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How to Get Rich
This method of getting rich appeared on 60 Minutes in l990. I never tried it, but I am sure it works.
I know a man who did this. He built up such a credit line that he was actually able to buy houses - which he did. He would buy older homes, with a credit card, fix the homes up by charging the materials to his credit cards, and resell the homes at a tremendous profit. With this he would repay the cards and his credit would go even higher, that is, he could borrow even more money. At the time I knew him, he owed $125,000 on his credit cards.
The big draw back here is that you have to have pretty good credit to start borrowing money in the first place. Many have this kind of credit, and those that do not can build up their credit buy buying things in department stores, jewelry stores, home supply stores, etc., and work their way up.
First, borrow huge sums of money from banks, and repay the loan as quickly as possible.
Keep doing this until AAAA credit is established. This will happen if you pay the bank back within their specified time and pay them totally. When the credit is established, borrow huge sums of money and buy real estate and businesses.
The real estate will make you a living and the business will make a profit. Eventually you will buy a business that pays off to the extent that you can pay off all your loans.
This will work with Credit Cards, also. Plus it will work to some extent with department stores, or just about any place that lends money.
There are books that tell how to establish, or re-establish, ones credit. There are non-profit agencies that tells how to get out of debt if you owe too much on credit cards, or anywhere else. Consult your library or look in the yellow pages.
-Harley Sanders
