VMG Review, as many of you know is a blogging site in which we review products as well as services, and up until this point, we have discussed wealth-building that’s because in my opinion wealth-building can be considered a service. My reasoning for suggestion wealth building in the same context as being a service is because it takes capital to acquire products, and many of us don’t understand the economic system and the ways that it keeps us in debt. I’m no expert in finance like many others I have made many mistakes in money management; however, over the years I have begun to understand better being a consumer is not where you want to be.
We all have to purchase things be the goal is to retain more of our income than we spend while allowing the monies we retain earn money or liquidity for us for instance, a person with credit may or may not know that the credit interest is compounded daily which means that if you a credit line of $500 on a credit card and you reach that limit but can only pay the minimum each month, it could take years to pay off that $500 debt. I know most will say that it’s not that easy to avoid using credit and I agree but it’s a way that we all can accomplish overcoming massive amounts of debt. Like many others, I recall being overwhelmed by debt, I have several credit cards (department store cards, visa, master card, American Express, etc) as well as car payments, and many other payments but my income wasn’t sufficient enough to meet the debt that I had accumulated. I found myself just paying bills with no money for vacations or ways to handle unexpected situations like a car needing repairs or having to replace a roof.
I started listening to people like Dave Ramsay, Les Brown and Dr. Boyce Watkins more importantly I began implementing the things that each of (them) were teaching. Dave Ramsey suggested that you pay off your credit cards with the lowest balance the move to pay off the next debt with a low balance until you get credit payments under control. Les Brown explained that you have to be willing to do today what others want to do so and that is to be consistent. Dr. Watkins shared something that all of us with kids or grand-kids that are looking to buy a house should consider and that is purchased a duplex because you can live in one of the units and rent the other. This way your tenant pays the mortgage but you own the property. In a few years, you will have earned enough income to purchase a single-family home but still own the duplex that will continue to generate passive income monthly. Again I’m not an expert in this area of finance; however, following the advice of people that I referenced has worked for, and I hope that it can be of value to each of you because our purpose is to empower you financially so that you may empower others. Please engage in these discussions because your opinions matter!
Marvin Dixon/Founder VMG Review
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