Tag Archives: wealth

Celebrities and Money, Financial Freedom, Financial Independence, Self-Made Millionaires, Wealth

The six ways to get rich

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“What’s keeping you from being rich? In most cases, it’s simply a lack of belief. In order to become rich, you must believe you can do it, and you must take the actions necessary to achieve your goal.” —Suze Orman

Sure, there are lots of ways to get rich, but they all fall into one of these six categories as there are only six ways to actually get rich.

The six ways to get rich are:

  • Capitalize on a unique skill or talent.
  • Marry rich.
  • Inherit money.
  • Own a business.
  • Take calculated risks and get lucky.
  • Spend less than you earn and invest wisely.

Let’s explore each category.

CAPITALIZE ON TALENT

Don’t make money your goal. Instead, pursue the things you love doing and then do them so well that people can’t take their eyes off of you.” ― Maya Angelou.

Become an expert in one area or niche and exploit it. Dominate that field. And never stop growing.

If you read my post on Beyoncé, you will notice that she started young, developed her craft, and expanded her expertise. She not only sings, but dances, endorses products, started businesses, and writes songs. She owns what she does. Everything from trademarks – Blue Ivy and Ivy Park – to owning a music streaming service. Put it simply, she dominates in her field.

If you want to be the next J.K. Rowling or Stephen King, then you just have to start writing. J.K. Rowling famously said she was rejected at least 12 times before anyone would publish Harry Potter. Persistence and determination are vitally important if you want to succeed. And just FYI, it took her 7 years to write Harry Potter.

MARRY RICH

“Don’t you know that a man being rich is like a girl being pretty? You wouldn’t marry a girl just because she’s pretty, but my goodness, doesn’t it help?”

―Marilyn Monroe as Lorelei Lee in Gentlemen Prefer Blondes (1953)

Dating is all about introductions and proximity. It doesn’t matter if you swipe right on Tinder or meet at your family’s country club, you just have to get some face time. You can’t date who you can’t see or touch.

In my experience, men date and marry women who are in their vicinity or social circle. Therefore, if you are looking for a rich man, then you have to be where they are i.e., charity events, sports games, auction houses, doctoral seminars, or the like.

In addition, if you know where wealthy men tend to reside, then hey you can pack up and find a job there and frequent their haunts. Location, location, location baby.

People also tend to look for partners that are successful in their own right. You don’t necessarily have to be rich, but having some sort of talent or career outside of just being a wealthy mate’s plus one bodes well for you and your prospects of landing and keeping a partner. So, invest in yourself – get educated, cultured, learn opera, play piano, paint or learn another language – either way you have a skill.

Above all else, respect yourself. Have your own life, career, friends, family, and money. No one wants a loner that can barely make rent, they want someone who is open to people, new experiences, and can pick up the check.

Don’t agree. Well, how’s this for food for thought; Chrissy Teigen once responded to a mean tweet by telling someone she does not just spend someone else’s money, but in two words replied: “my money.” She also went on to note her Forbes ranking and that she is a best-selling cookbook author. She basically told people to chew on that – no pun intended. A very nice retort on her part and her equivalent of put that in your pipe and smoke it.

Ah, gotta love that Chrissy.

You have to admit it sure sounds better when you can list your own accomplishments.  Respect for self is attractive and shows confidence. And confidence is key.

INHERIT MONEY

I would rather make my name than inherit it. – William Makepeace Thackeray

Studies into the wealth of households have shown that most wealth today is now earned than inherited. In my experience, people truly appreciate and cherish that which they work and sweat for.

For example, when I was given gifts of money or other items I am usually losing or unable to tell you whom gave me the gift. The car in my driveway that I worked so hard for is still there 15 years later.

There are those that inherit their fortunes, but the saying goes that a fool and his money are soon parted. I suggest you get a career, get educated, and learn a craft to earn your own living. If you do inherit, then you can manage your money instead of squandering it.

OWN A BUSINESS

Only I can change my life. No one can do it for me. – Carol Burnett

Starting a business is what two-thirds of millionaires do. This lets you know that if you are successful and become rich, then most likely you will or do own a business at some point in your life.

I suggest determining what you are good at and then turning that into a business. Passion is great, but just because you are passionate about golf and want to be a pro golfer does not mean that is what you are good at or meant to do.

