Page 122 - The Millionaire Mindset

Today, I despise debt. I have a zero balance on my credit cards. I’ve had a
major attitude adjustment towards borrowing money. (My wife, Anne, had a major hand
in that!)

“The only problem with debt,
is that you have to pay it back.”

Patrick Morley

The Man In The Mirror

Strategy 4-16:

Re-negotiate your debt to lessen the
monthly pressure.

More advice from Money Magazine: *

Negotiate with lenders. Money readers have heard this tune before, but it’s worth Today
another chorus. You’d be surprised how easy it is to wrangle more borrower-friendly terms is a
from lenders today. “Most banks and card issuers would rather lower your interest rate great
or slash fees than lose you as a customer,” says Edward F. Mrkvicka, Jr., author of The day
Bank Book: How to Revoke Your Bank’s “License to Steal” and Save up to $100,000.
“That goes for credit cards, mortgages, even car loans.”
If you’re paying the going rate for credit-card debt, call your card issuer and
threaten to switch to a lower-rate competitor. If they are unwilling to move, tell them you
will take your business elsewhere.

Strategy 4-17:

If you need capital for a business project
follow these common sense guidelines.

Never put yourself in a dangerous position with personal guarantees. In other
words, don’t become personally liable beyond the financial asset. If the project fails, the
lender can only look to the financed asset as collateral.
Give up equity instead of borrowing.
Stay out of the pressure zone. Don’t think having to come up with a huge monthly

Millionaireamount will motivate you. I know several awesome people who can’t get up in the morning
to face the day because of debt.
Mindset* Belsky, Gary, “Win the War on Debt,” MoneyMagazine, April, 1996.
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