A-1 Credit
Reading time: 2 – 3 minutes
Hustle is the American way. As a result sometimes your Hustle will exceed the actual amount of money you may have on hand. In this case you have to build up credit with all your vendors in order to fully reap all the money from your Hustle. Credit can be seen in two ways either the fronting of more product or someone extending the repayment period. Either way the supplier believes your money is good so he can extend you credit.
.
Suckers to the Hustle walk around showing you credit cards that have credit limits thinking that means money. Don’t get suckered by it because the true Hustler is the one extending credit not the one showing you he has it. Credit builds up from you always returning money on time to your supplier of goods. As your orders increase and you become part of their best customers most suppliers will extend more and more leeway towards your Hustle.
.
Credit has nothing to do with friendship, golf, networking, vacations together, and barmitzvahs. Credit does not come to you through fame, or any thing you may see on TV. You get credit only from being consistent with getting the supplier their money back on time if not earlier. Once you build up your credit you will find that your name will float out in the Hustle as someone that is a good payer. Now once you have that reputation bigger Hustles can be attempted. You will find people who will bet on you even in things you have no experience in. Credit comes to the one who can deliver even when it may be the the Suppliers worst enemy.
.
Bottom Line: Build your A-1 credit through early repayment, and you’ll be able to take on bigger Hustles! In Hustle it is better to be known for return on Money than to have a high limit credit card.
Popularity: 3% [?]
Twitter
Youtube
RSS
Email
Facebook
Thank GOd somebody is speaking on this. If the entire country thought this way, we wouldnt be in massive amounts of debt to the rest of the world, Californians wouldnt be paying an extra $200 in taxes despite the fat that ever other govt fee has been increased (including licenses) to pay off their debt, and bankruptcy would be a thing of the past! GREAT POST!
The idea of credit has changed over the past 20 years from capital to expand to capital to just buy things. In business, credit is used as a bridge between accounts receivables but the regular customer uses it more like extra money.
I just think we would be better served if we used it more in the business way because it really has to be managed. But I also blame the credit card companies for telling Customers you need a vacation and put it on the card. So consumerism has meshed with credit and that’s the problem.
Either way TRUE CREDIT is something that is extended to you from early repayment not just because you are 18!
I think you’re right credit has went from something that is extended to business and big purchases to credit cards and making Bentley’s affordable.
I’ll be honest with you! The reason why my business exists today is because I didn’t base it off of a line of credit from the bank. I have been offered money to expand but I never needed it. I ALWAYS wanted to be INDEPENDENT so I never spent what I didn’t have.
Now after this recession I have seen many companies fall some are very big. I’ve seen the bank happy that I am around and overall it feels very good PERSONALLY to be the last of a dying breed.
I owe all of it to me not treating money like it was a joke. I don’t like owing anyone especially devils in the banking industry. Credit is a lie that is given to people who can’t produce on their own. They need someone else money to produce and as such never think about doing for self. They never think about stacking chips. They take pride in saying the wealthy trust to lend me money.
This is the key difference in why what I advocate sounds so different. Instead of looking for someone to provide you with money to build, be creative and stack chips and DO FOR SELF!
I feel the same way when I see someone with a business credit as if they are special.
The only credit a business need is with their direct suppliers and vendors. If a business is in a bind and they have a great relationship with their suppliers and vendors, these direct creditors would have no problem changing from net 30 to net 90. Go an ask MasterCard/Visa/AMEX if they willing to do that..yeah, LOL…
Bartering and dealing with the supply chain is the true way of making sure ends are met in business, not flashing an AMEX Black card…
I’m with you on the MC/Visa/Amex because they are cold with their repayment. You know you can’t mess with them because they will ruin your credit history. The real hustle I laugh at is D&B because who needs that company anyway but a lot of people sign up and get dicked by them!
In business only your suppliers and vendors matter and that’s who you should build a relationship with. If you have a great relationship they will do more than extend they will refer business to you. They will lower their cost for you and they will of course EXTEND REAL CREDIT which is the ability to HOLD ONTO YOUR OWN MONEY a bit longer!
You actually don’t need credit to start a business at all. This is why they push so hard to be part of your transactions. They want to make a nickel here and a nickel there off of ish that don’t concern them. But, most people in business are not disciplined so you end up taking more than you actually need!