a CEO and entrepreneur! Leveraging the time, effort, knowledge and resources of others is the reason why CEOs make thousands per hour while the front line workers make $8 per hour and are afraid of pyramids… (inside joke sorry lemme get back). Entrepreneurs get to take advantage of the same tax breaks of major corporations! This saves them money on the back end that they can invest back into their business or just use to reduce any outstanding debts saving thousands in interest!
Entrepreneurs and CEOs are also resistant to inflation… when their household costs rise… they just rise their prices! Let’s see you get a raise on the job just because gas went up $2.50 this week… You see what I mean? If you’re only working a job and your household costs rise, your income doesn’t, leaving you economically dis-empowered and with fewer options to make it happen. As for Holidays, Entrepreneurs and CEOs are the people that make the MOST while others are out here pinching pennies together… listen, stop living on the other side of the tracks and stop letting the nation take advantage of you! Get in the Game!
My team is ending systematic poverty across the nation by helping others gain the mentality of a CEO and benefits of an entrepreneur all in one life-changing program. You don’t need a fancy blog or even a computer to be successful here… as you increase your reach, these things will come later so focus on what is most important right now… getting all the information you need to get started!
Watch this video and it will show you a new world we are building. A word without limits…
Contact Me:
Jerry Goins
910-367-525Eight
PS. Your credit score is your financial report card! Stop letting it hold you back! Click Here