How Much Money Do Americans Spend On Fashion A Year 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 … clean house, nice car, two new motorbikes in the garage, hot tub near the pool, nice restaurant every night … everything you wish for is there Your neck and call. Advertisers are experts at getting into our dreams of being able to live like this. (The wonders of the new car shining brightly on wet streets at night are definitely for sale.) But there is a team of advertisers who are particularly good at making us believe the Madison Ave. lifestyle. Is available to all of us … credit card companies.

Take a look at their ads for a bit. There is one major credit card that everyone is familiar with. Their TV advertising slogan? “It’s everywhere you want to go!” And it usually shows those who are traveling around the world enjoying everything that life (with a credit card) has to offer. Now what does this company want to say here? They are trying to convince you that this credit card will take you wherever you want to go in life.

I just received a pre-approved credit card application in the mail. “Get the credit you deserve!” Makes you feel great, right? … to know that you deserve something. It makes you want to stand up and fight because it proves that you are not getting what you deserve right now. After all, credit is a constitutional right, right?

Here is an excerpt from another article I received in a letter the other day. “Only a select group of people will hold a gold card. It immediately identifies you as a special person – someone with a higher level of financial freedom (emphasis added) – and “High expectations, financial flexibility, convenience and service in all your transactions.”

Sounds pretty, doesn’t it? Especially the section on financial freedom. After all, isn’t financial freedom what we all want?

All of these advertising campaigns are set up around the same premise: “You can achieve a better lifestyle with credit than you can with cash.”

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

Here is the truth: You can live a better life in a few years with credit, but then you will spend the rest of your life living under your means trying to repay it. It was all an illusion.

Credits make you believe that you are healthy (or at least doing well) because you have all these “stuff”. But this is true: if you buy a $ 2,000 credit card at 19.8% and make the minimum payment, it will take 31 years to repay it and you will pay $ 8,202 in interest! That means that by using credit, you are paying five times more than if you were using cash.

Go ahead. Buy all those good things on credit and I will only use cash. Let’s see what happens. First you will have a nice car or two, nice boats, great furniture and great stereo. And I will drive old cars. I will have “Native American garage sales” furniture and clothing. And I will probably take away the motorcycle I really want because I do not have the money to buy it.

In all likelihood, he will look more successful than I am …. But what is happening here? In a few years I will not only catch up with you, but pass you by and leave you in the dust. That is because when you paid $ 10,000 for a $ 2,000 purchase using your credit card, I saved forever I have $ 2,000 to pay for it. Then I can invest the extra $ 8,000 you spend on interest. You have interest with you, but I have interest with you! (And that’s where you want to go!)

Ten or twenty years on the road, you will be in debt and still try to live the illusory Madison Ave lifestyle. But I will drive a 4 or 5 year old car instead of a new car while I quietly watch my investment portfolio grow to millions – literally!

Until then, I will work because I want to, not because I have to. And I will be able to buy what I want … cash! … while you are sweating out the economy and the next recession or looking for the next $ 50 pay raise – so you can stand on top of all the credit card payments you are making for That you bought last year and have probably forgotten about by now.

Are you starting to get pictures? Credit makes you bad. It promises (and delivers) short-term profits. But it always brings long-term pain. By chasing the Madison Ave lifestyle with credit, you really get away from it. The rich understand this principle. That is why they are rich. There is an interesting book called “The Millionaire Next Door” written by Thomas Stanley and William Danko. (Published by Pocket Book, part of Simon & Schuster inc.) The author spent many years interviewing wealthy people. (Those with assets between $ 1 million and $ 5 million.) And some interesting things emerged from their studies.

Let’s look at the habit of buying your car with money. What kind of car do you expect a millionaire to drive? Expensive luxury car or hot foreign sports car? Well, Stanley & Danko found that this was not the case at all. They found that the most popular product driven by the rich was ford. And the most popular models are the f-150 pickup and navigator!

Here’s what Stanley and Danko have to say: “How do billionaires buy a car? About 81% of them buy their car. Rent balance. Only 23.5% of millionaires have a new car and most do not.” Buy cars in the last two years. In fact, 25.2 percent have not bought a car in four years or more. How much do millionaires pay for these vehicles? 50th place) paid $ 24,800 for a recent purchase. Note that 30% spent $ 19,500 or less.

Also note that the average American new car buyer pays more than $ 21,000 for his most recent purchase. This is not less than the $ 24,800 that a millionaire pays! Moreover, not all billionaires buy new cars. How many indicate that their latest vehicle is in use? Nearly 37 percent. In addition, many millionaires have shown that they have recently traded down, buying lower-priced vehicles ”(pp. 112-113).

On the other hand, millionaires drive average cars! Why do they drive the average old car instead of the famous luxury cars?

1. They are rich * because * they drive medium old cars and they know that if they buy a new luxury car all the time they will not become rich.

2. They do not feel they have to keep the status symbol or “continue with the Joneses” because they know they are worth more than the Joneses could have imagined.

My wife recently spoke with a mechanic who dreamed of buying his own equipment for his auto repair business. But for him, it was just a dream. He could not afford it. But in his path sat a beautiful new turbo charge, 4×4 diesel pickup with king cab and so on. In fact, he even joked about the “mortgage” on his car. But what he does not know is that if he does not buy a nice new pickup truck, he can buy his garage and start his own business.

If he drives an old car and buys his own business instead, he will be free to drive whatever he wants! Reaching the fascination of the Madison Ave lifestyle is preventing him from getting 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 $ 8,000. Write off all your debts – including your mortgage – and then invest the money you are wasting by paying interest.

If you do that consistently, you will have a co-working interest on your behalf, and twenty years from now, you will find that you have a new address on Madison Avenue!

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