Woman admits fleecing shopping network of more than $412,000

[SUBMAN1]

Originally Posted by jimbuna

I wish my credit card company was so understanding. :p

Lock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!

-S

[Jimbuna]

Originally Posted by SUBMAN1

Lock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!

-S

Bad/negative personal experience ? :hmm:

[SUBMAN1]

Originally Posted by jimbuna

Bad/negative personal experience ? :hmm:

I'm just anti credit is all. You have a choice - be free and wealthy or be a slave to the lender. The choice is yours. I never use credit anymore (accept to purchase online, but I don't keep a balance), which gives me the most powerful wealth building tool I have - my income!

Credit is the mantra of the middle class. No other way to describe it. Credit is bad. If you like being middle class however, keep the credit.

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!

I guess the point I am getting across is that credit will keep you down. Even someone with minimal income can walk away at the end of their life more wealthy than anyone else if they are only slightly smart with their money.

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.

-S

[Jimbuna]

Originally Posted by SUBMAN1

I'm just anti credit is all. You have a choice - be free and wealthy or be a slave to the lender. The choice is yours. I never use credit anymore (accept to purchase online, but I don't keep a balance), which gives me the most powerful wealth building tool I have - my income!

Credit is the mantra of the middle class. No other way to describe it. Credit is bad. If you like being middle class however, keep the credit.

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!

I guess the point I am getting across is that credit will keep you down. Even someone with minimal income can walk away at the end of their life more wealthy than anyone else if they are only slightly smart with their money.

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.

-S

I currently enjoy the same status you describe in your last sentence, but it is a never ending struggle to maintain that position with a wife and two kids in tow

[SUBMAN1]

Originally Posted by jimbuna

I currently enjoy the same status you describe in your last sentence, but it is a never ending struggle to maintain that position with a wife and two kids in tow

Time to lay down the law! No excuse for living beyond your means.

-S

[Jimbuna]

Originally Posted by SUBMAN1

Time to lay down the law! No excuse for living beyond your means.

-S

The wife said She'll be on the next flight over with the youngest (daughter) who will be suitably equipped with her hockey stick :p

[DeepIron]

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.

Amen. Just a house and a car payment... Soon, just a house...

[Onkel Neal]

Originally Posted by SUBMAN1

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!

Lol, that would be a dandy car, if you paid $400 a month on it for 40 years, as you suggested

[SUBMAN1]

Originally Posted by Neal Stevens

Lol, that would be a dandy car, if you paid $400 a month on it for 40 years, as you suggested

That's the point. If you paid yourself $400 a month for 40 years (assuming no interest, nothing), that would equal $192,000 car. If you however invested it in a mutual fund - the exact same $192,000 out of your pocket would then be worth $4.5 Million, and you could buy yourself over 23 times over of the exact same CAR!!!! This is for the same $192K out of pocket total expenses.

-S