[quote=FlyerInHi][quote=spdrun] all without debt.[/quote]
What is it with people on here being so against any debt?
Debt is leverage and the way (along with selling stock) to get wildly rich beyond your initial seed capital.
Generally, the richer the society, the higher the debt levels.
For example, rich people get multimillion dollar loans to buy houses, boats, planes, etc…
When assets/collateral lose too much value, the end result is bankruptcy. Too bad student debts can’t be discharged in bankruptcy. I think they’ll have to reform that if young families are so burdened by student debts that the overall economy suffers.[/quote]
For every one person who gets rich by using leverage (outside of housing), there are thousands (millions?) who go broke because of debt.
If you don’t have intelligence and a lot of luck on your side, it’s best to avoid debt whenever possible.
