BROKE MENTALITY QUESTIONS: How Much Are The Payments?

I am passionate about helping people win with their money.  This means that I really focus on the statements that people make and how they make them.  I observe their body language, tone, pitch, and wording.

There are some statements that are particularly telling of what I call a “broke mentality” – the thinking of a financially broke individual.

One of those statements is “How much are the payments?

People who are not broke ask the better question – “How much is the total cost – the purchase price AND the ongoing operating expenses?

I have observed that people who ask “How much are the payments?” are more likely to:

  • Pay a much higher purchase price
  • Pay a much higher rate of interest
  • Be unaware of the ongoing operating expenses
  • Finance their purchase versus pay cash
  • Still be paying for their purchase even after that item has been discarded

We are ALL susceptible to falling into the “broke mentality” – Have you ever made decisions this way?  Would you mind sharing your story in the comments?

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One Response to “BROKE MENTALITY QUESTIONS: How Much Are The Payments?”

  1. J February 14, 2012 at 9:03 pm #

    Great post keep them coming. Sadly, even though I know better, I have asked such questions (and I was broke when I asked them).

    It is tough to get out of the BT (broke-trap) since it is also a mentality….

    Keep the posts coming.

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