Best Place To Get An Old-Fashioned In Madison How to Avoid the FALSE PROMISE of the Madison Avenue Lifestyle

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How to Avoid the FALSE PROMISE of the Madison Avenue Lifestyle

The Madison Ave lifestyle is everywhere we look. You know what I’m talking about…Full pace… Beautiful houses, beautiful new cars, two new motorcycles in the garage, a hot tub next to the swimming pool, fancy restaurants every night… Everything you could ever want right there at your beck and call. Advertisers are experts at exploiting our dreams of having the ability to live like this. (The glamor of a shiny new car on wet pavement at night is a sure sell.) but there is one group of advertisers who are particularly good at making us believe that the Madison Ave. lifestyle is attainable for all of us. .. credit card companies.

Let’s look at a few of their ads. There is a major credit card that you all know. Their TV advertising slogan? “It’s everywhere you want to be!” And it usually shows people traveling the world enjoying all that life (with credit cards) has to offer. Now what is the company trying to say here? They are trying to make you believe that this credit card will take you anywhere and everywhere you want to go in life.

I just received a pre-approved credit card application in the mail. The headline said “get the credit you deserve!” Makes you feel good, right? …Knowing that you deserve something. It makes you want to stand up and fight – because it suggests that right now you are not getting what you deserve. After all, credit is a constitutional right, right?

Here’s an excerpt from another that I got in the mail the other day. Part of the sales letter said: “only a select group of people will ever carry the Gold Card. It instantly identifies you as someone special – someone who has achieved a superior degree of financial freedom (emphasis added) – and someone who expects higher levels of financial flexibility, convenience and service in all your business.”

Sounds good, doesn’t it? Especially the part about financial freedom. After all, isn’t financial freedom what we all want?

All of these ad campaigns are built around one premise: “You can achieve a better lifestyle using credit than you can using cash.”

There is a problem here…. This premise is a lie!

Here’s the reality: you can live better for a few years using credit, but then you’ll spend the rest of your life living below your means trying to pay it all back. It’s all an illusion.

Credit makes you think you’re doing well (or at least doing pretty well) because you have all this “stuff”. But here are the facts: If you make a $2,000 credit card purchase at 19.8% and only make the minimum payments, it will take you 31 years to pay it off and you’ll pay $8,202 in interest! This means that by using credit, you pay five times as much as if you used cash.

Continue. Buy all the nice things on credit, then I only use cash. Lets see what happens. First you want a good car or two, a nice boat, nice furniture and great stereo etc. And I drive older cars. I want “early American garage sale” furniture and clothing. And I will probably deprive myself of the motorcycle that I would really love to have, because I don’t have the money to buy it.

By all accounts, it will look like you are much more successful than I am…At first. But what is really going on here? In a few years I will not only catch up with you, but pass you by and leave you in the dust financially. That’s because when you paid $10,000 for a $2,000 purchase with your credit card, I saved until I had $2,000 to pay cash for it. Then I was able to invest the extra $8,000 that you spent on interest. You had compound interest working against you, but I had compound interest working for me! (And that’s where you want to be!)

ten or twenty years down the road, you’ll be up to your earlobes in debt, still trying to live the illusive Madison Ave lifestyle. But I get to drive 4 or 5 year old cars instead of new ones while quietly watching my investment portfolio grow into millions – literally!

Until then, I will work because I want to, not because I have to. And I will be able to afford to buy pretty much anything I want…Cash! …While you’re sweating the economy and the next cut or looking for the next $50 raise – just so you can keep track of all the credit card payments you’re making for things you bought years ago and have probably forgotten about by now anyway .

Starting to get the picture? Credit does you no good. It promises (and delivers) short-term gains. But it always causes long-term pain. By chasing the Madison Ave lifestyle using credit, you actually get further away from it. Wealthy people understand this principle. That is why they are wealthy. There is a fascinating book called “The Millionaire Next Door” written by Thomas Stanley and William Danko. (Published by pocket books, a division of Simon & Schuster inc.) the authors spent many years interviewing the wealthy. (Those with a net worth between $1-5 million.) and some very interesting things have come out of their research.

Let’s look at the car buying habits of the wealthy. What type of car would you expect a millionaire to drive? An expensive, luxury car, or a hot, foreign sports car? Well, Stanley & Danko have found that’s not the case at all. They have found that the most popular brand run by the wealthy is ford. And the most popular models are f-150 pickups and explorers!

Here’s what Stanley and Danko have to say: “How do millionaires acquire vehicles? About 81% percent buy their vehicles. The rest lease. Only 23.5 percent of millionaires own new cars. Most haven’t bought a car in the last two years In fact, 25.2 percent haven’t bought a motor vehicle in four or more years. How much do millionaires pay for these vehicles? The typical millionaire (those in the 50th percentile) paid $24,800 for their most recent acquisition. Note that 30 percent used $19,500 or less.

Also note that the average American buyer of a new motor vehicle paid more than $21,000 for their most recent acquisition. This is not much less than the $24,800 paid by millionaires! Also, not all of these millionaires bought new vehicles. How many indicated that their most recent vehicle was used? Almost 37 per cent In addition, many millionaires indicated that they recently traded down—that is, bought cars at lower prices than they had before.” (P.112-113)

in other words, millionaires drive average vehicles! Why are they driving average, older cars instead of brand new luxury cars?

1. They’re rich *because* they drive older, average cars, and they know that if they bought new luxury cars all the time, they wouldn’t be rich.

2. They don’t feel like they have to maintain a status symbol or “keep up with the Joneses” because they know they are worth much more than the Joneses could ever dream of.

My wife recently spoke with a mechanic who had a dream of buying his own plant for his auto repair business. But to him it was just a dream. He could never afford it. Yet sitting in his driveway was a beautiful, brand new, turbocharged diesel 4×4 pickup truck with king cab and etc. etc. In fact, he even joked about the “mortgage” on his truck. But what he didn’t realize was that if he hadn’t bought into that beautiful new pickup truck, he could have bought his garage and owned his own business.

If he had driven an older truck and bought his own business instead, he would have finally had the freedom to drive whatever he wanted! Reaching the allure of the Madison Ave lifestyle kept him from achieving the Madison Ave lifestyle!

To live the Madison Avenue lifestyle, you must first avoid the Madison Avenue lifestyle. Don’t spend $10,000 on a $2,000 purchase because you bought it with a credit card! Instead, save $2,000, buy it in cash and invest the $8,000. Eliminate all your debt—including your mortgage—and then invest the money you’re now wasting paying interest.

If you do this consistently, you will have compound interest working for you instead of against you, and twenty years from now you will find that you have a new address on Madison Avenue!

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