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banks/in between/credit

updated tue 19 jul 05


mel jacobson on mon 18 jul 05

if this post/information would change one potter it is worth
the time to read. needless interest is what is killing people.
every day.

there is no right or wrong between tony and david.
they both have very good points.
the killer, and always the killer is needless interest.

people will buy almost anything on a card. plastic.
instant purchase. don't have to wait.

then of course...don't pay the bill each month.
month, after month, after month. they let it slide.
no matter what their income...they waste thousands of
dollars per year...paying needless interest.

does anyone realize you can buy a double wide house trailer
with your visa card.? (it is not real estate.) poor people do it all the time.
just pay the interest each month. at 19 percent interest.
it is crazy and criminal. but, they want, what they want. now.
no concern about next year...and the interest piles up.

i run a great deal of my pottery with cash. i have said that
many times.
i pay for anything i can deduct with a credit card. then pay
the entire bill each month.

in fact. for a smart person.....really smart person....if you
pay the plastic card off each month, never pay
have the best money float in the world. i buy almost everything
on my master card...groceries, stuff..everything. pay the bill
with one check at the end of the month. float that amount of
money for one month. we have not paid mnba master card one
cent of interest in 16 years.

every car i have ever purchased was paid in cash.
the house i have lived in for 42 years was a loan. 5.3 percent.
paid off in 15 years. best purchase i have ever made. 19,000
bucks. now worth 500,000. i built 75 percent of it.

my credit rating is AAAAA.
we establish it off fast. never do interest if we can help it.

same in the pottery. continental clay would float me anything i
would ever want. without a signature. but, i would not do that.

it is not about banks, loans, cash and carry. it is about needless
payment of interest. it is the stupidity of using any form of purchase
that has interest attached. so many never get it. as my dad would
say.`money down the toilet.` i have seen broke young potters pay
for a round of drinks at nceca...on a plastic card. 40 bucks. it just
goes on the endless bill. month after month...paying 19 percent.
some of you are juggling 5 credit cards.
`oh, this one works`. that is death waiting to happen.
but i also hear the cry...`oh, i can't make it, the economy is bad...the
government is screwing me...oh my..the world is falling`...and they
have a 6,000 dollar balance on a credit card..and are still buying
on it. now who in the hell is to blame??????

if you have a 10,000 dollar balance on a credit card, at 19 percent.
you cannot pay it off without a windfall of money.

i am much like david...tight as hell. live a cash life. make things myself.
do my own repairs...keep cars for 12 years. and at this point in my
life...i have zero debt. not one penny. that is my choice. always has
been my choice. debt kills families. most marriages break up over
money issues. and, what i make in the pottery is clear and free.
gas and lights are my only cost. a bit of clay and glaze material, but
basically free of cost. i pay my taxes. keep decent records.
i own all of ridatick. not one investor. it will stay that way.
a partner now would probably kill everything. it is going very well.

bad money choices are deadly. they cannot be changed.
make good choices...think ahead. do some long range planning.
and for sure...wait to buy things so you do not have to pay for the
interest is the killer.
fight against it every day.
from mel/
for gail's year book.