Get Lucky and Become a Deadbeat

 A client called one afternoon and said, “I need $50,000 out of my IRA account.”

“Uh, ok. Why?” I responded.

“To pay off my credit cards. The interest is killing me.”

“Yeah, I get that. Why are your credit card debts so high?”

“Well, I just don’t make enough money to pay for the things I need.”

“Ever thought about getting another job or moving to a less expensive house?”

“Nah, I like my job and house.”

I fulfilled her request and a year later it repeated. Eventually, her nest egg was, well like Humpty Dumpty.

Not exactly sure what she did after that. She never calls. I kind of feel lonely.

Now, my wife and I use credit cards. She has a wallet full of them. Different ones for major companies we buy from. They give us discounts or we build points.

But every month we pay off the balances. No carryover and no interest. Just convenience and rewards.

The credit card companies have a name for people like us: “deadbeats”. No kidding.

My wife was talking with a credit card service person recently who asked her, “How much do you owe on your card?”

My wife responded, “Nothing.”

“Wow, you’re so lucky.”

If you’re not so “lucky” perhaps it’s time to re-evaluate your values and become a “deadbeat” too.

Six Steps to Financial Freedom