Learn to use Trump’s new policies to gain wealth, but beware of how these same policies can drown you in debt; if you fall into the “trap.”
In the near term, major banks and financial institutions will have fewer regulations. Specifically, the Dodd-Frank Regulations will be eased or repealed. With fewer regulations, banks will soon start lending more money and increasing credit limits.
Banks will start approving credit card and home loan applications at a higher rate.
Financial Mistakes to Avoid in 2017
If you bite on the bone — that the banks throw at you — activating those credit card offers and racking up high credit card balances — you will be setting yourself up for disaster.
Don’t get caught in their trap!
What is the “Credit Card Trap”?
The banks set people up to fall into their trap.
Their setup is to put credit card offers in front of you, and then approve you for high limits without educating you on anything.
“Here you go…
… take this card, — it’s $10,000 — and have fund spending!”.
You get trapped once you pile up debt that you can’t afford to pay off in full. That’s the trap!
Below we provided a few links and resources to help anyone that already has high debt. Even people with high debt, can get rid of their debt quickly and start building wealth off Donald Trump’s new policies.
After Trump’s new regulations get passed and banks loosen their lending policies — Credit card balances will rise, banks will start earning more from credit card interest and fees, and their profits will continue to rise month after month.
Consumer credit card debt and the delinquency rates on credit card payments — will likely increase over the next few years.
The banks will see record breaking profits.
You need to benefit right along side the banks…
… By investing in bank stocks and get paid “dividends”.
Dividends are a portion of the profit, that goes to the shareholders of a company or stock.
So by investing in “banking stocks”, you essentially become a shareholder.
Trump loosens lending policies —->>>> Banks lend more money and approve more credit cards —->>>> interest rates go up —->>>>debt and delinquency rates go up —->>>> banks get richer and so do the smart people who invest in “bank stocks”!
Go the opposite direction from where the banks want you to go.
Let them increase your credit limit, but don’t increase your debt.
How to Achieve Tax-Free Growth in 2017
Start off by using tax-free vehicles; such as a Roth IRA and a 529 College Savings Plan (529) — where you won’t pay any taxes on the growth! Unlike the Traditional IRA where you would skip the taxes now, but have to pay them later after your money grows — no we don’t want that!
You want to pay the taxes now when you have less money — and not have to pay any taxes on the growth — that’s why a Roth IRA is the best option.
Invest the maximum allowed in your state into an IRA, 529 College Savings Plan and ask your employer if they offer a 401(K) or SEP-IRA where additional tax-free money can be contributed.
Between these three sources, you can invest OVER $60,00 of tax-free free money each year.
If your employer doesn’t offer the 401(k) or SEP-IRA plan… here’s a little trick… you can always start a corporation and then start an individual 401(k) Plan. I know, you love me… this is life-changing information! ha ha…
You want to have all three tax-free vehicles available to invest into so that you can then invest from your tax-free vehicles — into stocks.
By Investing through your tax-free vehicles (IRA, 529 and SEP or 401(k)) — into “bank stocks,” you can achieve tax-free growth.
And you don’t have to be a stock guru either!
Just call Vanguard.
Just go through my directions in this article with whoever takes your phone call at Vanguard. And setup all three of these tax-free investment vehicles –through them, you will be investing in bank stocks.
Any questions — feel free to email me directly at Paul at Golden (FS.org)
HERE ARE SOME REFERENCES TO HELP YOU GET STARTED:
Here is Vanguard’s website. Get started for free with Vanguard!
What if I already have high credit card balances?
Option A. If you are current on your credit card payments; use the debt snowball method to pay off your balances.
CLICK HERE TO learn the debt snowball method to pay credit card balances off.
One way or another, pay off your unsecured credit card balances immediately.
Option B. If you are behind on your credit card payments; CLICK HERE TO learn about credit card relief programs for 2017, to help you pay off your credit card balances.