Can You Leave A 2 Year Old In The Car 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… Fast forward… Nice houses, nice new cars, two new motorcycles in the garage, hot tub by the pool, fancy restaurants every night… Everything you could ever want. right there at your disposal. Advertisers are experts at cashing in on our dreams of having the ability to live that way. (The glamor of a shiny new car on wet pavement at night is a sure sell.) but there is one group of advertisers that is particularly good at making us believe that the Madison Ave. lifestyle is within the reach of all of us… The credit card companies .

Let’s look at just a few of their ads. There is an important credit card that you all know. Their TV ad 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 this company trying to say here? They try to make you believe that this credit card will get 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 great, doesn’t it? …Knowing that you deserve something. It makes you want to stand up and fight – because it implies that right now you’re not getting what you deserve. After all, credit is a constitutional right, right?

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

Sounds great, doesn’t it? Especially the financial freedom part. After all, isn’t financial freedom what we all desire?

All of these ad campaigns are built around one premise: “You can achieve a better lifestyle by using credit than you can by spending 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. Everything is an illusion.

Credit makes you believe that you are doing well (or at least doing well enough) because you have all these “things”. 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 more than if you used cash.

to move forward Buy all those nice things on credit, and I’ll only use cash. Let’s see what happens. To begin with, you will have a nice car or two, a nice boat, nice furniture, and a great stereo, etc. And I will drive older cars. I will have “early American garage sale” furniture and clothing. And I’ll probably get rid of that motorcycle I’d really like 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 me… First. But what is really going on here? In a few years I will not only catch up with you, but pass you and leave you in the dust financially. That’s because, when you paid $10,000 for a $2,000 purchase using your credit card, I saved until I had the $2,000 to pay cash for it. Then I could invest the extra $8,000 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 illusory Madison Ave lifestyle. But I will be driving 4 or 5 year old cars instead of new ones, while I calmly watch my investment portfolio grow into millions – literally!

Then I will work because I want to, not because I have to. And I will be able to afford to buy almost anything I want…Cash! …While you’re sweating the economy and the next downsizing or looking for that next $50 raise – just so you can stay on top of all those credit card payments you’re making for things you bought years ago and have . probably everywhere forgotten until now.

Are you starting to get the picture? Credit is of no use to you. It promises (and delivers) short term gains. But it always brings long-term pain. By chasing the Madison Ave lifestyle using credit, you are actually moving away from it. Rich people understand this principle. That is why they are rich. There is a fascinating book called “The Millionaire Next Door”, written by Thomas Stanley and William Danko. (Published by paperbacks, 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 emerged from their study.

Let’s look at the car buying habits of the rich. What kind of car would you expect a millionaire to drive? An expensive, luxury car, or a hot, exotic sports car? Well, Stanley & Danko have found that this is not the case at all. They found that the most popular brand driven by the rich 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 balance leasing. Only 23.5 percent of millionaires own new cars. Most have not bought a car in the last two years. . In fact, 25.2 percent have not purchased 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 spent $19,500 or less.

Note also 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! Furthermore, not all of these millionaires bought new vehicles. How many indicated that their most recent vehicle was used? Almost 37 percent. In addition, many millionaires indicated that they had recently traded down – that is, bought less expensive vehicles than they had before.” (Pp.112-113)

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

1. They are 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 they have to maintain a status symbol or “keep up with the Joneses” because they know they are worth far more than the Joneses could even dream of.

My wife recently spoke with a mechanic who dreamed of buying his own facility for his auto repair business. But, for him, it was just a dream. He could never afford it. However, in his driveway sat a nice, brand new, turbocharged, diesel 4×4 truck with a royal 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 the allure of that nice new pickup truck, he would have been able to buy his garage and own his own business.

If he drove an older truck and bought his own business instead, he would finally have the freedom to be able to drive whatever he wanted! Achieving the allure of the Madison Ave lifestyle prevented 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 for cash and invest the $8,000. Get rid of 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 in twenty years you will find that you have a new address on Madison Avenue!

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