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    How To Use Your Credit Rating To Put You On The Path To Debt Freedom
    How To Use Your Credit Rating To Put You On The Path To Debt Freedom
    How To Use Your Credit Rating To Put You On The Path To Debt Freedom
    Ebook126 pages2 hours

    How To Use Your Credit Rating To Put You On The Path To Debt Freedom

    By G.E.S. Boley Jr.

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    About this ebook

    Achieve Real Financial Literacy and Break the Chains of Debt and Poverty Forever!

    Aren’t you just sick and tired of not being able to live the life you want? At times of trouble, all the doors seem to be closing in and it seems there isn’t a way out. But I am here to tell you there is always a way and sometimes the way is right in front of you! Armed with the proper financial knowledge, you can lift yourself and your family out of a tough situation or any situation for that matter. So many people are not financially literate in our country, and this book, “How to Use Your Credit Rating To Put You on the Path to Debt Freedom”, will change that fact. I am sharing what I have learned from the importance of credit, to how it is used and rated with agencies so you can make those adjustments in your life. You will find self-funding techniques here, along with tips on how to build a good credit score, get the money you need to self-fund your business or projects and create less stressful conditions in your life. By understanding and following the steps I took and advice given in this book, you can finally live the stress-free life you’ve been dreaming of.
    It’s Time to start thriving for your best life. Don’t You want to have a life of debt freedom while you are young enough to enjoy it? Click the “Buy Now” tab and let’s get started!

    LanguageEnglish
    PublisherG.E.S. Boley Jr.
    Release dateSep 7, 2020
    ISBN9781005005856
    How To Use Your Credit Rating To Put You On The Path To Debt Freedom

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      Book preview

      How To Use Your Credit Rating To Put You On The Path To Debt Freedom - G.E.S. Boley Jr.

      Introduction

      If you realize the value of controlling a large amount of wealth and consider how you can prepare yourself to gather such an amount, then the concept of becoming your own bank will appeal to you.

      Someone once said that if all the money in the world were equally distributed among all people, in ten years or so, most of the money would be controlled by the select few. There is no way we can validate this statement, but if you think about it, it's not far away from the truth. But ask yourself, why would this happen? The answer is quite simple, really. Most people don't know the first thing about banking and how it affects their lives.

      Among all the businesses in the world, banking is the most vital one. Without banking, all other businesses will cease. In every transaction, money flows from one end to another within a short period of time, otherwise there is no business. There must be a supply source present for the money to flow. Therein lies the essence of the banking business. An organization or an individual controls a large pool of money that must flow to fulfill a purpose.

      There is a single reservoir of money in our world. Various countries with their own currencies, along with corporations, companies, and banks manage this reservoir. It can be compared to the Earth's Ocean system. Three-quarters of the Earth's surface is water. Due to the heat of the sun, some of the water evaporates and enters the atmosphere which leads to wind currents. These currents carry the water vapor across the earth where it falls to the ground in the form of snow, sleet, and rain.

      Some of this water flows through all of us; we cannot survive without it. This is what makes it so important. And where does all the water end up? In the oceans of course! This is the perfect metaphor for the banking business. We draw some money from the reservoir to use as we please, but in the end, it returns to the banking system.

      It all comes down to how much control you have over the banking function as it serves your purposes. This book is about creating a banking system of your own so you have total control over your needs and become your own bank. By paying careful attention, you make drastic positive changes to your financial condition.

      The concept of Infinite banking is not a new one. For centuries, people have been drawing money out of their life insurance policies. Just imagine you have a bank of your own, containing your own money, that you can take loans from whenever needed. Every time you take a loan, you pay the interest and the principal to yourself. So, you are making money from the interest instead of the bank.

      Instead of relying on a traditional institution to lend you money, you can finance yourself and be your own bank. It may sound like an impossible task at first, but several people are already financing themselves and getting good results. When most people take a look at their finances, all they see are the immediate issues. Very few are able to think long-term, and they realize how important life insurance is. They realize that the actions they take today will affect them and their families in the future.

