Financial technique # 11
Plastic venture capital: Plastic credit is the easiest credit to get. The secret is to get as many credit cards as you can and you have your down payment or the full purchase price in your hand instantly. I know, we don’t think of our Visa cards as cash money. We use them when we eat out or travel. We buy airline tickets and use them for car rentals. It is a convenient way to charge these items. If you’re going to use this technique, apply immediately for as many credit cards as you can, Visa and Mastercards. You’ll want at least 12 or more credit cards. Start using the cards on small purchases. When the bills start to come in be sure to pay on time. Depending on your credit history and your income, your limits will probably be $1500 to $10,000 for each card. Your goal is to increase your credit limit to the maximum of at least $10,000. Some cards will even go over this limit without any questions asked, as long as you pay as agreed. It may take a few months to increase your limits. The key is to keep requesting a higher limit. With the plastic card financial technique, you don’t have to even go into the bank to borrow money! All you need to do is drive up to the ATM (automatic teller machine) and withdraw the cash on your card. Most banks have a daily withdrawal limit on your cards. You can go to the same machine for ten days and get cash everyday until you have the amount you need. If you have a dozen credit cards with a credit amount of $5,000 and you can borrow the full amount from each card, that is a total of $60,000 that you can have available to help you acquire your business. This financial technique still falls within our no-money strategy when you borrow from credit cards. Credit cards do have a higher interest rate and the pay back is sooner. You have to remember to structure your debt to fit your cash flow. If the cash flow isn’t there, you should not be buying the business.