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The Water Cooler
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Debtor's Prison
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<blockquote data-quote="JB Books" data-source="post: 1490740" data-attributes="member: 6889"><p>The only time I ever take on consumer debt is when the cost is 2% or less. If that rate has a time limit, I pay the debt off before the rate expires. For the most part, consumer debt is very bad. </p><p></p><p>The only debt I carry is on my real estate. My rentals will all be paid off in less than 10 years. I never finance property for more than 15 years and always aim for paying it off sooner. </p><p></p><p>Too many people are trying to finance happiness. </p><p></p><p>I'm lucky that I have good paying business that has done well, and I also consider myself lucky to have grown up with my grandparents, who grew up during the Great Depression. It made a compulsive saver out of me. Finally, I am damn lucky I have a great wife who is down to earth. I know some lawyers whose wives are so caught up in putting on the dog that they have a negative net worth. We don't want "friends" you have to impress. If some one is going to be my friend based on my job or what I own, that is someone I want to stay a long ways away from. Money is a nice tool that makes life easier, but it sure the hell is not the measure of a person's character.</p></blockquote><p></p>
[QUOTE="JB Books, post: 1490740, member: 6889"] The only time I ever take on consumer debt is when the cost is 2% or less. If that rate has a time limit, I pay the debt off before the rate expires. For the most part, consumer debt is very bad. The only debt I carry is on my real estate. My rentals will all be paid off in less than 10 years. I never finance property for more than 15 years and always aim for paying it off sooner. Too many people are trying to finance happiness. I'm lucky that I have good paying business that has done well, and I also consider myself lucky to have grown up with my grandparents, who grew up during the Great Depression. It made a compulsive saver out of me. Finally, I am damn lucky I have a great wife who is down to earth. I know some lawyers whose wives are so caught up in putting on the dog that they have a negative net worth. We don't want "friends" you have to impress. If some one is going to be my friend based on my job or what I own, that is someone I want to stay a long ways away from. Money is a nice tool that makes life easier, but it sure the hell is not the measure of a person's character. [/QUOTE]
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