Why not be your own BANK?
Did you ever think that all that interest that you are paying to the bank could go to you instead?
I started out as most people do, borrowing on credit cards, then shifting the debt to personal loans with lower interest rates, then borrowing on the credit card again and having both loans and credit card debt, then cutting up the cards…
…all of that was really good for my banks…
….they got the interest and I finally realized, I needed to BE MY OWN BANK…
…so I learned 3 hacks that turned me into a bank….
CHECK THEM OUT
The Savings 10% Hack
In order to be your own bank, you need to have money to lend. The only way to do that is to save. The secret hack is to always save at least 10% of everything you make into a separate account…
Most people do this with an automatic deduction from their paycheck to their 401K , or other brokerage account or a savings account.
Remember, save at least 10% of what you make (after taxes!)
Only Spend The Interest/Profit You Make From Your Savings
Hack #2 is to keep your savings FOREVER, it will be passed on to your heirs or who you deem fit when you die. The reason is that we are making you a BANK, so you need to keep the money in the bank and USE IT TO MAKE YOU MORE MONEY.
You can only spend the money that you make. An example would be if you saved $1,000. Then you lend it to yourself to pay off a credit card at 12%. You pay yourself back with interest of 3%. If you pay it off in a year, you make $30 in interest. You can spend that interest, and you keep the $1,000 in the savings to lend again.
Start Saving NOW no Matter What
Even if you think you are broke or spend more than you make, it’s important to start saving NOW. Save whatever you can, even if it is just $0.10/day (I started with this).
As soon as you start, you have a bank…
…and once you start, all your bank can do is GROW.