Why I Hate Debt Pt. 4: The Corporations
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 30 December 2019
⏱️ 9 minutes
🧾️ Download transcript
Summary
The corporations are playing a game, and you can't win. So opt out and stop playing the game! In the part 4 of the "Why I Hate Debt" miniseries, Jesse explains how behind every credit card is a clever system of points, travel miles, and other "free" rewards designed to keep you spending and in debt.
Credit cards are a very profitable industry. Would banks and finance companies be giving away rewards if they weren't making a profit from it? Of course not! They've got the data, they've studied the statistics, and they know people will drive themselves into debt, where they can rack up fees and interest.
So join Jesse, stop playing the game, and start hating debt!
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Transcript
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| 0:00.0 | Hello, Winebbers. My name is Jesse Meekham and this is podcast number 408 for |
| 0:08.8 | Wineb, where we teach you four rules to help you stop living paycheck to paycheck, get |
| 0:11.9 | out of debt and save more money. Get out of debt. Everything |
| 0:20.3 | about your life will be better. |
| 0:26.0 | We've talked about how it steals your cash so you can't give every dollar a job violating the first rule of budgeting. |
| 0:30.0 | And that first rule is basically the other three rules just in different form. |
| 0:33.8 | Number two, you get out of debt so that you can feel |
| 0:38.9 | what it's like to be near zero with your resources. |
| 0:41.8 | You get out of debt so that you can deal with |
| 0:44.0 | constraints. The biggest constraint is we have no money. Now what? But when we |
| 0:51.1 | never can say we have no money, we don't have to say now what? |
| 0:55.0 | And now what is one of the greatest questions of all time. |
| 0:58.0 | So we hate debt because it also steals those constraints from you and those constraints breed creativity. |
| 1:07.0 | Number three, debt allows you to live beyond your means. |
| 1:12.0 | And the only way you have opportunity, |
| 1:13.8 | the only thing you can risk is the gap, |
| 1:17.4 | that money that you can have between your expenses |
| 1:21.3 | and your means. What you have to risk and when you've eaten that all up by just |
| 1:26.7 | frittering it away or whatever, but when you've allowed that to happen because |
| 1:31.2 | debt is the only thing that allows it to happen, |
| 1:34.3 | then you have nothing to risk. And where nothing's ventured, nothing's gained, right? |
| 1:40.0 | You have nothing to venture. You have no capital. You can't even take the smallest of risks, |
... |
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