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Is it such a bad thing to want to be a farm hand?
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<blockquote data-quote="Suzie Q" data-source="post: 1117939" data-attributes="member: 14334"><p>If you take out a loan it should be for a good debt not for a bad debt.</p><p></p><p>With a bad debt if the worst comes to the worst, lets say with a car, which is a bad debt. The car goes down in price immediately on driving it off the lot. The car gets written off. The Insurance doesn't pay out the loan so you are left paying the loan with no car.</p><p></p><p>A Good debt is something like a house, so hopefully you have it long enough that the house is worth more than you paid for it before the worst of the worst happens. In which time you are able to sell the house, pay back the debt and still have some money left over in your pocket.</p><p></p><p>The best type of income to have is income that you don't have to get out of bed for. So let's say a landlord which I am. So the tenants pay for me to play with cows every day. I pay down the principal of the loans with the rent money so the houses are worth a lot more than the loans and if the worst comes to the worst then at least I won't end up on the street.</p><p></p><p>In the mean time I am loving my lifestyle and just arrived home from a long weekend on the Beach. Only a weekend as I can set it up so as horses and cattle are fed for that long without any grass at the moment. I have come home to happy horses, happy cattle and happy land as they received 36mm while we were away. I am renewed in hoping that we will be able to make some more hay soon.</p></blockquote><p></p>
[QUOTE="Suzie Q, post: 1117939, member: 14334"] If you take out a loan it should be for a good debt not for a bad debt. With a bad debt if the worst comes to the worst, lets say with a car, which is a bad debt. The car goes down in price immediately on driving it off the lot. The car gets written off. The Insurance doesn't pay out the loan so you are left paying the loan with no car. A Good debt is something like a house, so hopefully you have it long enough that the house is worth more than you paid for it before the worst of the worst happens. In which time you are able to sell the house, pay back the debt and still have some money left over in your pocket. The best type of income to have is income that you don't have to get out of bed for. So let's say a landlord which I am. So the tenants pay for me to play with cows every day. I pay down the principal of the loans with the rent money so the houses are worth a lot more than the loans and if the worst comes to the worst then at least I won't end up on the street. In the mean time I am loving my lifestyle and just arrived home from a long weekend on the Beach. Only a weekend as I can set it up so as horses and cattle are fed for that long without any grass at the moment. I have come home to happy horses, happy cattle and happy land as they received 36mm while we were away. I am renewed in hoping that we will be able to make some more hay soon. [/QUOTE]
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Is it such a bad thing to want to be a farm hand?
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