Read between the lines
- Thread starter Gunfighter14e2
- Start date
Yes, for those living off your work, it's great. One of the reasons the national debt is out of control, an now they tell you it means nothing in reality. Keep believing debt is good, I'm happy for you,... Pie in the sky comes in all forms.
"Debt is Good" is sold constantly to those who don't have the ability to fully understand it.
Debt can be a good tool or it can be a devastating tool. Borrowing money to make money can be wise. It can also be devastating. If you are leveraged you are at risk. You must understand that so you can leverage wisely.
I had a SBA loan and was leveraged to the hilt when I bought my business. Two years later the economy crashed I came within thousands of losing everything I own. But it was extremely motivating.
Debt can be a good tool or it can be a devastating tool. Borrowing money to make money can be wise. It can also be devastating. If you are leveraged you are at risk. You must understand that so you can leverage wisely.
I had a SBA loan and was leveraged to the hilt when I bought my business. Two years later the economy crashed I came within thousands of losing everything I own. But it was extremely motivating.
National debt is altogether different IMO. That's debt that will never be paid off, at least not in the traditional sense.
I'm about to make a large (for me) purchase. It will most likely be financed at 0%. It's not costing me anything to use their money. If something dramatic happens and life turns to shit, I will tell them to come get it and sue me for the difference. In that scenario, blood and turnips comes to mind.
Gunfighter I think we agree on financial principles more than you lead on.
Sorry I may have worded my post poorly. But if you look at my post I talked about taking on debt less than return on investment. I can see where you thought I was borrowing money to purchase equities. I was referring to real property purchase or buying businesses. Not investment accounts.
I would never purchase equities in a margin account and never recommend margin accounts. The rates are very high...probably 7-10% in the current market conditions. Risk factor increases have been crazy lately.
So I will in fact as you said “enjoy the coming margin call” since it will have negligible effect on my portfolio because I’m still 20-30 years out. Let it crash. I love buying on the cheap! In the mean time I will continue to push and push working my tail off. I just like debt because it leverages my money. Sort of like employees...except without all the hassle and issues that other humans bring to the table.
We need a BIG correction to wake up all the people that are ok with the insane spending habits of our government entities.
Wealth isn’t money. Wealth is assets and money.
Debt is leverage for as long as you can afford to pay the interest. The bondage begins when we are young and immortal.
That is a gamble; the one which I lost when I had the terminal heart attack, after coming down with Lymphoma the second time.
I was no longer allowed to work; I was medically retired.
Debt is the assumption that nothing can really reach you, that somewhere in the end, you will overcome.
I learned better, the hard way.
Being a Marine, though; I had never learned how to give up..., never learned how to quit.
Still here, still keepin' on...
BTW, back before the Cancer; I was writing the programs that Merrill Lynch's Financial Consultants used to do their jobs...
We're both still standing.
Greg
That is a gamble; the one which I lost when I had the terminal heart attack, after coming down with Lymphoma the second time.
I was no longer allowed to work; I was medically retired.
Debt is the assumption that nothing can really reach you, that somewhere in the end, you will overcome.
I learned better, the hard way.
Being a Marine, though; I had never learned how to give up..., never learned how to quit.
Still here, still keepin' on...
BTW, back before the Cancer; I was writing the programs that Merrill Lynch's Financial Consultants used to do their jobs...
We're both still standing.
Greg
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You are paying it as it's built into the product price, everyone is doing that. One of the reasons they get people to buy stuff they don't need, but want. Nothing is free the consumer pays it all, Corps make money off their products, they don't pay corp taxes, that money is from product sales an that tax margin is built into the final sales price. Not everything is as it seems at first glance.
True wealth has nothing to do with assets or money, an that is fact. I know many people who are worth 10 mil + that are as disgruntled an always pissed off as can be,...
When you use a credit card, you are already paying markup that funds the merchant's fee to use the card network.
So is everybody else; whether they use a credit card, debit card, or no card.
Folks often mutter about how much things cost above what it costs to make the product.
Are you getting the "why" yet?
The use of credit by some makes everything more expensive for everybody.
The consumer is the rented mule who the system takes for granted.
Wealth...
Greg
So is everybody else; whether they use a credit card, debit card, or no card.
Folks often mutter about how much things cost above what it costs to make the product.
Are you getting the "why" yet?
The use of credit by some makes everything more expensive for everybody.
The consumer is the rented mule who the system takes for granted.
Wealth...
Greg
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Many local places here will drop 5-10% for cash/check.
BTW debt WAS good for those in Canada that had Chase. Guess who is paying for that,...
news.sky.com
BTW debt WAS good for those in Canada that had Chase. Guess who is paying for that,...
Chase Bank wipes out credit card debt for Canadian customers
Customers say they were "a little confused" when they found out they no longer owed anything.
Many local places here will drop 5-10% for cash/check.
BTW debt WAS good for those in Canada that had Chase. Guess who is paying for that,...
Chase Bank wipes out credit card debt for Canadian customers
Customers say they were "a little confused" when they found out they no longer owed anything.
So in Canada do you have to pay income tax on debt that a financial institution forgives, like you have to do here?
Don't know about that up there, but word is their other customers will pickup the tab.
There are some that I’ve dealt with that offer 10% off for cash. I take that deal when I can get it and I do understand why they discount that much and it ain’t all in processing fees.Many local places here will drop 5-10% for cash/check.
BTW debt WAS good for those in Canada that had Chase. Guess who is paying for that,...
Chase Bank wipes out credit card debt for Canadian customers
Customers say they were "a little confused" when they found out they no longer owed anything.
Yeah but they prolly have 10 mil cause they aren't content to settle.
A really big part of it is the low likelihood of fraud with cash.
If you check that it's actual real cash and not funny money, then you are pretty much good to go, you don't have to worry about the customer trying to scam you a couple days later claiming it wasn't actually them.
Credit card companies don't care, they happily screw over the merchant to satisfy the lying customer and charge them an extra $50 to $100 to make sure it hurts worse.
It may also depend on the rates they get charged and any other fees.
In our case if we are for example selling something on like eBay and someone wants an deal & is willing to buy it directly over the phone / e-mail and pay via cash or bank transfer we'll usually be at least 6% or so lower up to a $350 savings and then 2% lower after that.
My local gun store will give you 5% off for cash if you ask for it.
Money can't buy happiness,...some will never learn that simple fact to their dying day,...
So debt is how you build wealth....
Holy shit, I need to go back to my old ways.
This exchanging worthless paper and ones and zeros in a computer, for tangible assets is just fucking stupid.
Fuck me.
Well...you folks do yo binness on dem side of de track, and we be do arah binness on dis side.
Holy shit, I need to go back to my old ways.
This exchanging worthless paper and ones and zeros in a computer, for tangible assets is just fucking stupid.
Fuck me.
Well...you folks do yo binness on dem side of de track, and we be do arah binness on dis side.
i was countering an above statement of debt is good, i dont believe in that. iam not indebted to anyone
i however dont mind using a credit card for some purchases and fully paying it off at the end of the month
we are going thru this right now, $310.00 worth.
guy bought 3 trees
claimed he didnt do it
credit card company are assholes, deceptive and borderline unlawful, we,ll see
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