Here on the shores of Lake Erie in lovely Ohio, we’re starting to hear radio advertisements excitedly telling listeners that we can now buy lottery tickets with credit cards! I don’t buy lottery tickets, so I had no clue you couldn’t do this before.
Apparently, Ohio received 6,000 new fancy-schmancy lottery ticket machines:
Talk about a money machine? This picture may be of THE most profitable money machine in the entire world.
I don’t buy lottery tickets. I build cashflow pipelines instead. It’s kind of like creating your own lottery with monthly payouts! No ticket required. All you need to create monthly cashflow is accurate thinking and action. Having money helps, but it isn’t required.
For some reason, this ability to buy lottery tickets on a credit card really pisses me off. Nitwits are now going to borrow money at high interest rates to buy something with absolutely zero value. The cost of these lottery tickets will escalate dramatically as interest is added to their purchases.
I guess the reason why I’m irritated by this is because I won’t accept credit cards for rent from any of my tenants. I realize many real estate investors love charging rent on their tenant’s credit cards. I’m not one of them. It’s pretty easy to see that if someone has to use a credit card to pay their rent that they can’t afford the place. If they can’t afford it, they’ve gotta go NOW. Not four months from now after they’ve run up their credit card balance.
I would actually take this one step further and say…
If someone has to use a credit card to buy anything, they probably shouldn’t be buying it in the first place.
How many people are going to end up in bankruptcy court because they bought thousands of dollars in lottery ticket purchases?
Speaking of debt, I’m not a fan of it and have actually spent a great deal of time in this month’s Cashflownaire Newsletter working to help you become debt-free. You can become a member here:
Paying off all of your debt is actually the second step in my Cashflownaire Plan. It’s really hard to reach the glorious Position of F You, if you have a lot of debt. So, debt has to go… just like tenants who try and pay rent with their credit cards!
P.S. I do realize that paying off your debt isn’t a super sexy investing strategy. You won’t have any great investment stories share with the guys….”Hey Pete, I just made a killing on them Bitcoinz.” Nope, you won’t have anything exciting like this to share.
But you will be super sexy. The word on the street is that women love men without debt.
I’ll tell you a cool story about this tomorrow.