What is the actual cost of a poor mindset? Well bad credit can cost you $250,000 to $1,000,000 in EXTRA interest fees.
Banks take in billions of dollars in non-sufficient funds and atm charges… that means they make more money off of those that dont have money to begin with than they do by “selling” loans to people with good credit!
I remember going back and looking at the Ford Explorer I bought when I had terrible credit only to find out that 6 months of my 2 year payment plan was just interest! If I had 100 more points on my score, I would have paid 1 to 2 months in interest.
A poor mindset keeps people buying trash instead of assets like land, businesses and equities that can actually help their money grow! The average household has about $14,000 a year of free cash to play with after bills… but why do 78% of people live paycheck to paycheck? It’s mindset.
The worst thing about a poor mentality is the acronym POOR = Passing Over Opportunities Repeatedly. The reason this hurts people the most is because the cost cannot be seen… it’s called opportunity cost and it’s the one cost that keeps people poor.
Opportunity cost is isn’t how much it takes to invest in an opportunity, it’s how much you are missing because you did not take advantage of the opportunity. It’s hard to gauge how much you have missed out on because you didn’t pick up a course on real estate; hard to know how much you could have lost or gained if you started trading stocks 20 years ago… hard to tell how much money you lost because you didn’t start that business you’ve been wanted to start for the longest…
The Poor Mentality affect more than your pockets… it also affects your health! Did you know that more heart attacks happen on Monday before 10am? People are stressed about their jobs but it’s the only way they know to tie ends!
So what do you do when you have no other way out?
You link up with those that have!
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