      You must be thinking, what is the purpose of being your own bank? What problems does it solve? Let us start with the basics. To gain wealth in terms of services and goods, you have to use a monetary value known as capital. There are two ways you can do this. You can sell the asset in which capital is built, or you can leverage the asset, i.e. think of it as collateral and borrow money from a third party.

      Most people prefer to use capital through leverage, and it is quite effective if done the right way. However, a continued dependency is something you should avoid fostering through your leveraging. Leverage is more efficient than liquidation or selling, and so it is preferred by most. This way, you can utilize the services of assets you are acquiring and that which you are collateralizing, simultaneously.

      While surveying your assets to determine which are suitable to build capital in, you may want to review the leveraging terms. You should consider how they might benefit you and how much control you would retain over your asset after you leverage it in this manner. Questions you should ask: Are there any restrictions on what way you can use the borrowed money? What roadblocks must be cleared for successful leveraging?

      When it comes to credit transactions, these are difficult and costly obstacles. In the worst-case scenario, the lender is concerned about not getting their money back, even when they have the option of seizing the collateral agreed upon. This is due to the fact that collateral's future value cannot always be determined. The value of the property depends on what people are willing to pay for it, and we can never tell today what the value of a particular property will be in the future.

      The price inflation of constant assets has been the subject of unrealistic projections by financial advisors and monetary authorities. But this changes when you use well-structured insurance that pays dividends. By becoming your own bank, you can eliminate the uncertainties. With other assets, guaranteeing the future value is not possible, but with life insurance, the lender can do this easily.

      You must be wondering why. This whole asset is a series of promises which are contract bound. The prices of housing and such are bound to fluctuate, and the person lending the mortgage is not able to control it, but the cash value of your life will continue to increase as you keep paying the premiums. But how is this possible? How can an organization state with surety that the value of an asset will keep rising? The answer to this question lies in the computational relationship between cash value, death benefit, and premium.

      This cash value can be mathematically represented as the difference between the premium that is due and the death benefit. As you pay premium after premium, the amount that gets subtracted from the death benefit starts to get smaller and smaller, thus increasing the difference. So provided you keep paying the premium, the cash value is guaranteed to rise. Since an irrefutable mathematical law dictates this relationship, the insurance company has no qualms about backing the contract.

      Another self-funding option you can consider is business credit funding. This is a great alternative to a startup loan and this can help you get started by establishing a business credit line and separating personal and business finances. In order to qualify for a business credit card, you need to have a certain combined income and a good personal credit score, which the lenders will consider. Business credit cards might ask you to give a personal guarantee but never collateral. You will also get sign-up bonuses and be able to access the rewards program.

      Many small businesses these days, including my businesses, use business credit cards for funding their operations. It is advisable that you choose a card with 0% interest rate. This way, you can make purchases and maintain a balance for up to 15 months without any interest while still running your business.

      Sometimes it might be difficult to secure a business credit, in which case, personal funding is another option to consider. It is a great way to start off a business, although it might be risky if you don’t monitor all your expenses. After using your personal funds to launch a business, you can establish business credit which will give you access to more capital in the years to come. A personal credit card can allow you to make the initial purchases required to start off your business.

      You need to carefully monitor credit utilization and always remember to make your bill payments because business expenses can be quite high and it might destroy your credit history if you're not careful. If you're feeling brave, you can take out money from your savings account, and if you have a substantial amount set aside, it can be a cheap way to jump-start your business. You can also take home equity loans or take a portion of your retirement savings and invest it in your company.

      This book will teach you how to have better control over your money. This means no more multiple visits to the bank, filling out an endless number of applications, and waiting for long hours to see whether you qualify for a decent interest rate or not. It also means you don't have to pay any more fees for origination and application. This way, you can do whatever you want with your money. By cutting banks out of the equation, you can retain more money and continue to build your wealth with impunity.

      You will also learn how to limit the transfer of your wealth. Of course, it is not possible to stop it all at once, but you can stop it from being transferred to financial companies, credit unions, the government, and Wall Street. You will have full control over your wealth and who it gets transferred to. This can be friends, family, or some cause you care about. Becoming your own banker is beneficial because you can determine who profits from your wealth and financial decisions, and you get to decide when and how this wealth is transferred to those parties.

      In this book,

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