Page 20 - Winning The Credit Game Bundle (CK Patrick)

8 THE CREDIT GAME

credit scores to take out mortgages and loans, which they can use their
business knowledge to turn into much, much more money than they
borrowed in the first place. This is how they become wealthy.
And this is what my series of books are designed to teach you
to do.
Now don’t jump the gun and immediately go out and procure a
massive loan which you try to turn a profit on. The only reason the
very wealthy are able to succeed in this is that:

1. They have excellent credit, and;
2. They have insider knowledge of how to identify and use
profitable investments. You can gain this knowledge, but it
will take an excellent credit score and probably also a few
years unless you have a mentor to fast-track the process.
Think of this as a long game. If you are ambitious about
making massive wins, you have to make your early moves
carefully and strategically.

Why is having excellent credit so important before you try to grow
your wealth with mortgages or business loans? Well, your credit score
will impact your interest payment.
When asked what the most powerful force in the universe was,
Albert Einstein is widely reported to have said “compound interest.”
That probably wasn’t the answer the interviewer was expecting from a
physicist, but it goes to show how powerful interest rates can be.
“Compound interest” refers to the amount of money you pay—or get
paid—over time as a consequence of someone borrowing money.
The trick about interest rates is that they often look tiny. The differ-
ence between a good interest rate and a bad interest rate may be just a
few percent of the total amount you are borrowing. You may look at
that few percent and think, “I can afford to pay that.”
But the trick is, the way that interest adds up over time when it is
applied monthly or yearly to your loan or mortgage comes out to be
much more than a few percent. On that $300,000 house I mentioned
earlier, having a high interest rate might mean you end up paying a