Also study up and get a mentor or work with people in the field you want to be in. Read books, attend seminars and save money. All businesses need capitol. If you can find a business to start with a low barrier to entry such as a food truck or blogging, then the better.

BIG RISKS FOR BIG REWARDS

“If you want big rewards, you gotta take big risks.” Jessica Biel as Tenley Parrish in Summer Catch (2001)

If you read my post, wealth comes from doing not luck, then you understand that from preparedness comes opportunity and hard work creates luck and success.

It is okay to take risks, but I prefer calculated ones. The ones where you do your research, study your results, learn from you’re mistakes or the ones of others and keep moving forward. Make that pro con list, watch videos, attend conferences or better yet, speak to those that have done or are doing what you long to do. If you’re going to risk it all, then best to know all the facts first.

SPEND LESS, SAVE AND INVEST OVER TIME

The formula for getting rich is this: spend < money earned

Simply put, spend less than you earn.

If you can do that, you have got a shot at getting rich.

For example, you can be a millionaire over time if you do the following:

  • Save $6,000 a month for 10 years getting a 6% return
  • Save $2,200 a month for 20 years getting a 6% return
  • Save $800 a month for 25 years getting an 8% return
  • Save $600 a month for 30 years getting an 8% return
  • Save $500 a month for 40 years getting a 6% return

The combinations can vary based on the amount of savings invested and the return on investment of compound interest. However, the bottom line is saving can earn you a fortune.

For those concerned with inflation, here is an inflation-adjusted. 25-year wealth accumulation chart.

Source: www.businessinsider.com

THE BOTTOM LINE

Ultimately, no matter what path you take if you partake in spending less than you earn and investing, over time you will become rich eventually.

Budgeting, Celebrities and Money, Financial Independence

Wealth comes from doing not luck

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“Luck Is What Happens When Preparation Meets Opportunity” – Seneca

“I’m a great believer in luck, and I find the harder I work the more I have of it.” –Thomas Jefferson

I do not believe in coincidences.

I believe that whatever happens was meant to. A series of actions and events put two people or things together for a reason. You attract people and things to you.

“The truth attracts money to you and lies repel it.” – Suze Orman

Therefore, if you want to attract wealth, good health and abundance then tell the truth.

THE TRUTH WILL SET YOU DEBT-FREE

Tell people your financial truth. Tell your friends and family that you can’t go on that trip with them, or out to dinner at an expensive restaurant, or that you do not have the funds to buy Christmas gifts.

Yeah, I said it. Cancel Christmas if you have to.

There’s no rule that says you have to go into debt to buy gifts for Christmas.

How about the family finds a more economical way to give gifts? Like a lottery or drawing or Secret Santa. This could be drawing names out of a hat and buying just for that one person.

Who cares if you ruffle some feathers? It is far better to be debt-free. That is the gift that keeps on giving.

Not having to pay interest to service debt is the best gift of all you can give to yourself.

“Rather go to bed without dinner than to rise in debt.” – Benjamin Franklin

Couldn’t have said it better myself.

If I hear one more person talk about going on vacation to Jamaica, I’m going to start an exotic vacation jar. It works similar to a swear jar. However, the end result will be I put my own money into the jar, say $5, and then deposit it in my savings to invest it into a Certificate of Deposit (CD) or stocks at the beginning of each year.

I know some people may not agree with me, but I really do feel that you get as much pleasure and excitement out of saving as you do spending.

I have watched and heard many friends, family, and acquaintances talk about plans for vacation, but I rarely hear them talk about plans for saving for the future.

Everything revolves around spending.

Well, I’m here to let you know it’s okay to say no to things.

It is okay to say no that you cannot afford to go shopping, out to dinner with friends or to birthday parties.

Heck, even weddings if the ticket and tux will put you in the red.

If you feel obligated to go to a wedding, I completely understand, but plan for it.

For instance, you could save $100 bucks a month in a weddings account. This is for all things wedding related. Flights, hotel rooms, wedding attire, and gifts. Set aside a certain amount. Let’s say $1,000 and that is your budget. Then you never have to worry when you get that call, “I’m engaged.”

If you feel that it makes you uncomfortable to tell people you can’t afford it, try this one line on for size: “I choose not to spend my money on insert item here.”

