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Oct. 10, 2018

49. The Time Cost of Your Credit Card Debt

In this episode, I’m going to make you angry – but I’m only doing it to try and save you money! Debt, whether on a loan or on a credit card, is incredibly frustrating, and just ends up eating into your free time. I want you to get angry about it: angry enough to learn how to change it.

In this episode, I’m going to make you angry – but I’m only doing it to try and save you money! Debt, whether on a loan or on a credit card, is incredibly frustrating, and just ends up eating into your free time. I want you to get angry about it: angry enough to learn how to change it.









You willing to let me make you angry if it'll help you save some money? Why don't you think about something? How much money is your credit card or your loan interest debt costing you every month? And not just the money which you might be aware of. But what's it costing you in hours? So the banking industry is an industry that makes its profit off of arbitrage, lending one person money for a certain amount and making a higher percentage off of that than what they pay out to somebody who saves. They make some money, they're usually a few % or a couple %. Then they make money off of loans and different things. Then there's the credit cards. Credit cards in just about any bank, if you look at their marketing and how they handle it, most banks treat it like a candy or a drug where if you have plenty of credit card debt, they don't want to give you anymore. But if you have none, they're constantly looking for ways to get you to get more. Just now, right before I did this video here, just got a letter from one of my banks saying, Hey, we noticed you haven't used our credit card for a while.


It seems like that's building your credit score and your credit score has gone up. That's awesome. Now instead of charging 25 %, which you were hoping we would knock down a few years back when you could have used us to knock that down, but we didn't because we were making a lot of money off you and we liked that. Now that you're doing awesome, we're willing to give it to you for 15 %. Go spend some stuff. Really? I don't know about you. That just ticks me off. But that's the model. If you work for a bank, I'm not looking to offend you. Every business model has its light side and its shady side. I work in the insurance industry. There's a great side of that. There's a not so great side of that. But this side of just looking to get people, almost, it's not like slavery. That's a very strong word, but it is a financial type of burden or slavery or just constantly working for somebody else to make somebody else rich. And so hopefully, I want you to get ticked off about your debt. I want you to look at that, man, that's bad.


That's stupid. I'm kicking myself in the cut. So if you're an entrepreneur and you've worked all these years to work for yourself and you own your own company or you're doing things, that's awesome. But if the majority of your money or a huge part of your money is going to credit card debt, you're actually working for somebody else. So I encourage you to look at your credit card debt and really see it for what it is. It is one industry's way of making money off of people who are not smart enough to do otherwise. Banks can be awesome. A gain, like any other business model, there's different pieces to it. But like most other business models as well, they're happy to sell you their high priced, not as valuable products if you'll take them, or somebody will, the whole concept of a fool born every minute. I encourage you to really think about the time, not just the money, because money becomes something we convince ourselves, I can make the money up later. But today, if you're making X dollars per hour, if you're making 25 bucks an hour and your credit card interest cost you 500 bucks a month, that just costs you 20 hours.


That's half of a work week for most people. That's a lot of time just because you bought something with this plastic device that says, I'm going to buy this before I can afford it. I really encourage you to look at this. There's a lot of different ways to mathematically look at it. The simplest way is get your highest interest rates paid off as quickly as possible and just stop using them. If you want, you keep your credit cards on the side, you cut them up, you keep the credit card account open, it builds your credit score. If you want a credit score, it certainly can be helpful at times. But overall, really just consider how much time it's costing you and how much you're working for the bank for somebody else so that they can profit, not at a reasonable rate like a 3 % or a 5 %, but at outrageous rates, 15 %, 20 %, 25 % so that they can just make money while you just keep working along supporting their lifestyle. I usually like to take a positive approach on things. I usually don't like to do the us versus them thing.


A gain, if you work for a bank or you know somebody works for a bank, or if you've ever been to a bank, I'm not looking to take out the industry or put down the industry. But that's one of the things that at the end of the day, if you don't do it wisely, the banks in general and their corporations, even though they're made up of people, their corporations, the entire purpose of a corporation is to grow, to make more money and to perpetuate itself. They're not going to stop themselves for doing that unless either the people who are the clients decide they're not going to do that, or unless some government puts a regulation on that. But then sometimes the governments have the regulations that might be funded by the lobbyist or paid for the bank. So little politics in there too, perhaps unnecessarily or perhaps very necessarily. But anyway, think about how many hours per week and per month your credit card debt is costing you. Cut that out and let me know if I can help you with that in the comments section below. If you're looking at this on our website or in our blog, or you can always go to 4day entrepreneur.


Com, that'll take you to our blog. As always, look forward to helping you make more money in less time. Do what you do best. If you want to learn more about how you can create your own four day work week, go to 4day workshop. Com and you can learn about our live event, 4 day Work Week entrepreneur academy, where we spend two days focused on creating the framework and the game plan for you to set up your 4 day Work Week lifestyle. We do hot seats where we focus on your business and your situation. We do exercises where we share ideas with each other, and we help build a network and a community of people that supports each other. This live event is supported by an online program, a Facebook group, regular meetings over Zoom calls and face to face calls, over the internet where we support each other and help each other create this. We have a community of people already doing this, and 4 day workshop is the best place for you to go to get started to come to one of our live workshops and get doing this. As always, I look forward to helping you make more money in less time doing what you do best so you can better enjoy your friends, your family and your life.


I look forward to seeing you at one of our workshops. Thank you.

Wade GaltProfile Photo

Wade Galt

Author, Podcast Host & 3-Day Weekend Coach for Entrepreneurs & Employees


With over 30 years of experience working with entrepreneurs, I teach fundamentally sound strategies to help people Make More Money… In Less Time… Doing What They Do Best.
• I help Employees, Entrepreneurs & Business Owners create a sustainable 3-Day Weekend lifestyle.
• Insurance Agency Owners follow my strategies for sales process implementation plus recruiting & accountability enforcement.
• I've been a successful software company founder and owner for over 20 years.

I help people connect with the divinity within, so they can
1. Receive Guidance and Support from the Divine to Create the Life They Most Desire
2. Love Themselves the Way the Divine Loves Us
3. Love Others the Way the Divine Loves Us

I've led retreats and personal growth workshops, authored numerous books on spirituality, personal growth, finance, parenting, business growth & more.

Pulling from 15 years' experience as a productive employee and over 15 years as a software company founder & owner, corporate consultant, sales process implementation coach, accountability expert, recruiter of superstar talent, provider of mental health counseling (psychology) services, life coach and 3-day weekend entrepreneur - I teach others to create the life they most desire personally & professionally.

As a former Fortune 50 corporation software project leader and sales & management trainer, I've been a lifestyle solopreneur since the year 2000.

I have a Bachelor's Degree in Marketing from Auburn University, a Master's Degree in Mental Health Counseling Psychology from Nova Southeastern University, and have earned the CLU & CPCU professional insurance industry designations. I also successfully qualified to be a Certified Integrative (Life) Coach with the Ford Institute.


I enjoy 3-day weekends, Friday's at the beach playing volleyball with friends, + weekends with my family.

My family and I have enjoyed living ocean-side in North America and South America while creating books, software and coaching programs to help fellow entrepreneurs.

I live happily with my wife, children & dog.