Debt and quality of life.

[GB-man]

This thread has turned into a real sheeet show lol

[Star Ferry]

Originally Posted by GB-man

This thread has turned into a real sheeet show lol

My takeaway from this wild, careening thread is this: the only truly self made, debt free person is me. Within seconds of being born, I was dropped into a sewage and piranha infested river in Mogadishu. And yet here I am, eating some top notch fried rice in the center of the world while wearing Kiton knitwear.

[GB-man]

My beer belly is however 100% self made.

[brandrea]

Originally Posted by GB-man

My beer belly is however 100% self made.

[bobernet]

Originally Posted by Star Ferry

Nobody is 100% self made. Some people’s parent(s) neglect their basic needs like food, clothing, education, safety and medical care. A bad upbringing can leave some kids so broken and traumatized they lack the basic emotional, social and intellectual tools to be employed anywhere.

If you managed to accumulate a fortune, you got some help somewhere along the way. Might have been far less help than some others got, but “100% self made” is rather extreme

I wasn’t abused. I had food and shelter and clothing. I grew up in a developed country.

I’m not trying to toot my own horn, simple saying that it’s possible to achieve a lot coming from humble beginnings. The earlier assertion was that everyone who is debt averse grew up in a upper class home, with free education, generational wealth, and inherited privilege.

Certainly, every position is somewhat nuanced, but I think 100% self-made is a fairly understandable term for most.

I exited primary/secondary school with $0 from my family, $0 toward university, $0 in subsistence help, and $0 in inheritance.

Cheers.

[GB-man]

Originally Posted by bobernet

I wasn’t abused. I had food and shelter and clothing. I grew up in a developed country.

I’m not trying to toot my own horn, simple saying that it’s possible to achieve a lot coming from humble beginnings. The earlier assertion was that everyone who is debt averse grew up in a upper class home, with free education, generational wealth, and inherited privilege.

Certainly, every position is somewhat nuanced, but I think 100% self-made is a fairly understandable term for most.

I exited primary/secondary school with $0 from my family, $0 toward university, $0 in subsistence help, and $0 in inheritance.

Cheers.

Did you have access to clean air bob? How about water? You privileged SOB

[Star Ferry]

Originally Posted by GB-man

Did you have access to clean air bob? How about water? You privileged SOB

I'm not calling anybody a privileged SOB or saying anybody doesn't deserve X, Y, or Z. I'm not a bleeding heart or a "check your privilege!" ideologue by any means. I just took issue with the claim of "100% self made" since that doesn't seem literally possible. He then clarified he meant it as a phrase or expression, anyway, and not literally.

[Vince M.]

Originally Posted by Lawman77

There are a bunch of cowboys on this forum.
I’m in debt. I enjoy my life. I pay my bills. I go on vacations, buy nice things (sometimes with financing).
However, I did not come from generational wealth. Was the first to go to college in my family. My dad didn’t have a Rolex, let alone could he spell the word.
I have no shame. Many of you here, given the attitudes on this thread, would shame me. Whatever.
Never underestimate generational wealth. For every 1 person here who literally did it on their own (legit) there are 50 who grew up privileged and who’s daddys wore a Rolex.

Nobody was shaming anyone on here but your post is typical tripe from a person massively in debt and coping. If you are debt free and have money you're privileged or grew up rich. LOL. Seethe away.

[walds11]

Wow this thread = train wreck.

Back to OPs inquiry: the former for me, although the only debt I have is a relatively “small” mortgage. Additionally, I like to drive my cars to the ground, so what’s on my wrist is sometimes worth more than what I drive

[daveathall]

Originally Posted by Star Ferry

The question I have today is: do I flip away from my stream of Eagles/Titans to watch England/Senegal. I bet on both, so the stakes are high

A good day today.

[Star Ferry]

Originally Posted by daveathall

A good day today.

Thank you. This level of insight and analysis is how I transformed all my debt into equity

[JoeJoeBobo]

Yet another thread where the high and mighty judge others for how they live differently from them.

[DocHorton]

Originally Posted by Krash

Yeah, I think what some fail to realize is that you can have debt, but at the same time, you can still have a net worth that puts you squarely in the 1% category.

Net Worth = Assets - Debt

If you have a million dollars worth of debt but $5 million worth of assets, that’s not bad. That’s pretty good actually.

On the flip side, if you have $500,000 worth of debt and only $100,000 worth of assets, then that’s a different story.

Everyone is different. There is no “one size fits all” answer.
Sent from my iPhone using Tapatalk

True. For example, I'd rather have 10M in assets with 5M in debt than 5M in assets and no debt. It's just a math formula for me and debt has never scared me.

The wealthiest people I personally know ALL utilize debt to their advantage to some degree. Simply because a large amount of capital is harder and takes longer to acquire than good debt, even more so when the amounts get bigger....and like you said, it takes money to make money.