Fill in the blank with anything. It sounds good no matter how you say it.

Cause after all, it is your money.

Lastly, tell your doctor the truth. You can’t have wealth without health.

Do not ever feel embarrassed to tell a health professional what is going on with you.

They are there to help not to judge.

LUCK MAY NOT EQUAL MORE BUCKS

“If you just keep your head down, work, and put it on the bottom line, sooner or later that takes care of everything else.” – Wayne Huizenga

I feel that people make their own luck. The harder you work, the more you give of your time, energy and efforts to work, help and care for others is all the luck you need. Hard work is like a magnet because it attracts things. Like money. It’s a Greenbacks Magnet. Get it. Wink, wink.

Even, Star Wars Master Jedi Obi-Wan agrees with me.

“There is no such thing as luck. Only opportunity and being prepared.” – Terry Crews as Julius on Everybody Hates Chris (2005-2009)

So if luck is tied to work, then what do you think happens when people are lazy. So in essence, you are not ever really unlucky, but you can be lazy.

I know life is a journey that is full of twists and turns. It is not a straight path – as the crow flies – from obscurity to abundance.

I also know that life is full of tough times, obstacles, and at times unfair. We may not all have the same opportunities, but we all have to play the hand we were dealt because our turn at bat will come. Every action may not be a royal flush or a home run. Sometimes you just have to roll with the dice. However, you can do your best with what you’ve got. Either way, life happens. So batter up.

I agree with this quote: “You don’t get to choose if you get hurt in this world…but you do have some say in who hurts you.” – John Green (author of The Fault in Our Stars and Paper Towns)

You may not earn what you want when you want, but you can start building lasting impressions and relationships that can put you on the path to wealth.

It’s been said the harder you work  the luckier you get.  Tejano singer Selena once said, “When you get hard work you get success.” That was 25 years ago. But you don’t have to believe me. Here is it straight from the singer herself. She may be gone, but her music and words of wisdom are not forgotten.

Let’s say you get to the cherry on top of the sundae and earn gobs of money and it piles up. Well, don’t let money make you complacent. No resting on your laurels. Hard work is about more than prosperity. Jennifer Lopez says she learned the following from her parents:

They showed me that you put your head down and work—you work for a living and then, when you’re making a living, you still don’t stop… We don’t stop working because we have money in the bank—we do what we do and we keep on doing it.

Remember this: “We make a living by what we get, but we make a life by what we give.” – Winston Churchill

Financial Freedom

Top 1% of income worldwide

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Top 1% of income in the world is easier to earn than you think.

“The only way to enjoy anything in this life is to earn it first.” – Ginger Rogers

So, you want money. Well, most people do. Lots of it.

However, what do you do once you have it.

According to one of the shark tank sharks Kevin O’Leary aka ‘Mr. Wonderful’, he says there are three basic rules for money “Don’t spend too much. Mostly save. Always invest.”

From what I have learned, the problem is most spend too much, save nothing, and never invest.

First, you have to learn that you do not make money, you earn it.

Second, start putting aside 10% of what you earn.

Lastly, learn how to invest it. This could be by just picking up a few books on investing at your local library.

Boom, you just made the impossible possible. You earned money and saved it. From what I have seen most people cannot even do that. Let alone invest. Investing is how the rich stay rich, but earning a good living is how they get rich.

You have to know where you stand financially (what you earn), gather your resources (savings) and then you can plant your feet (invest).

Or put it this way, gather your acorns (earn money), plant your seeds (save money), enjoy the harvest (earned interest on money invested).

So, where do most Americans stand.

Most Americans are in the top 1% of income globally

You are in the top 1% of income worldwide with an annual salary of…drum roll please…$34,000.

Yep. You read correctly.

A recent study has shown that you do not need to earn six figures to be considered top of the heap in terms of income.

That means if you are working an entry-level job earning $35,000 a year, you are in the top 1% of income in the world.

Pour yourself a glass.

You should celebrate landing that job.

Considerably, that the average income in America is $50,000, it is safe to say that more than 50% of Americans are at the top when it comes to salary on a global scale.

