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<blockquote data-quote="Lucky" data-source="post: 1786663" data-attributes="member: 32659"><p>[USER=40587]@Warren Allison[/USER], I'm no good at explaning things to non believers. I think the average person only thinks of debt in consumer terms. I'd guess when 9 out of 10 people get a loan it's for a depreciating asset like a car, RV, swimming pool, bass boat, etc. The item they borrowed the money on is costing them monthly without providing a return and it's loosing value monthly so of course they just want to pay it off and be debt free. I've been in debt $1,000,000 dollars before and I'm still kicking and doing well. The reason why is because the items I was in debt for provided a return on investment. I don't make enough cash money to save up in million dollars in 20 yrs so of course I had to get a loan. When I decide to use my money or the banks outside factors play a big role. For the last several years we've been buying land that attaches to us as it comes up so I tried to keep plenty cash on hand for the 20% down, just like your classic car example. We finally bought the last 60 acres we wanted so now I'm more concerned with paying things off than I was before. Another thing most people don't realize is that while they're sitting around trying to save up and pay cash inflation is killing them. I'd say when you figure inflation in a 6% interest loan is actually 3%.</p></blockquote><p></p>
[QUOTE="Lucky, post: 1786663, member: 32659"] [USER=40587]@Warren Allison[/USER], I'm no good at explaning things to non believers. I think the average person only thinks of debt in consumer terms. I'd guess when 9 out of 10 people get a loan it's for a depreciating asset like a car, RV, swimming pool, bass boat, etc. The item they borrowed the money on is costing them monthly without providing a return and it's loosing value monthly so of course they just want to pay it off and be debt free. I've been in debt $1,000,000 dollars before and I'm still kicking and doing well. The reason why is because the items I was in debt for provided a return on investment. I don’t make enough cash money to save up in million dollars in 20 yrs so of course I had to get a loan. When I decide to use my money or the banks outside factors play a big role. For the last several years we've been buying land that attaches to us as it comes up so I tried to keep plenty cash on hand for the 20% down, just like your classic car example. We finally bought the last 60 acres we wanted so now I'm more concerned with paying things off than I was before. Another thing most people don’t realize is that while they're sitting around trying to save up and pay cash inflation is killing them. I'd say when you figure inflation in a 6% interest loan is actually 3%. [/QUOTE]
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