A Quote by Jeff Greene
When I get to Washington, the people of Florida are going to know I'm not going to spend my first year having fundraisers to pay off a campaign debt.
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There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
When you don't have as much debt as we do, we don't have to worry about having this debt ceiling fight every single year. And I really think people are getting sick of having this news cycle every single year from Congress, from the Washington bubble.
I would be embarrassed to tell you how many folks ran saying that they weren't going to spend a bunch of money, they weren't going to raise the debt ceiling, and then they went to Washington, D.C., and did exactly that.
[Young people] can't do much with [student debt] other than try to figure out how to pay it down. They can't take jobs they want. They can't get the credit they would like to start a business. So we're going to refinance it, we're going move people into income-contingent repayment plans, we're going to have a date certain when their obligations end, and I'm not going to let the government harass kids.
Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.
We're going to build a wall and Mexico is going to pay. And the reason they're going to pay and the way they're going to pay, Bob, is this. We have a trade deficit now with Mexico of $58 billion a year. The wall is going to cost $10 billion a year. That's what it's going to cost. It's going to be a powerful wall. It's going to cost $10 billion.
If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.
We've turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can't get rich, ultimately, by going into debt. In the end the creditors always win.
I still get a lot of material but I find that as one gets older you get more fussy. You know you're going spend a year or a year and a half on this and you know there are only so many films in you so you get a little bit more selective.
I think one of the hardest things to do in the league is not having a great year, but it's having a better year when you had a great year. All the attention is going to be on you, all the pressure is going to be on you. The challenge you're going to have is more mentally than anything else.
When your family is with you, it is not the hardest part. The hardest part is not giving up! Sometimes you stop and see everything and you do not know if everything that you are doing is going to pay off. If you work hard, it is going to pay off. But, you will not know until it actually pays off! It is easy to say: "I am not doing this anymore. It's not working!" But, there is a time that you invested so long and so much, that giving up is not an option! You need to keep on going and believe that persistence definitely pays off.
We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall that the upper 1 percent, or 5 percent and pay down the government debt, pay back the federal debt because we can't put this on the next generation or they're going to be buried paying taxes.
First, pay off your high-interest-rate debt. If you have student loan debt - that's low interest rate; that has a tax benefit - you can leave that out. A mortgage can be an OK one. Credit card debt is poison. That needs to be paid off right away.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
Pay off your debt first. Freedom from debt is worth more than any amount you can earn.
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