Since, average means 50% are higher or lower than $50,000 on the pay scale meter, this could equate to roughly 75% of Americans making at least $34,000 or more annually. If we divide 50 in half, as we know there is a wide range that could be making between $34,000 to $50,000 or above.

That means if you are American, it is likely that you are already a one percenter in regards to income.

It doesn’t matter if you’re a gym teacher or a celebrity. Your income is top in the world in America. Cheers!

The top wealthiest in the world

In regards to wealth, you only need to have less than $3,500 in assets to be amongst the wealthiest in the world or around $760,000 to be in the top percentile, per Credit Suisse.

The Federal Reserve stated a median American family has over $80,000 in net worth in 2013, where the average family had net assets of $535,000 or higher.

Therefore, if you have less than $10,000 in wealth; which is the bulk of the global population, then you still have more wealth than those unfortunate souls at the bottom of the economic pyramid.

Wealth acquired globally

However, even though it does not take much to be at the top of the global wealth pyramid the way wealth is obtained varies greatly.

For instance, in many high-income nations; the United States for one, there is a massive amount of debt.  Whereas in many European nations or middle and low income countries the debt is considerably lower.

The approximate four billion at the bottom of the economic pyramid may lack money, but they also do not have the resources to help them acquire crippling and debilitating debt with easy credit access.

Debt is a destroyer of wealth.

Meaning that someone who lives on $5 a day in other parts of the world and has managed to save up $3,500 in assets is wealthier than a Manhattan doctor pulling in $500,000 annually, spending $510,000 a year; which is minus (-) $10,000 more than they earn, and carrying student loans of $250,000.

The doctor would have a net worth in the negative (-) $250,000 and climbing higher in debt. Sinking further below the wealth distribution chart with every year.

Unless they pay off the debt and stopping spending more than they earn, they will never experience true wealth or the freedom that comes with it.

You just have to do the numbers.

More going out than coming in and no savings = debt.

More coming in than going out and keeping it = wealth.

Ultimately, only you can decide which category you want to be in.

Financial Freedom

Patience is the key to wealth

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The key to everything is patience. You get the chicken by hatching the egg, not by smashing it. – Arnold H. Glasow

I read that the average age of a millionaire is 62.

That means most will not reach the millionaire milestone until after age 50.

Therefore, you will need to treat your working years as golden nuggets of knowledge and labor in which each year of work gets deposited into your wealth accumulation bank.

If you start your 401(k) at the age of 25 and invest consistently, this would require that you save and invest for a minimum of 26 years to reach the millionaire ranking through this vehicle alone.

A $1-million-dollar nest egg can generate $50,000 of income on a 5% return.

Since, $50,000 is around the average earnings of many workers, a $1-million-dollar money bucket keeps raining enough dollars on you to walk away from work if you are earning this much or less.

As long as you only spend the interest, and not the principal.

NOW, WAIT IT UP 

In order to get to this badge of honor, financially speaking, you will have to learn the art of waiting.

Waiting to buy a home.

Waiting to buy a new car.

Waiting to start a family.

You see what I mean.

Nothing comes without first understanding how to manage your time.

Patience is key.

Think of patience and investing like the letter and the stamp. One does not work without the other.

Consider the postage stamp: its usefulness consists in the ability to stick to one thing till it gets there. – Josh Billings

Life is complex. Situations may arise that will make it harder for you to reach your financial goals.

Remember this: It’s not the situation, but whether we react (negative) or respond (positive) to the situation that’s important. –Zig Ziglar

In my experience, optimism, truth, and positivity attract money to you.

Warren Buffest said, “The Stock Market is designed to transfer money from the Active to the Patient.”

We may all get the same 24 hours, but what we do with it is what matters the most.

Consider this quote. Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each. – Christopher Rice

Therefore, manage your time wisely.

You do not have to move so fast. Slow down and focus. Distractions do not yield results only focusing does and that takes patience.

STOCKING UP ON STOCKS

The stock market has averaged returns of at least 9% over the last 90 years (1928-2016).

The shorter the time your money is invested so too are the amount of the returns.

You need a longer time horizon to invest to reap any rewards.

Here are some questions and answers when it comes to investing in the stock market.

Why should I buy stocks?

“If you don’t play you can’t win.”– Judith McNaught

How do I decide if I should invest in the stock market?

