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Old 02-24-2021, 02:41 PM
350 mag 350 mag is offline
 
Join Date: Jul 2009
Location: North Sask.
Posts: 360
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Quote:
Originally Posted by badbrass View Post
It has been said before ď live within your means ď but that does not connect to the brain of some. And put away for the bad time. We were always taught! You see it now selling toys for next to nothing because you canít afford it, and really you never could!
Buying 70,80,90,k trucks or SUVs

Is NOT living within your means.

The Rich put their money to work.

They buy assets that appreciate in value, borrow AGAINST those assets. Now you have a loan and IF you borrow to invest the interest is tax deductible.

Too many out there want every toy in the book....so they look rich but their bank accounts are empty.

Then when they hit retirement age they are screwed.

Their standard of living drops to that of someone living on the poverty line.

STOP buying liabilities that depreciate in value....
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