Good Morning Everyone. Welcome to Day 4 of the DINKS Days of Book Giveaways Contest. Today we are giving away the 4th and final book in our weekly contest. Today we are finishing off the week in the same way that we started….with a Book Giveaway from David Bach and DINKS Finance. Today you can enter to win a copy of The Automatic Millionaire by David Bach.
The Automatic Millionaire is a helpful and important book for people in every type of financial situation because people often confuse Credit with Wealth. I am not sure why people associate the two, because in fact Credit and Wealth are exact opposites. If we have accumulated Wealth but we also have Credit that exceeds the amount of our accumulated Wealth then our Net Worth is negative. However, if we have very little savings but no debt then our net worth can actually be positive.
This week we had a client who came into our bank branch to apply for a car loan because he wasn’t approved at the car dealership for financing (but that is a whole other story). I asked him about his assets and debts and he said “What do you want? You want to know that I have money?” He then proceeded to open his wallet and pull out multiple credit cards (I guess we know why he wasn’t approved for financing with the car dealership) and place them on my desk while he said “Here, here is my money $5,000 $10,000 $15,000.”
People often think that having credit cards means that you have money, when in fact it only means that you have access to money. Money borrowed on credit cards has to be repaid to the Bank or the Finance Company and therefore it is not our money.
We can be approved for a credit card based on our capacity to repay the debt aka our monthly income, as well as our credit score aka our history of making payments. Having a net worth (usually) doesn’t have anything to do with being approved for credit. In our bank branch we have actually declined clients with a high net worth and a low monthly income who applied for a credit card. The logic actually makes no sense because the clients could always sell their assets to repay the debt or we could take a personal guarantee, but either way the high net worth client’s application was declined.
The Automatic Millionaire by David Bach is a “Powerful One Step Plan to Live and Finish Rich” and DINKS Finance wants to give away a copy to one of our lucky readers…right now!
You can enter two ways to win a copy of David Bach’s The Automatic Millionaire:
- Leave a comment on this post and tell DINKS about your ultimate financial goal. Is it to retire at 45 or is it to retire in the South of France?
- Send a Tweet to your Followers and tell them that you just entered the DINKS Days of Book Giveaways Contest. Use #TeamDINKS in your Tweet.
Don’t forget to check out our other posts this week to win a copy of The Fund by HT Narea, Get Growing: Keys to Unlocking the Potential of Your Small Business, and Debt Free for Life by David Bach.
All winners will be announced next Friday. Winners must reside in the US or Canada, and will have 30 days to contact DINKS Finance and claim their prize. Otherwise we will Giveaway your prize to another lucky reader.
Good Luck Everyone!