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Thank you Dr. Bob
posted by
SuccessWarrior
on June 5, 2005 at 7:38 PM
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Good Morning
My debts are killing me SW so I can relate to being in the planning stages of trying to get out of debt. I am pursuing the debts that I have with determination but the one I just pay regularly is the mortgage because of the tax break involved. Its tough to keep continually focused on this topic but its worth it in the end. Best of Success on your journey!!
posted by
Dr-Bob
on June 1, 2005 at 6:09 AM
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I'm still going to stick with no debt
That seems the most constructive use of my money, not giving it to anyone as interest. =)
posted by
SuccessWarrior
on May 25, 2005 at 6:31 AM
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Forgot to add: good debts are about using Other People'sMoney!
posted by
L.E.Gant
on May 24, 2005 at 2:21 PM
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Warrior: It's smple. First look at why you get into debt, especially the larger debts, like houses and cars. Even smaller debts have the same characteristic: you use them to buy assets. Those assets have a "life span", and in that life span,they can be "good debts" or "bad debts". All debts have a cost - the interest. Bad debts are for assets that depreciate or cost more money than they bring in. Good debts are for assets that appreciate or bring in more money than they cost. So, good debts are used constructively; bad debts are not.
Reading through your blogs, you are concentrating mainly on bad debts, which use up the main part of your income, and hence counter-productive.
posted by
L.E.Gant
on May 24, 2005 at 2:19 PM
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What do you mean, using debts constructively?
posted by
SuccessWarrior
on May 24, 2005 at 9:21 AM
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Warrior: you can't work your way to financial independence when you rely on jobs! You could cover your debts, but even owning your own home free and clear does NOT give you finiancial freedom. Financial independence is about using your debts constructively. I won't point you towards my blogs (specifically the Business one)as asource to give you some ideas.
posted by
L.E.Gant
on May 23, 2005 at 7:32 PM
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