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Follow Your Money: BuyNow PayLater - Living Large or Sinking Deep?
Issue 9: Three Mindset Hacks + $100,000 in funding - Scholarships, Work with the Commonwealth + Become a Software Engineer!
Happy Tuesday! Welcome to Issue 9. 👋🏾
This week, we explore a popular catchphrase-Buy Now Pay Later, and how to escape the illusion of convenience. 👌🏾
This newsletter is the shortest one yet but is also filled with the most funding opportunities. Lessgoo! 🚀🚀
BUY NOW PAY LATER: LIVING LARGE OR SINKING DEEP?
3 Mindset Hacks to Escaping the Illusion of Convenience.
No doubt, the ability to buy now and worry later can be enticing😋, but as you and I know, you STILL have to pay back by a deadline. 😐
When it comes to Buy Now Pay Later, you can only speed up gratification, not delay your payment (and worries). 🙅🏾♂️
Yes, you’re fast-tracking having those pair of Nikes. But you, my friend, are also fast-tracking hidden costs, high-interest rates, and eventually a higher price than what the product is worth. 😩
👉🏾Next time you can’t get your eyes off those offers (cough cough…you know what I’m talking about), here are three hacks to escaping the illusion of convenience.
Behind the rainbow you’re seeing is a heavy hurricane—Interest Rates.🙂
While the initial allure of splitting payments may seem appealing, the interest rates attached to these services can quickly accumulate over time. 😐
What may have started as a small purchase can snowball into a substantial debt burden if you don’t know how to slay your bills. 💁🏾♂️
But that’s not all. When you don’t pay on time, you get a reward—Fees and Penalties. 😞
Late payment fees and penalties for missed payments can quickly add up, further increasing the overall cost of your purchase ☹️.
These additional charges can catch you off guard and dent your financial well-being.😩
But that’s not even everything. The more the merrier, they say 💁🏾♂️. But in this case, the more BNPL you get into, the harder it is to maintain your debit score. 😐💯
Accumulating so much debt can (and will) impact your overall financial health. 👌🏾
Excessive debt can hinder your ability to save, invest, and achieve your long-term financial goals. 👌🏾
It can restrict your financial freedom and create a cycle of dependency on credit.😩
🤌🏾 Lastly, remember, only the ones who are crazy enough to stick to their budget are the ones who truly achieve financial freedom! 👌🏾
Win up to $10,000 from the Bertha Foundation in the Bertha Challenge for Climate Activists 🎯- deadline is July 2nd 💰
Are you working on any open infrastructure? 🏋🏾 Apply for up to $25,000 from the IOI Infrastructure Fund💰
Unscramble the following words 🎯🏋🏾
You can only adjust the clock. You can’t change the time.
Until next time,