Getting rich is largely about luck – shame the wealthy don’t want to hear it

Apr 2014
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25,027
Maryland
Debt is slavery.. The rich rule over the poor, the borrower is slave to the lender. (proverb from somone that is considered one of the wisest men to ever live).

until that debt is paid you have an obligation to the bank/Credit union/Savings and Loan

Debt isn't evil.. it is just prohibiting. the greater the debt the more that is true.

You seem to be managing it okay.. I am just saying I chose a different tactic on personal finance
De t isn't slavery...how silly. All who have credit cards must be slaves
 

TNVolunteer73

Former Staff
Nov 2014
33,633
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TN
De t isn't slavery...how silly. All who have credit cards must be slaves

They are you have national average monthly payments on

Mortgage 1500
Car 440
Credit cards 570
Retail store debt 205

so if you carry the debt of the average family has to make monthly payments of 2715/month.

So you have to make that 2715/month.

All of a sudden something happens at work, your boss comes in an is a total ass riding you every minute you begin to hate were you work..

I can say F OFF I HAVE NO DEBT and walk out the door. I have 1 year of living expenses in an emergency fund, I can take my time and find the job I WANT ... not the first job that comes along.

The person with the 2715 of debt.. has to take it until they can find employment and restart at the bottom of the rung lose vaction benefits lose that debt keeps them in the hell hole job..

that is how debt enslaves people.

Now some people handle debt in a managble way but 76% of the people live paycheck to pay check. and don't even have 1,000 dollars saved.

every little debt means that the debtor must make obligation to the lender.. the greater the obligation the greater the enslavement.
 
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TNVolunteer73

Former Staff
Nov 2014
33,633
8,724
TN
Debt is NOT slavery, if you have the capacity to pay debt back, which many wealthy people do and in some cases, used debt to make themselves wealthy. Once again, your mutual fund does not sit stagnant. if it did, you would be losing money, because of inflation. like putting money in a mattress. It grows because of the productivity of others USING your money and your ROI, be it via growth in value, dividends or both, is due to OTHER people working and being successful. All you need to do is pay a fee to managers of your fund who are supposed to buy and sell either on your order or as a part of their job, to keep you in positive territory, so you stick with their fund.

Debt, in of itself, is NOT a problem. The capacity to pay debt back, is. Businesses MOSTLY depend upon OTHER people, for their startup and in many cases, their expansion and they depend upon their money. Once again, debt, allows one, if conditions allow, to keep their cash, earn money on it, all while using someone else's money (at a fee) to purchase something they then get use and enjoyment out of. If you pay large chunks of cash for something, you also get the use and enjoyment out of what you purchased, but you are losing what you could have made on that money, if it was invested. Every situation is different and the math has to be done for each one, to see which is the best route. To say debt is all bad is to be naive about debt and the way some people use it to become wealthier. As with all things, some people do it in an honest and legitimate way, some people do it in deceitful, unethical or illegal ways.

Some people borrow, then piss (in some cases literally) what they borrowed, away. Some people borrow to buy the tools with which they grow a business and their personal equity with.
you do understsand you can lose your paycheck with one accident.. illness, Downsizing, employer bankruptsy.... and it not be any fault of your own.. you may have a savings, but 76% of the people don't.. if they lose that paycheck in the blink of an eye... what happens. they lose their home, they lose their car, they lose their ability to get credit in the future.
 
Apr 2014
38,724
25,027
Maryland
They are you have national average monthly payments on

Mortgage 1500
Car 440
Credit cards 570
Retail store debt 205

so if you carry the debt of the average family has to make monthly payments of 2715/month.

So you have to make that 2715/month.

All of a sudden something happens at work, your boss comes in an is a total ass riding you every minute you begin to hate were you work..

I can say F OFF I HAVE NO DEBT and walk out the door. I have 1 year of living expenses in an emergency fund, I can take my time and find the job I WANT ... not the first job that comes along.

The person with the 2715 of debt.. has to take it until they can find employment and restart at the bottom of the rung lose vaction benefits lose that debt keeps them in the hell hole job..

that is how debt enslaves people.

Now some people handle debt in a managble way but 76% of the people live paycheck to pay check. and don't even have 1,000 dollars saved.

every little debt means that the debtor must make obligation to the lender.. the greater the obligation the greater the enslavement.
You are correct and you're not a risk taker. But in our case for the last 25 years our investments have covered all that you speak of plus way more than I ever earned as a teacher. That's called risk-taking and that is what my husband did. But now that we are older and retired he is a bit more conservative. He has explain to me about our investments and I don't understand.:(...I trust his judgment because we have made more money in the market than I ever dreamed, but you are right and it could all disappear tomorrow and we will have debt. That's the chance we take.
 
Apr 2014
38,724
25,027
Maryland
you do understsand you can lose your paycheck with one accident.. illness, Downsizing, employer bankruptsy.... and it not be any fault of your own.. you may have a savings, but 76% of the people don't.. if they lose that paycheck in the blink of an eye... what happens. they lose their home, they lose their car, they lose their ability to get credit in the future.
And the value of your house can crash.....and while you are nice and secure with your paid off house and car, there are others who are using that money to invest and make a lot more money. It's all about risk.