[quote=briansd1][quote=XBoxBoy] The asset holders are probably wealthy, but the ones who owe lots of money are just as likely to be poor or middle class as wealthy.[/quote]
You’re wrong here. Wealthy people owe a lot of money. They got rich thanks to leverage, especially if they did so in just one generation.
Leverage can send rich folks to the poor house just like leverage made them rich.
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Ummmm…. I think you misread what I wrote… I think it clearly says that people who owe money can be poor, or middle class or wealthy.
Also, I will take exception with your blanket statement “Wealthy people owe a lot of money” if by that you mean All wealthy people. Some wealthy people do owe a lot of money. Some do not. I personally know a couple of very wealthy people that don’t have any debt whatsoever.
For what it’s worth, most people that I’ve known who got rich in one generation did so by starting their own company and making a success out of that. Leverage had very little to do with it. I’m sure it’s different on wall street but by no means is wall street the only road to wealth.