If you don’t feel comfortable owning a stock for 10 years, you shouldn’t own it for 10 minutes. – Warren Buffet

How do I decide what stocks to buy?

When buying shares, ask yourself, would you buy the whole company? – Rene Rivkin

How long should you hold a stock?

“Our favorite holding period is forever.” – Warren Buffett

Don’t you have to be really smart to invest in the stock market?

Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it. – Peter Lynch

Aren’t stocks risky?

“The biggest risk is not taking any risk… In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”– Mark Zuckerberg

Ask yourself, what is my risk level?

If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks. – John Bogle

Should I avoid stocks?

Why not go out on a limb? Isn’t that where the fruit is? – Frank Scully

Where should I invest my money?

“Consistently buy an S&P 500 low-cost index fund.”-  Warren Buffett

What should I do once I invest money?

Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas. – Paul Samuelson

Check out books by quoted authors here on Amazon.

 

I say this when it ultimately comes down to investing or not investing; if you feel you can only afford to lose $5, then that is your risk level. When you pass that mark, whatever it is, it’s gambling.

And nothing is riskier than doing nothing except gambling.

Buffet once called a bad period the “Financial Pearl Harbor” during a terrible time in the market.  Guess what? He still held on to the bulk of his portfolio and is one the richest investors in the world.

So understand that you have to pursue wealth.

It is not simply going to come to you.

You have to do something.

As in life, you have to give to get.

Winston Churchill said, “We make a living by what we get, but we make a life by what we give.”

Think like this: If your ship doesn’t come in, swim out to meet it! – Jonathan Winters

And remember this: “A ship in harbour is safe, but that is not what ships are built for.” – William G.T. Shedd

So know this, it’s not what you make, it’s what you keep.

When it comes to investing, just do your research, do your best, and have fun.

Automobiles, Financial Freedom

If you want to be wealthy, drive a Ford

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In its first three months on sale in Australia, Mustang ranks as the best-selling sports coupe. Demand is so strong, the pony car was initially sold out through 2017, but an additional 2,000 Mustangs are slated to ship Down Under by the end of this year.

While on my own journey towards wealth accumulation, I notice that one of the biggest budget busters for families are automobiles. Now, I enjoy a nice fancy new car like the next person but to truly enjoy your car, I believe you have to be able to afford it and this includes the maintenance not just gas. Car ownership is more than just the purchase price. Forbes reported that the average U.S. cost of a vehicle in January 2016 was $34,112 – according to Kelley Blue Book (KBB).

A car is a car of course, of course. I know that new car smell is exhilarating. You slide in, adjust the seat, feel the smooth touch of the leather and sigh “I’m home.” One car is just as good as any other, right? However, we know that isn’t the case.

The most expensive car must be the better car because everyone knows you get what you pay for. Just cause the sticker price is higher does not make it the best vehicle or the right one for you.  Let’s go down the list of what people are looking for in a car to do some comparison shopping.

Price. The first thing that comes to mind when buying a car is the cost. Understandably, so because if you decide to go with the fully loaded Range Rover versus a Ford Explorer, you better be prepared to live in it should you be unable to pay for both it and the rent. Doing an online search, I was able to look up the prices of both above-mentioned vehicles; a 2017 Ford Explorer could go for $31,160 and a 2016 Land Rover Range Rover costs…wait for it… a whopping $199,495!

There are some houses on the market that do not cost as much as a Range Rover. I also did the math for monthly payments. The Ford with a 3% interest rate would cost $509 per month for a grand total of $36,648 over 72 months. That’s 6 years! You know what could happen in 6 years; well neither do I, I’m not a fortune teller. Anything could happen, that’s why it’s best to keep car payments and terms as low as possible to be prepared for any unforeseen events.

As for the Range Rover, with the same terms as above, would cost $3,083 per month! There are mortgages for less. This is based on using the general 72-month term car dealers like to throw out there. For a final cost of $$221,976.

Just to put this into perspective, if you max out your 401(k) for 6 years, which is $18,000 for 2016, at a rate of return (ROI) of 6% annually you would have $125,697 in retirement savings.

Please don’t pick a car because of the after purchase champagne toast at one dealership versus the $50 gas card at another.

