American Money Overseas Flowing Back Into The U.S What The Bank Didn’t Say About Wealth Creation – Part 1

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What The Bank Didn’t Say About Wealth Creation – Part 1

The Law of Attraction and What Banks Didn’t Say About Wealth Creation “Spend, borrow; borrow, spend,” urged the bankers. “No credit, slow credit, bad credit, no problem. If you own a home, we’ve got a loan for you. No equity needed.”

Every day we see a new way to borrow money, increase your credit card limit or use your home equity and the great things you can buy with this new found wealth. Generating wealth without working for it, on an unprecedented scale. Little consideration has been given to the effect of this added credit and its repayment. The media at all levels programmed into us that greed is good, take it now, pay it later. Personal debt is now a major problem and any economic downturn and associated reduced employment will have direct consequences, let alone a round of interest rate hikes.

No wonder bankruptcies are 10 times higher than they were decades ago. In a crisis on a scale never before seen in the financial world. Computer modeling, which suggests a low risk, has found a hole wide enough for a truck to drive through. It is coming out of America and covering the financial sector which has never been affected before. Loan waiver disasters are being reported day by day, loan defaulters are now reaping what they have sown. The level of debt held by some banks is leading to runs on their capital, forcing the government to step in with public money to stem cash flows.

Gary Eldred PhD is a professor of real estate at Trump University.

Weakness of will and financial discipline

  1. In adopting a sales approach, bankers knew that millions would jump at the chance to spend and borrow and then think about the disastrous consequences.
  2. Because let’s face the facts. A home equity loan destroys your ability to build wealth. If you use it, use it only for productive investments that offer low risk for good returns. (As the old adage goes, “Never done on seed corn.”) Data on home equity loans overwhelmingly show that borrowers often put the money they borrow into consumption, including home improvements or extended overseas travel.
  3. How about consolidating your bills or paying off high-interest credit card balances? Again, conscience says no. Instead of paying less interest, this approach often leads to more debt. why That’s because borrowers who roll their credit card balances and other bills into home equity loans (or refinances) temporarily ease the debt pain. Yet with longer terms and lower payments, loans tend to have higher long-term costs. Even worse, many borrowers run up their credit card balances and go back to where they were before.

“Thanks, the house went up $10,000 last year”, they think. But in the meantime the destruction of wealth continues.

Don’t let yourself fall into this situation, use the powers provided by Universal Law and the Law of Attraction to build your own wealth so you never have to borrow beyond your ability to pay again. Create your own goals, don’t let others create your goals for you, by subsuming you into theirs, where what you have is less of nothing and more likely, “but a life lived with debt”.

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