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Do you think wealthy people never purchased any assets that they didn't have cash to pay for outright? There's nothing wrong with using debt as a leveraging tool if you know what you're doing. It can be profitable. There's also nothing wrong with purchasing a tv on credit. A big part of life is about happiness. You can't take it with you
Using debt as a leveraging tool is much different than NEEDING debt to function and make ends meet. Which is where we are at today.
Using debt as a leveraging tool is much different than NEEDING debt to function and make ends meet. Which is where we are at today.
Yes, it is extremely profitable for a select few.
Not many people need debt to function and make ends meet. Quite the contrary, the biggest users of debt are those middle and upper class people who are making ends meet just fine. It's typically a personal choice. Some people manage their money poorly, some people don't.
Still not sure what the issue is if someone wants to buy something like a car "they can't afford" on credit for their personal enjoyment. A lot of people on C-D need to take a step back and figure out how to ramp up their own personal enjoyment of life
Not many people need debt to function and make ends meet. Quite the contrary, the biggest users of debt are those middle and upper class people who are making ends meet just fine. It's typically a personal choice. Some people manage their money poorly, some people don't.
Still not sure what the issue is if someone wants to buy something like a car "they can't afford" on credit for their personal enjoyment. A lot of people on C-D need to take a step back and figure out how to ramp up their own personal enjoyment of life
Debt helps people enjoy life? Now I have heard it all...
The nation is in debt to the tune of 19 trillion. Life must be great!
It's true that economics isn't a "hard science". But that doesn't render it nonsensical, inscrutable, or mere hodgepodge of opinion. The rigor of our knowledge, or of its applicability, varies; it depends on context. I don't trust economics to the extent that I trust algebra or geometry. But neither would I regard it as I would astrology or phrenology. In the application of any science to human affairs (even algebra!), there's substantial room for interpretation, assumptions, errors. That is of course cause for skepticism. But it's not cause for believing that anything goes!
Quote:
Originally Posted by andywire
Because I enjoy the things that money buys just as much as everyone else.
Money is essential for anything beyond subsistence agriculture. If we're going to have a functioning civilization, we must contend not only with money, but with the inevitability of arcane and worrisome speculation, regulation, and bureaucratization.
I think homeownership(amongst other things) provides a lot of people happiness. And the vast majority of people who buy homes do it by utilizing leverage/debt. So yeah it can help. Was that a serious question?
I think homeownership(amongst other things) provides a lot of people happiness. And the vast majority of people who buy homes do it by utilizing leverage/debt. So yeah it can help. Was that a serious question?
They utilize debt (in most cases) because they have no choice. The price of the home is likely far and above what they are truly willing to pay. But it is much easier to spend someone else's money.
This all serves to drive the price of homes to unsustainable levels that most people cannot truly afford. It makes America look really good on paper though. It makes bankers, politicians and home owners feel good for awhile too.
Debt is not required for homes to exist. Banks do not build homes.
yep , the chicken littles hate it when they get left behind . they like it when everyone does as poorly financially as many of them here do . then they don't feel so bad and they can blame everything and everyone around them for their sluggish financial growth .
if many of them spent as much time learning to play the cards they are dealt or looking for opportunity as they do complaining about the dealer they would likely be better off .
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