Miles Per Gallon. The Miles per gallon (mpg) can be especially important for anyone who does a lot of traveling. Even though gasoline prices have dropped over the past several years, it’s still not cheap to own a car or truck. According to Forbes, KBB stated that the lowest costs of ownership vehicles were Hyundai, Acura, General Motors, Toyota/Lexus and Ford.

Insurance. Indirect costs of ownership like insurance also need to be factored into the cost of buying. Luxury cars costs more to maintain and are more expensive to insure. Full coverage is the standard when buying new or used. These costs add up. Buying a cheaper car means saving on insurance and ultimately can be mitigated to your emergency savings or retirement account.

Safety. Let’s be honest. There are some vehicles that do not have the best safety features. If your new teenage driver is an eager beaver to get behind the wheel, then you may want to make sure your insured up to the hilt and that the car has airbags and anti-lock brakes. It is far more important to have a car that will stop on command than go from zero to 60 in 10 seconds.

The morale of this story: Pay smart, Drive safe.

Financial Freedom

Build wealth on a budget

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Get rich by leveraging what you know and using what you’ve got. I have read hundreds of articles, books, and journals about money and finance. The common theme is to become an expert in one subject area and use this expertise to create cash flow by selling your skills and knowledge.

This is a glimpse of what I have learned…yesterday. That’s right, yesterday! There is a plethora of information out there on finances. For example, there are numerous mobile apps you can use to earn extra money and one just for locking your Android smartphone! You literally just slide your screen to unlock your phone and make a profit. There are also various budget apps you can use for free or a small fee to track your spending (no more excel spreadsheets) and let technology do all the work for you.

Even after over eight years of learning about money; I still learn new things about finances.  For instance, the following is just an inkling of what I have learned over the years:

  1. Money can help you make better decisions because often times it’s the lack of money that can lead to bad decisions.
  2. Money cannot buy happiness.
  3. Money is the number one reason couples divorce.

Find ways to not only live below your means, but to expand them as well.

If you are good at writing, use this skill to build additional income as a freelance writer. Like to cook. Earn money on the side selling baked goods. Know your way around the city. Become a driver. Like being a homeowner and dream of being a landlord. Start by buying one home and renting it out.

These are just a few things you can do to earn income. The goal is to expand your means. Increase the distance from the amount you earn and spend.

For example, if you earn (that’s right because you don’t make money you earn it) $4000 a month and have expenses of $2500 a month, then invest the difference of $1500. The goal is to earn enough passive income to be able to live off it for the rest of your life. Once you hit your target number your working days are over.

In order to achieve this, you must limit debt and borrowing. Too much can have a negative impact on your savings goals. If I had to put debt in order of importance for payoff, it would look like this:

  • Payday Loans
  • Credit cards
  • Personal Loans
  • Auto Loans
  • Student Loans
  • Mortgage Loans

The first two come with high interest rates and fees. I have had the unpleasant experience of both types of debt.  I decided to get serious about debt repayment and once I got my tax refund I paid off the payday and auto loans. I used a zero percent credit card to pay off my personal loan. From there I used the savings from paying off my other debts to pay down and off my credit cards. I am not so worried about the student loans and the mortgage because at least I can deduct the interest from my taxes on my tax return. However, this is not a time to rest on my laurels. The goal is to get out of all debt ASAP to be able to save.

Emergency fund. My suggestion would be to have a savings account that is just for emergencies. The ultimate goal is to have at least one year of expenses saved. However, just to start and have some funds in case small emergencies happen, i.e., leaky faucet, car repair or medical bill you could have $500 to $800 readily available. This will alleviate some stress as opposed to having no savings.

Simple Math can lead to Riches.

Savings Tracker

Amount per month         Year One             Year Five              Year Ten

$100                                      $1,200                  $6,000                   $12,000

$500                                      $6,000                 $30,000                $60,000

$1,000                                  $12,000                $60,000                $120,000

Looking at the numbers above, you can see that after five years in any scenario you could use the amount as the down payment on a home. After 10 years of saving, you could buy a car outright or pay off part of a mortgage depending on what you owe or even start a business. However, savings like this don’t come easy. You must be disciplined enough to pay off debt so that you can maximize saving. But just look at the possibilities. They are endless!

This is my motto; Cash is King. Leads to prosperity. Debt leads to poverty and can cause degradation of character. Just choose cash.