Look at that Fancy Car and did you see their Pent House...??? They dress so nice and they look so Rich... They go to the nicest places to eat and they leave big Tips... They're surrounded by Friends with Big Smiles on their Faces... I'm sure most of you see where I'm going with this...
It's all an illusion of wealth... That's right... These people who appear to be doing so good are so deep in debt, you wouldn't believe... I live in Las Vegas and I see these people all the time... These people are living above their means... Add up all their assets and subtract their debt and what do they really have... Most are really Debt Slaves, but what the heck, they're having fun, right...???
Yes, everything appears to be fine and dandy on the outside... Some of you reading this may be living in the same fashion... How many truly debt free people do you know...??? Are you debt free...??? If you said no, join a Crowd that is so Big, you wouldn't believe...
I see some Bums out with their Cardboard signs asking for Help... Believe it or not, most of them are Debt Free... Most of us are living in an illusion of wealth... Will you be ready when all Hell breaks Loose...???
Any comments and/or replies are welcomed...
@pocketechange
You have put your part of experience in this post, really we are living like this.....
Not me Jimmy... lol... But I see people like this all the time... They live way above their means... They look good on the outside, but on the inside, it's a different story entirely...
@pocketechange
depends on the type of debt..Good debt and bad debt..i would love to have some good debt
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I'm sorry, but I'm having a hard time thinking about any kind of debt being good debt... Could you explain some more...???
@pocketechange
See if you take a loan (assume at 3-4 interest rate) for a car or trip or luxury or watches and shit then its bad debt because you are paying interest on that and plus the value of the thing you purchased is depreciating......So this is bad debt..If you buy a house for yourself when you already have a house then it is bad debt beacause you are paying interest and also the cost of maintaining the house..
Now lets assume you take a loan to buy a house and then you rent it out..The rent will generate enough cashflow to take care of the emi..So effectively when the loan period ends you possess the house without ever spendng a dime..
So certain stock,business,real estate investment from loan would be good debt..
In short if you are getting a better percentage return than the loan interest rate,then its a good debt else it is bad debt..
This concept is mentioned in robert kiyosakis rich dad poor dad..You can read it to understand in more depth..
Also checkout one of my article on how i took a loan to buy steem power and why i think it is a good debt...
Sounds like you're making good sense, but what if the Rental House you buy needs a new water heater or the air conditioning unit goes out... Repairs are usually paid by the Land Lord... Stuff like that can be a big set-back...
@pocketechange
Yes but in the long run if you are renting for 3,4,5 years than all the maintainance cost will be miniscule to what you make in rent..Because repairs and stuff wont happen month after month
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I agree! A high percentage of households are living paycheck to paycheck. I think a personal finance class should be mandatory for everyone in high school, but the big corporations don't want that...spend, spend, spend!
We're taught to live in a debt based economy...
@pocketechange
"Will you be ready when all Hell breaks Loose...???"
I've been thinking about doing a story on this. Most people are ignorant to the facts. Why?
People don't like bad news.
People don't like reading boring facts.
People don't want to be labelled as a 'herotic' or 'conspiracy theorist' (aka 'crazy').
People would rather just live in the fantasy that everything is all right and nothing bad will happen.
Those of us in-the-know need to keep telling people how bad things are, and how bad they could get.
Thanks pocketchange for this post!
Your thanks have been received and welcomed...
I'm hoping more people will begin to see what's heading our way...
Thanks for a nice reply...
@pocketechange
Wait after the reckoning day and you'll see a drastic change in people : those who fancied high-end lifestyles fuelled by fiat will become slaves and will pray they'd hold on to their ''pocket change''!
I really don't blame the people... Everyone has been taught to live beyond their means... Live the life today, for tomorrow may never come... lol...
@pocketechange
You're so right. I comes down to gratefulness. When we're ungrateful, more will never be enough. There will always be someone that has more or better.
So true bud. So many people are living high on the hog! Great post.