Escaping the Pay-Day Loan Trap

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Patience is a priceless virtue that can save investors time and money. Listen to learn how this discipline will help you achieve success in life and in real estate and business.

Video Transcript

Hi, Jay Massey with CAshFlowDiary.com with another quick tip about real state and business.

Today we’re going to talk about escaping the payday loan trap.

Hey, if you’re anything like me, you’ve been in the pay day loan trap. Most of you, you probably already heard my story you understand that that a few short years ago, my wife and I were in a very tough situation. We were technically homeless, squatting on bank-owned property. I couldn’t walk and talk and we were looking for anything that we could do to be able to earn an income.

Well, even before I was married and all that was happening get this, I was stuck in a pay day loan cycle. You know how you go to those places. You try to get some money really, really fast and what you’re looking for is just a solution to the next pay check but because they charge such a high interest rate, you never really get out of that cycle and you have trouble escaping it.

Well, here’s one simple word that you could begin to understand to be able to create a situation in which you get to escape the payday loan trap. That word is value. See, the reason payday home businesses are actually profitable is because what you value at that time is different than what you can learn to value when you want to escape the trap.

One of the things that someone has said to me before is that interest is the percent that you pay for impatience. Because you don’t want to wait, because I didn’t want to wait, I had to pay a penalty – that penalty was called interest.

So by learning to value and develop patience, and in some cases, let’s be honest, this is financial, pure financial discipline and allows you to be able to escape the payday loan trap. Well, here’s the point, you can. And we can show you how to do it.

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