Quote:
Originally Posted by donb9006
Best advice? No debt. None, nada, zilch. It's the ONLY was you'll get ahead. Buy with cash and think hard before you buy something. Live below your means. Investments go in cycles...hard to predict what will "win" in a given year.
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This advice is good for someone who wants a predictable, stable, financially uneventful life.
However, it is not the ONLY way to get ahead. I venture to say, if I'm in a room with 100 random people, I would be in the top 5% as related to net worth and I have always had and continue to have debt.
Most famous success stories I've heard of or read about involved a bit to a lot of risk taking, some making and losing fortunes more than once. Most wealthy people and at least 90% of all successful companies use debt as a tool. Like any tool, it can hurt you if you don't know what you're doing. But for those who can manage it, debt, as a tool in your financial tool box, will help you get to where you want to be.