Instead of letting money hold you back, put it to work for you.
Instead of letting money hold you back, put it to work for you.
Avoiding debt should be a top priority for young guys just starting out in life. Payday loans are one of the most depressing financial burdens someone may face. A lot of young men, barely out of their "teens," end up in debt despite how slave-like the situation is.
He approaches a friend and announces, "Take a look: I have borrowed money to buy a new suit of clothing." His attitude toward the garments seems to be one of gratitude; indeed, this is often the case. However, if he manages to pay and is subsequently trusted again, he is forming a pattern that will inevitably lead to his perpetual poverty. A man's dignity and sense of self-worth are both eroded by debt.
Wallowing in self-pity over having burned through or exhausted his resources, only to find that when the time comes to pay up, he has nothing to show for it; this is the true definition of "working for a dead horse." By "merchants," I do not mean those who buy and sell on credit or who use credit to make a profit. This is what the old Quaker told his son, John, a farmer: "John, never get trusted; but if thee gets trusted for anything, let it be for'manure,' for that will assist you pay it back again." "
In the rural areas, Mr. Beecher said that young men should take out small loans to buy land. "If a young man," according to him, "will only get in debt for some land and then get married, these two things will keep him straight, or nothing will." While this might be somewhat secure, it's not a good idea to rack up debt just to buy food, drink, and clothing. Some households have the misguided habit of using credit at "the stores," leading them to buy unnecessary items on a regular basis.
"I have got trusted for sixty days, and if I don't have the money the creditor will think nothing about it." No other social group on Earth possesses the photographic memory of creditors. You are required to make a payment once the sixty days have elapsed. If you don't pay, you'll most likely lie or break your pledge. You can try to get out of it by getting into more debt or coming up with an excuse, but it will just make things worse.
The apprentice lad, Horatio, was a handsome but unmotivated young man. "Horatio, have you ever laid eyes on a snail?" his boss said. "I - think - I -have," he whispered. As the boss put it, "I am sure you never overtook one," therefore you must have met him at that point.You've promised to pay your creditor, but you still haven't done it. Your creditor will eventually catch up with you or perhaps overtake you, and then he'll demand that you turn over your note. You start out on the right foot with the interest note, but soon it starts to backfire; "it is a dead horse."
Unlike you, who actually become poorer as the interest builds up against you, the creditor actually benefits from going to bed and waking up with more money than he had before because his interest climbed during the night.
Money is similar to fire in that it makes a great servant but a horrible master. The worst type of slavery is when interest is constantly stacking up and you feel like it's controlling you. However, if you put your money to work for you, it will be your most loyal servant ever. Avoid the term "eye-servant." Nothing, living or nonliving, can work as reliably as money invested at interest and securely held. It is effective in all weather conditions, including night and day.
My birthplace was Connecticut, a blue-law state whose ancient Puritan rules were so strict that "they fined a man for kissing his wife on Sunday." But these wealthy old Puritans would amass thousands of dollars in interest by Saturday night; on Sunday, they would attend church and fulfill all the responsibilities of a Christian.
The law states that when people wake up on Monday morning, they will find themselves much wealthier than they were on Saturday night. This is because their money that was invested had worked diligently for them all day Sunday!
You will fail miserably financially if you allow it to hinder your progress in life. The quirky Virginian John Randolph once shouted before Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go." Without a doubt, no alchemist has ever been this close to the philosopher's stone.
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