Tuesday, April 1, 2008

How to borrow money.

1.) Save up the exact amount of money you plan to borrow.

2.) Now....don't borrow the money.

If you don't have the money now, what makes you think you'll have enough in the future to not only pay for then, but to pay for now? Or then?

You know what I mean.

It's illogical.

Buying a house. Or a car. That I understand.

Everything else?
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2 comments:

Jason said...

That's very sound advice. I don't know the actual figure, but a few years ago, I remember hearing that the average national debt was about $7,000. That's quite scary.

April 2, 2008 at 8:02:00 AM PDT
RDC said...

The surest way to make sure that you do not have money to buy something in the future is to borrow money for something else today.

Any time you borrow money and pay interest, it makes your total cost for something that much more expensive. Borrowing and paying interest detroys wealth accumlation. Basically one digs themselves into a hole that must be filled in before they accumulate wealth.

April 2, 2008 at 4:50:00 PM PDT

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