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Regarding credit card debt -- while I do think it's best to pay off the card monthly all the time, there might be times where it's best to buy something with the intent to pay it off in a certain amount of time. When we first bought our house, we were happy it came with appliances. Back then, that was rare. But in our first couple of months, the stove died.
I cook every day. Not having a stove was not acceptable. So we bought a stove, and we decided to pay it off in three months. The cost of that decision was like 15 bucks in interest charges. Much cheaper than eating crap food out to "save" for the new one for three months. Much less frustrating than trying to cook everything in a crockpot for three months....
My lesson learned here -- debt is a tool. One you have to master, just like everything else.
I didn't start poor, but I have greatly increased the assets I directly own and control. I really don't beleive their to be a great difference in methods.
You invest wisely, take some chances, use all legal methods to protect assets from taxes and exposure. Network and don't laugh at anyone's ideas
Not a millionaire yet, but def. planning to be one. Two words that come to mind: Hard, work.
A person searching for a nickel more likely to find one than someone not. A person who works hard has a high probability of of success than one that sits around asking for hand outs.
Regarding credit card debt -- while I do think it's best to pay off the card monthly all the time, there might be times where it's best to buy something with the intent to pay it off in a certain amount of time. When we first bought our house, we were happy it came with appliances. Back then, that was rare. But in our first couple of months, the stove died.
I cook every day. Not having a stove was not acceptable. So we bought a stove, and we decided to pay it off in three months. The cost of that decision was like 15 bucks in interest charges. Much cheaper than eating crap food out to "save" for the new one for three months. Much less frustrating than trying to cook everything in a crockpot for three months....
My lesson learned here -- debt is a tool. One you have to master, just like everything else.
a bit uncomfortable discussing stuff with people with a moderator star , but
i agree with most of what you said. unfortunately most people are frankly not functioning at your level of maturity and the mastercard is far more like a fly paper trap than an economic tool. its like lay's potato chips hard to take just one.
a bit uncomfortable discussing stuff with people with a moderator star , but
i agree with most of what you said. unfortunately most people are frankly not functioning at your level of maturity and the mastercard is far more like a fly paper trap than an economic tool. its like lay's potato chips hard to take just one.
Maybe some people shouldn't have knives in their kitchen - after all, it's pretty easy to chop your fingers off, if you have them sharpened.
The thread is about ways people get to wealth, and some of them do it using credit as a tool. They are probably mature enough not to get trapped into unreasonable spending with a credit card, and that is part of the reason they achieve their financial status.
I guess, you can cook without knives, but it may be much harder.
Maybe some people shouldn't have knives in their kitchen - after all, it's pretty easy to chop your fingers off, if you have them sharpened.
The thread is about ways people get to wealth, and some of them do it using credit as a tool. They are probably mature enough not to get trapped into unreasonable spending with a credit card, and that is part of the reason they achieve their financial status.
I guess, you can cook without knives, but it may be much harder.
normally i would agree with you but considering the amount of unsecured debt in the average home i would say that you have got an awful lot of people out there missing fingers. how bout a nice tupperware plastic knife?
a bit uncomfortable discussing stuff with people with a moderator star , but
i agree with most of what you said. unfortunately most people are frankly not functioning at your level of maturity and the mastercard is far more like a fly paper trap than an economic tool. its like lay's potato chips hard to take just one.
That's funny -- I just ate three potato chips at lunch. Rolled the bag up and put it away. And I will never ever smite you just for disagreeing.
In reality, most cardholders pay off our cards monthly. It's not the vast majority of us, but over 1/2 of the people who use credit cards do. Add that to the people who do not have credit cards at all....
But the point is managing credit cards and managing debt is a skill that needs to be learned.
Statistics of a recent Consumer Reports survey:
One-third of Americans do not own a credit card.
54% pay their balance in full each month
33% carry balances up to $10,000 (median balance: $2,254)
13% carry balances over $10,000 (median balance: $17,366)
- See more at: Credit card debt statistics – Compiled by HoffmanBrinker.com
I don't have a dime of my retirement investments in bonds, because of the Fed still undergoing this unprecedented purchasing program. Bond prices are overinflated to the point of absurdity right now and you're better off with just stocks, real estate, and perhaps a very small amount of cash or gold.
That might work for you. But I aimed my point at most people. Most people simply can't handle a 100% allocation to stocks. Bonds hold up much better when stocks crash.
I agree bonds are generally a lousy investment right now. I still have about 22% of my retirement funds in bonds. It's a global bond fund, so that helps a bit as far as interest rates/income goes, but interest rates are pretty low all over the world...It's only up 2% so far this year...better than average. I learned the hard way I couldn't handle a 100% stock allocation. Now the computer automatically rebalances my retirement portfolio every quarter. Takes a lot of the stress away.
But bottom line is the research shows most people actually get better returns from balanced funds because they stick with them for longer periods of time.
Last edited by mysticaltyger; 12-27-2013 at 01:02 AM..
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