Say you hire a worker at an expensive price, then a poor immigrant is willing to work for you at a fraction of the cost. What would you do? You fire the expensive citizen worker and hire the immigrants. See?
The same way, if your credit card company charges higher interest rate than your bank, you should hire money from the bank instead. It’s the principle of appeasing the lesser evil. The thing is why would any bank want to lend you money at low interest?
Now, we need to resort to psychology here. Say someone comes to you and says, “Lend me money I have a huge business that can have 100% yield”. Say another person comes and says, “Lend me money, I got a standard real estate business that yields 20% per year”. Which person would you give your money to? The one giving 100% yield?
Obviously it’s not obvious. Why? Because you don’t give a shit on the sort of yield he’ll get.
All you care about is how much from that 100% yield will he share you?
If both say that they will share you 10%, which one will you choose? The safer investments. Usually higher yield investments are riskier. So, when both say...
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