Page 115 - The Millionaire Mindset

Strategy 4-13:

Find out and record the grace period
on all your credit cards.

Find out the statement date (the date the statement is mailed out) on each of your
credit cards. Some credit card companies will allow you a 10 to 20-day grace period after
the statement date. If you pay off the balance before that time then you won’t be charged
the interest on the balance.
This is an advantage in making big purchases. As an example, suppose you want
to buy a $5,000 piano and you know your statement date is on the 21st. Do you buy the
piano on the 17th or 18th? If you did, the piano would appear on the statement the very
next day. No, you wait until the 23rd or 24th. By purchasing it after your statement date, it
won’t appear until next month’s statement. You will have 40 to 60 days’ interest-free money.
That’s a good deal. Then, pay it off in full (of course, you knew that part, right?)

Today Strategy 4-14:
is a
great Become aware of the problems of debt.
day
Stephen Jonah, a salesperson from Dallas, Texas, sells fax machines and

photocopiers to local mid-sized companies. He earned about $86,000 last year. Not bad,

considering he graduated less than three years ago. Linda Ingles, 42, sells real estate and

she is one of the top sales people in her office, located in a suburb of Vancouver, British

Columbia. Her before-tax income was $325,000.

Jonah and Ingles have a secret. There is something about them they don’t want

you, or anyone else, to know. It has to do with a two-inch piece of plastic in their wallets:

the credit card.

Unless something changes soon, Ingles will be forced into bankruptcy. No laughing

matter. She recently made an addition to her dream home. Bankruptcy means kissing that
house good-bye. It also means the Mercedes and the extra cars will be history. In addition,
you can imagine how this will affect her attitude, which will have a direct (negative) impact
on her sales production.
Many people today are drowning in a sea of debt. If you are like most people, you
are probably increasingly worried about debt. It sneaks up on you and then chokes the life

Millionaireout of you. How can you win in life when you are drowning in debt?
Mindset110