| "A smooth sea never made a skilled mariner" | | | | and so on. |
| - English Proverb | | | | Prioritize your bills according to the higher interest |
| Myth #1 - You can use money the same way every | | | | first and work your way down the list. |
| one around you uses it and still become financially | | | | Myth #5 - You need to learn how to manage credit. |
| independent | | | | You need to learn how to eliminate credit. Maintain a |
| According to statistics compiled by the U.S. | | | | credit to debt ration of the maximum of 15% |
| Department of Human Services state that 95% of | | | | Myth #6 - It takes other peoples money to make |
| the American population will never achieve financial | | | | money |
| independence in their lifetime. That is one of the | | | | This idea comes from the lie that you need venture |
| most pitiful statistics that I ever heard of in my life. | | | | capital or you have to have a huge start up cost to |
| Myth #2 - The responsible use of credit can enhance | | | | start a new business venture. This is simply not true. |
| your life. | | | | It is easier to start with a large bank backing you up |
| This is a very dangerous lie that is told to the | | | | on a business venture but you will also ultimately |
| American consumer by the banking industry, you | | | | have to pay the "other people" back with interest. |
| know, the guys that issue you their credit cards and | | | | There are always ways to accomplish a successful |
| bury you in interest and fee's. Only these parasites | | | | business start up without using the funding of other |
| and retailers benefit from the use of credit cards. | | | | people. Find the way. |
| You only use them to have the privellage to overpay | | | | Myth #7 - Success equals working smarter not |
| for goods and services. | | | | harder. |
| Myth #3 - Pay yourself first | | | | This statement is nothing but a shortcut that seldom |
| I consider this to be a myth for the way it is applied . | | | | is effective. Howabout working smarter AND harder. |
| You should pay your debts off first. You would be | | | | That would be a more realistic formula for success. |
| far better off if you eliminate your debt and then | | | | Myth #8 - Education equals success |
| concentrate on paying yourself. | | | | Study history and you will find that tremendous |
| Myth #4 - You can get out of debt by putting a little | | | | successes like Henry Ford, Thomas Edison, Albert |
| extra on each bill each month | | | | Einstein and others who have achieved great success |
| To effectively eliminate your debt you must use the | | | | in life were educational failures. |
| military principle of massing the forces. This means | | | | The skills necessary for you to achieve true success |
| concentrating all resources on one bill at a time. This | | | | are not taught in schools. Don' get me wrong, |
| way you will pay off the target bill more quickly and | | | | education is a vital part of success but what is more |
| can then move on to the next. You can apply the | | | | important is a self directed mindset. |
| monthly payment on the paid off bill to the second | | | | |