91. Banks no longer trust the boy who cries wolf.
導向成功的金玉良言 --- 成功秘碼 42條
Do not think that an occasional lie is of no consequence, for a liar caught is always held with contempt and disdain.
If you plan on borrowing money from the bank, you need to have adequate proof of your income, without which a loan is out of the question.
If you want to get the loan you need, count on showing the bank your tax return in order to prove your income level.
Having suffered substantial losses from insolvency during the subprime mortgage crisis, the banks have taken drastic measures to improve management efficiency, considerably tightening their loan application review process, making it much harder nowadays to borrow money from the bank.
Nowadays banks only believe in official documents, like your tax return as filed with the IRS, to prove if you can earn as much as you claim. Without it, the bank will not loan you money.
「銀行現在只相信正式文件 ( 國稅局的報稅單 )，若是你提不出報稅單，來印證你的收入屬實，銀行就不會借錢給你。」
Before applying for a loan, you should make sure you’re earning enough money, and think about how you can prove your income level. Solid proof of your financial capacity is the key.
The best way to strengthen your proof of income is to pay your taxes with honesty.
Many people conceal their income in the attempt to escape taxes. However, this is an act to be ashamed of.
Don’t worry about paying too much tax; worry about not making enough money
You shouldn’t worry about how much you earn, but how you’re earning.
To boost your income, you need better education as well as knowledge in investment and money management.
Too many have resorted to lying in order to get bank loans, like the boy who cried wolf. These days the banks no longer believe everything you write down when filling in the forms. Without valid documentation to prove your claims, all you’ll get from the banks is the cold shoulder.
Know the value of honesty, for too much deception will only turn people away from you.
Lying to the bank about your income level can bring no good to either party.
To verify one’s honesty, simply check his tax return. If you are one of those who report lower earnings when paying taxes, while claiming higher income when applying for loans, then you are dishonest.
It’s a dangerous game to invest beyond your means, more so if you take on risky investments with money you’ve borrowed. Similarly zero-down mortgages are no less than acts of suicide.
Those who can promptly pay back what they owe can often borrow again very easily. The key is knowing if and how you can pay back your loan.
In the bank’s evaluation of your ability to pay back your loan, your monthly income level plays a far more important role than your total assets. Even if you own a large number of properties, without sufficient income to guarantee you can make your monthly payments, it is still next to impossible for you to get a loan from any bank.
A high income level and the tax returns to prove it: these are the two factors that can persuade a bank to give you the loan you need.
Having good credit is not necessarily a good indicator of your ability to pay back your loans. Your ability to repay your debt depends on your income level.
There are typically three causes of low income: slacking off, lacking in motivation, or sometimes just generally ill-advised on how to make money.
「收入低，只有三個原因： 1. 偷懶 2. 不肯上進 3. 沒找到賺錢的方法。」
Honest hard work is the path to higher income. Money is not worth breaking the law for.
A good credit score always leads to lower interest rates.
A man without good credit can rarely succeed, in small tasks and big ventures alike.
Don’t be jealous if someone else gets lower interest rates than you. Evaluate your own credit history first.
When applying for a loan, your credit record and your income level are equally important. Bad credit means you’re not trustworthy, while insufficient income implies you may not be able to pay back what you owe.
Taking out a zero-down loan means you’re biting off more than you can chew. Bad credit means you’re not trustworthy. Insufficient income means you may be engaging in fraud. Past-due bills means you’re over-spending. And those who have no intention of paying back their debt are failures in life.
Before borrowing money, you need to evaluate your ability to pay it back. If you can’t, don’t bite off more than you can chew.
Honesty and credibility are basic virtues to live by. Never deceive others or lie to yourself, and that is the path to success.
You can’t make it big without money, and you can’t get the loans you need without good credit.
Make sure you are pre-approved for a bank loan before setting out to find your dream house.
Don’t try to make money by cheating others, or the bank, and certainly not by lying to the IRS.
Conspiring to default on your loan, intentionally causing great losses to the debtor (the bank), is truly a despicable act.
「如果借錢之前，你就己經設計好一項陰謀，要讓債權人 ( 銀行 ) 吃倒帳，這種人最可惡。」
Those who actually plan on not paying back loans, intending on taking advantage of others, rank among the most despicable liars.
Helping out a friend in need is a decent thing to do, but you should also be vigilant of those who may use your kindness to defraud you.
Engaging in fraud and deceit to get money that doesn’t belong to you is one of the greatest sins one may commit.
Work hard, pay your taxes, and live with integrity—these are the duties and responsibilities we should all carry.
Banks need to stay constantly alert and increase their risk awareness to avoid suffering losses from loan defaults. Investors should know their limits, and refrain from investing on impulse, for fear of losing everything for nothing.
When you want a loan, a good credit and high income will guarantee you a warm welcome at any bank.
When the bank turns down your loan application, treat it as an opportunity to reflect. Setbacks such as this always serve to humble you, and to prepare your mind to learn more.
Learning to manage your finances and getting yourself out of poverty is everyone’s social duty.