Platinum Contributing Member Highmark Posted October 3, 2022 Author Platinum Contributing Member Share Posted October 3, 2022 Debt alone without knowing net worth is a poor measurement. Also people at certain times of their life will carry more debt. Debt that you can't make payment on or causes restrictions in needed expenses is more of an issue. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted October 3, 2022 Share Posted October 3, 2022 33 minutes ago, Highmark said: Debt alone without knowing net worth is a poor measurement. Also people at certain times of their life will carry more debt. Debt that you can't make payment on or causes restrictions in needed expenses is more of an issue. If I can afford something should I buy it on credit anyway? 😂 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 3, 2022 Author Platinum Contributing Member Share Posted October 3, 2022 1 minute ago, Crnr2Crnr said: If I can afford something should I buy it on credit anyway? 😂 Sometimes yes. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 3, 2022 Share Posted October 3, 2022 (edited) 23 minutes ago, Crnr2Crnr said: If I can afford something should I buy it on credit anyway? 😂 Of course. Credit is a tool, not a way of life. Edited October 3, 2022 by spin_dry Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted October 3, 2022 Share Posted October 3, 2022 23 minutes ago, Highmark said: Sometimes yes. What chapter is that in, 11? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 3, 2022 Author Platinum Contributing Member Share Posted October 3, 2022 1 minute ago, Crnr2Crnr said: What chapter is that in, 11? If I can on average earn more on my money than the interest rate I'm borrowing at why wouldn't I take out a loan? This isn't even considering deductible interest. Please don't make financial posts if you are too ignorant to realize this. All kinds of ways to deduct interest if you have assets in a trust as well. While things may have changed with recent increases in interest rates borrowing and leaving investments alone has been a smart strategy for some time. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted October 3, 2022 Share Posted October 3, 2022 Just now, Highmark said: If I can on average earn more on my money than the interest rate I'm borrowing at why wouldn't I take out a loan? This isn't even considering deductible interest. Please don't make financial posts if you are too ignorant to realize this. All kinds of ways to deduct interest if you have assets in a trust as well. While things may have changed with recent increases in interest rates borrowing and leaving investments alone has been a smart strategy for some time. dude, it was a joke guys at work were lol'ng over the SNL skit, except the kid with $200k+ of 'wants it' debt. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 3, 2022 Share Posted October 3, 2022 3 minutes ago, Crnr2Crnr said: dude, it was a joke guys at work were lol'ng over the SNL skit, except the kid with $200k+ of 'wants it' debt. I was in a a position of having sold one house and buying another. It would've been insane to buy the house outright when I could get a loan for 2.25%. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted October 3, 2022 Share Posted October 3, 2022 3 minutes ago, spin_dry said: I was in a a position of having sold one house and buying another. It would've been insane to buy the house outright when I could get a loan for 2.25%. right, but we're no longer in those times. @Highmarks timing for the video couldn't be more perfect. there's still people out there financing their souls away like Robert Johnson. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 3, 2022 Share Posted October 3, 2022 17 minutes ago, Highmark said: If I can on average earn more on my money than the interest rate I'm borrowing at why wouldn't I take out a loan? This isn't even considering deductible interest. Please don't make financial posts if you are too ignorant to realize this. All kinds of ways to deduct interest if you have assets in a trust as well. While things may have changed with recent increases in interest rates borrowing and leaving investments alone has been a smart strategy for some time. Most won't understand that. Your net worth is your assets minus liabilities, so long as that grows your debt is meaningless. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 3, 2022 Share Posted October 3, 2022 10 minutes ago, spin_dry said: I was in a a position of having sold one house and buying another. It would've been insane to buy the house outright when I could get a loan for 2.25%. Why? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 3, 2022 Share Posted October 3, 2022 6 minutes ago, Crnr2Crnr said: right, but we're no longer in those times. @Highmarks timing for the video couldn't be more perfect. there's still people out there financing their souls away like Robert Johnson. 1 Quote Link to comment Share on other sites More sharing options...
f7ben Posted October 3, 2022 Share Posted October 3, 2022 19 hours ago, ViperGTS/Z1 said: Shit....I still use credit cards as revolving credit. Just have to be smart about it and use the 0.0 apr for 12 + months promotions. Borrowed 30k on 2 credit cards to help purchase a well undervalued 70k camp in NY. Got the money instantly without applying for a loan. Didn't even set foot in the place and turned around and sold the camp for 115k in 2 days being listed. Should be closing very soon and will pay off those cards and still have a lofty profit leftover.....which I will probably throw in the stock market....this is my play money. Any stock recommendations? KYSLF , it’s a pink sheet I think 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted October 5, 2022 Share Posted October 5, 2022 On 10/3/2022 at 9:10 AM, Highmark said: Debt alone without knowing net worth is a poor measurement. Also people at certain times of their life will carry more debt. Debt that you can't make payment on or causes restrictions in needed expenses is more of an issue. $170k in car loans? Jesus... https://www.marketwatch.com/picks/im-paycheck-to-paycheck-i-make-350k-a-year-but-have-88k-in-student-loans-170k-in-car-loans-and-a-mortgage-i-pay-4-500-a-month-on-do-i-need-professional-help-01664544530 1 Quote Link to comment Share on other sites More sharing options...
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