To quote Napoleon Hill:
1. There are debts incurred for luxuries which become a dead loss
2. There are debts incurred in the course of professional or business trading which represent service or merchandise that can be converted back into assets.
The first class of debts is the one to be avoided. The second class may he indulged in. providing the one incurring the debts uses judgment and does not go beyond the bounds of
had accumulated enough money to pay for his indebtedness.
Creditors have a way of tracing debtors, so very soon they were close on the heels of this young man, whose employer found out about his indebtedness and dismissed him from his position.
He then searched in vain for employment for two months. One cold night he went to the top of one of the tall building on Broadway and jumped off. Debt had claimed another victim.
How to Master the Fear of Poverty
To whip the Fear of Poverty one must take two very definite steps. providing one is in debt.
First, quit the habit of buying on credit, and follow this by gradually paying off the debts that you have already incurred.
Being free from the worry of indebtedness you are ready to revamp the habits of your mind and re-direct your course toward prosperity Adopt, as a part of your bigger goal, the habit of saving a regular proportion of’ your income, even if this be no more than a couple of cents a day. Very soon this habit will begin to lay hold of your mind and you will actually get joy out of saving.
Any habit may be discontinued by building in its place some other and more desirable habit. The “spending” habit must be replaced by the “saving” habit by all who attain financial independence.
Merely to discontinue an undesirable habit is not enough; as such habits have a tendency to reappear unless the place they formerly occupied in the mind is filled by some other habit of a different nature.
The discontinuance of a habit leaves a “hole” in the mind, and this hole must be filled up with some other form of habit or the old one will return and claim its place.
Well… That’s today’s exerpt. If you want more, stay tuned, but if it is not enough for you, then might I suggest that you head on over to your nearest and most trusted book store and ask if they carry “The Law of Success” by Napoleon Hill. If all else fails, Amazon.com it!
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