"Believe it or not, for all the criticism of the credit industry we have just offered, there is room for huge winnings to be realized using credit to your advantage.
The winners know this, or have learned it through their own education. Perhaps their parents imparted the knowledge or they read Rich Dad Poor Dad, The Cashflow Quadrant
, and similar books. However the wisdom was arrived at, the formula can be rewarding. First some obvious truths:
1. Banks make money by lending money. That's their business. We all know that.
2. Banks can lose money by making loans to people or for projects that will never be paid back. Banks have to be careful. Like all of us, too many bad debts and there's trouble.
3.Banks like to make loans when they have security or collateral. If the loan isn't paid they want to latch on to something tangible and real to secure their repayment.
4. Real estate loans are safe for banks because land and buildings offer excellent security. In almost all cases, their repayment is guaranteed.
5. Banks do not make the lion's share of the money on certain loans. Credit winners who understand the system and use credit to their advantage make far more money (especially on certain real estate loans) than the banks will ever hope to make." by Garrett Sutton, ESQ. Corporate Attorney
PS. Let's think about this for a moment and let it soak in. "Wisdom in Wealth" Deut.8:18 " Behold, I give you power to get wealth".
Posted By: Esther Pinkston
Tuesday, August 26th 2008 at 5:13PM
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