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Old 12-10-2010, 06:15 PM
 
Location: Northside Of Jacksonville
3,337 posts, read 7,117,533 times
Reputation: 3464

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A true test of wealth is whether you're debt-free or drowning in debt. If you're wealthy and debt-free, that's one thing but if you're making big bank and have equal or greater debt, you're not rich by any means.
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Old 12-11-2010, 05:15 AM
 
Location: JAX
705 posts, read 1,574,570 times
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Quote:
Originally Posted by NorthsideJacksonville View Post
A true test of wealth is whether you're debt-free or drowning in debt. If you're wealthy and debt-free, that's one thing but if you're making big bank and have equal or greater debt, you're not rich by any means.
I'm not sure this is totally true. I agree it would be wonderful to be debt free. However, lots of people borrow money to make money. If you borrow lots of money to buy a very successful bussiness, that's not neccessarily a bad thing financially. I remember when Donald Trump owed so much money, he almost went bankrupt.
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Old 12-11-2010, 05:54 AM
 
Location: Northside Of Jacksonville
3,337 posts, read 7,117,533 times
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Look at Donald Trump now, I bet you he's debt free...why wouldn't he be? He can pay off the national debt if he wanted to. It's possible to be debt free, you have to make sacrifices for the greater long-term good. Think, when payday comes and you're debt free....you get paid, not the bill collectors.
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Old 12-11-2010, 06:53 AM
 
Location: FLORIDA
8,963 posts, read 8,911,705 times
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Quote:
Originally Posted by abvavgjoe View Post
I'm not sure this is totally true. I agree it would be wonderful to be debt free. However, lots of people borrow money to make money. If you borrow lots of money to buy a very successful bussiness, that's not neccessarily a bad thing financially. I remember when Donald Trump owed so much money, he almost went bankrupt.
I believe Trump did go bankrupt back in the 80's.
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Old 12-11-2010, 04:34 PM
 
Location: Taipei
7,775 posts, read 10,152,240 times
Reputation: 4984
Quote:
Originally Posted by NorthsideJacksonville View Post
Look at Donald Trump now, I bet you he's debt free...why wouldn't he be? He can pay off the national debt if he wanted to. It's possible to be debt free, you have to make sacrifices for the greater long-term good. Think, when payday comes and you're debt free....you get paid, not the bill collectors.
Haha, not quite. The national debt is 13 TRILLION...over 6 thousand times what the Donald is worth. lol, if you took the 10 richest Americans (I don't think Trump is even close to making it) their overall net worth would still only be about 2% of our debt. It is ridiculous.

That said, I totally agree with your point, Northside.
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Old 12-11-2010, 04:50 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,479,126 times
Reputation: 6794
Quote:
Originally Posted by NorthsideJacksonville View Post
Look at Donald Trump now, I bet you he's debt free...why wouldn't he be? He can pay off the national debt if he wanted to. It's possible to be debt free, you have to make sacrifices for the greater long-term good. Think, when payday comes and you're debt free....you get paid, not the bill collectors.
I'm not sure what Donald Trump's financial position is today - but he's pretty much a notorious deadbeat in the financial world. Borrows a lot of money - and tries to stiff his creditors at times when he can't afford to pay them. I would never ever in a million years invest in anything he was involved with.

BTW - I do agree with the concept of borrowing to start or invest in a business (sometimes - depends on the business). But not with the idea of borrowing money to go on a vacation. There's a difference between borrowing to "build" - and borrowing to consume. Robyn
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Old 12-12-2010, 07:33 AM
 
Location: Northside Of Jacksonville
3,337 posts, read 7,117,533 times
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Usually when you're borrowing to build, you have a goal of paying off what you borrowed so you can start making profits on your business. In your business's beginning stages, any profits you make almost always go towards debt reduction.
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Old 12-13-2010, 01:17 AM
 
Location: International Spacestation
5,185 posts, read 7,563,763 times
Reputation: 1415
Quote:
Originally Posted by Robyn55 View Post
A client of mine bought a Delorean with some money he got in a lawsuit. Said it was the one thing he really really wanted. Wonder if he still owns it? Robyn
I really really want one! Either that or an Aquada.
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Old 12-13-2010, 01:29 AM
 
Location: International Spacestation
5,185 posts, read 7,563,763 times
Reputation: 1415
Quote:
Originally Posted by abvavgjoe View Post
Nicest car I've seen here was at Saint John's Town Center this evening, a Maserati Gran Turismo. Ssssswwwweeeeeeeeeet ride!
Ok thats really cool! But is that the car with a Trident as there emblem? If so I saw my first one here in Atlanta in 2009. I think it was a Maserati....Atlanta is also the first place Ive seen a Bentley & an Aston Martin in person (magazines & car shows dont count!) Very sleek vehicles. Ive seen a Tank on Normandy BLvd though, never seen a Tank in Atlanta yet.
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Old 12-13-2010, 01:43 AM
 
Location: International Spacestation
5,185 posts, read 7,563,763 times
Reputation: 1415
Quote:
Originally Posted by luvingme23 View Post
you can't judg
e the weathly of a community by just the cars you see on the street. business will get you a car loan very easily. the current mentality today isn't even to pay a car off but to takeout one loan after another. so you will see more cars. jville like the rest of the country has concentrated wealth. so you see new developments all the time. but in order for those developments to do well others do very poorly. so all that's going on in jville right now is money shifting from one part of town to the other. there are new jobs though. last i checked jville was the middle of road in comparison with other large cities as far as wealth and growth. we could be alot worst and alot better. we were ranked in the teens on most lists that i looked at.
I think some of the wrong words are being used on this thread, bring out the credit nazis. Wealths & affluence should be replaced with style & excitement, flair, sex appeal, etc etc...why are people credit scores being brought up? Your dept
is your debt, mine is mine. (saying in general not to luvingme2) Why all the bad credit talk? Its like a way of saying "yea he drives a nice car, but he owes Wells Fargo Millions, so we are the same" These types of comments I just roll my eyes at. Why bring up a negative to explain a positive?
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