The Millionaire Mindset

117

Millionaire

Today

is a

GreaT

d ay

Today, I despise debt. I have a zero balance on my credit cards. I’ve had a

major attitude adjustment towards borrowing money. (My wife, Anne, had a major hand

in that!)

“The only problem with debt,

is that you have to pay it back.”

Patrick Morley

The Man In The Mirror

sTraTeGy 4-16:

re-negotiate your debt to lessen the

monthly pressure.

More advice from Money Magazine: *

Negotiate with lenders. Money readers have heard this tune before, but it’s worth

another chorus. You’d be surprised how easy it is to wrangle more borrower-friendly terms

from lenders today. “Most banks and card issuers would rather lower your interest rate

or slash fees than lose you as a customer,” says Edward F. Mrkvicka, Jr., author of The

Bank Book: How to Revoke Your Bank’s “License to Steal” and Save up to $100,000.

“That goes for credit cards, mortgages, even car loans.”

If you’re paying the going rate for credit-card debt, call your card issuer and

threaten to switch to a lower-rate competitor. If they are unwilling to move, tell them you

will take your business elsewhere.

sTraTeGy 4-17:

if you need capital for a business project

follow these common sense guidelines.

Never put yourself in a dangerous position with personal guarantees. In other

words, don’t become personally liable beyond the financial asset. If the project fails, the

lender can only look to the financed asset as collateral.

Give up equity instead of borrowing.

Stay out of the pressure zone. Don’t think having to come up with a huge monthly

amount will motivate you. I know several awesome people who can’t get up in the morning

to face the day because of debt.

* Belsky, Gary, “Win the War on Debt,” Money Magazine, April, 1996.