The Psychology of Wealth by Charles Richards

Author:Charles Richards
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2012-03-01T16:00:00+00:00

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The average running card balance is $8,000. At a 15% interest rate, that balance will, over a lifetime, impoverish the borrower by $60,000 in interest charges.

—Forbes3

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Unpacking Credit

If credit has two faces, I wondered, are certain credit options more conducive to building wealth than others? If credit is both part of the problem and a potential tool for prosperity, are there ways in which we can use credit that tip it in one direction or the other? Finding the answer means unpacking the various credit options available to us today and figuring out the impact of each type. Which forms of credit, I wanted to know, might tend to support a sense of financial control, self-determination, and personal responsibility? And which might undermine that sense? Which forms of credit might be more conducive to conscious decision making, goal achievement, and self-esteem? In other words, which forms of credit, if any, might support a psychology of wealth?

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