In such a high inflationary economy for most Americans, incarcerated or free, losing the game of money would be the obvious answer. But are your losses actually caused by inflation? I discovered that our financial wins and losses are directly related to how and what we were taught about money.
Financial success has nothing to do with how much income a person makes but rather with what is made of what you have. If people could understand and contemplate that “rich” is not defined by how many millions or billions of dollars a person has, the path to winning the game of money would be less difficult.
Rich is and has always been defined as having more money than your expenses. This is why big companies are always downsizing. Their expenses threatens their wealth. Reducing your expenses increases your net worth.
Debt Is Debt
What is “debt”? The answer is obviously, well … obvious. The greater question is how do you use it properly? During the Reagan presidential era, debt usage by average folk had exploded. People with the drive and desire to live the “American Dream” (another marketing farce) began
to accept debt beyond what they could afford annually. The debt craze was far worse (and still is) than the crack cocaine epidemic.
What television pundits were paid lavishly to do was play to Americans’ ignorance about debt’s proper usage which can be found in a brief historical review of corporate debt usage. Yes corporations do what is called “bond issues” in order to raise funds so that it can acquire assets that increase its value either through production, human capital, or strategic competitor acquisitions. The key point here is that a company’s debt is used to buy more assets that produce income.
The problem with the average consumer when it comes to consumer debt is how the debt consumer first looks at herself which in turn dictates spending habits. Everyone, because they have the ability to earn an income, should see themselves as a business entity. For example, the Internal Revenue Service classifies individuals as a sole proprietor. If we choose individually to see ourselves as we are (sole proprietors), as business entities our spending habits then begin to mimic corporate spending habits. Consumer debt would be used to acquire assets that make money only.
In today’s gig economy, as a sole proprietor, credit can be used to purchase a used company vehicle for your food delivery business (Uber Eats, etc.) The vehicle, like a pick-up truck because of its hauling capacity, can earn multiple streams of income. This by my definition is an asset that is worth purchasing with credit. Encapsulate this “business asset” into an entity like a single member LLC which for tax purposes is treated by the IRS as a sole proprietor, and your wealth-building journey intensifies. No one likes to lose sorely. So start winning.
For exclusive money winning strategies, contact me directly @ ConnectNetwork.com — Paul Lee, B58057