[Lawman77]

Originally Posted by Vince M.

Nobody was shaming anyone on here but your post is typical tripe from a person massively in debt and coping. If you are debt free and have money you're privileged or grew up rich. LOL. Seethe away.

Who is seething? And talk about assumptions about me. You dont know me at all. I sleep well at night.
But, you have done a great job of adding to the stereotype.
Feel free to kick rocks.

[Vince M.]

Originally Posted by Lawman77

Who is seething? And talk about assumptions about me. You dont know me at all. I sleep well at night.
But, you have done a great job of adding to the stereotype.
Feel free to kick rocks.

You're the one who graced this thread making broad assumptions with your first post. Daddies money and what not. Lol get a grip. Nobody cares how much debt you have or don't have. If you're embarrassed by your debt, don't post.

[kieselguhr]

I live an average life. I’m happy where I’m at considering my origin.

I wouldn’t be where I am if it wasn’t for my mother’s hard work to support me during school. Some luck after that and everything fell in place for me to be comfortable.

I don’t view debt as a bad thing as long as it is favorable. I have plenty of mortgage debt that is being covered by tenants. Most of it even generates cash flow which I set aside just in case.

Other than watches and vacations, I don’t have much luxuries.

[Lawman77]

Originally Posted by Vince M.

You're the one who graced this thread making broad assumptions with your first post. Daddies money and what not. Lol get a grip. Nobody cares how much debt you have or don't have. If you're embarrassed by your debt, don't post.

You are dense.

[Romeojk]

Originally Posted by superdog

But again, the whole point here is that where we are today, and what brought us here, often times molds why we do what we do, and how we do it.

Totally agree. Different experiences makes us think differently. By the way, loved your stories, thanks.

Originally Posted by daveathall

Was I a success? Yes, I think so.

I agree as well, very successful

[Moondoggy]

Oh I just visited this thread. Dear me "the tapestry of life".

[BroncoOne]

Debt can be disadvantageous to lenders, as well

There is an old saying(adjusted for inflation): “If I owe you $500,000 and I can’t pay, I’m in trouble. If I owe you $500,000,000 and I can’t pay, YOU’RE in trouble. “

[Easy E]

Originally Posted by BroncoOne

Debt can be disadvantageous to lenders, as well

There is an old saying(adjusted for inflation): “If I owe you $500,000 and I can’t pay, I’m in trouble. If I owe you $500,000,000 and I can’t pay, YOU’RE in trouble. “

Except in almost every instance of commercial lending the money "lent" is a loan at all. That money is made up, right out of thin air, magically....poof - new money. Spare covering costs of salary and overhead, (oversimplifying a bit) if you make a single interest payment to a bank that is pure profit for the lender. It's a neat saying, ethically true, in reality its a total lie.

[Star Ferry]

Originally Posted by Easy E

Except in almost every instance of commercial lending the money "lent" is a loan at all. That money is made up, right out of thin air, magically....poof - new money. Spare covering costs of salary and overhead, (oversimplifying a bit) if you make a single interest payment to a bank that is pure profit for the lender. It's a neat saying, ethically true, in reality its a total lie.

Mr. Nail, meet Mr. Head. While I don’t follow many economic points from our friend Steven, “be near where the currency is created” is a good one. If you’re “in the club” your cost of capital is effectively zero, end of story

[mannyv11]

no debt for me.

[epicurus]

tell me who you voted for without telling me who you voted for.

[mannyv11]

Originally Posted by epicurus

tell me who you voted for without telling me who you voted for.

i'd say both sides are bad with debt

[sasuke]

Originally Posted by DocHorton

True. For example, I'd rather have 10M in assets with 5M in debt than 5M in assets and no debt. It's just a math formula for me and debt has never scared me.

The wealthiest people I personally know ALL utilize debt to their advantage to some degree. Simply because a large amount of capital is harder and takes longer to acquire than good debt, even more so when the amounts get bigger....and like you said, it takes money to make money.

word.. I learn from the wealthiest people I know on how they invest and expand their portfolio using debt. People has to decide if they want to be rich or wealthy.

[Blansky]

Personally I don't equate money with happiness.

I do find that love of money (greed) makes for some very mean people. And some of the richest people I know are the most unhappy. And the constant need and consumption of luxury goods is a failed attempt at making themselves happy.

Most people on a forum like this are on a decent spectrum of wealth (probably nobody is starving), and whether they are happy/content or not is more about their character or mental health than anything to do with debt vs non debt.

[superdog]

Originally Posted by Blansky

Personally I don't equate money with happiness.

I do find that love of money (greed) makes for some very mean people. And some of the richest people I know are the most unhappy.

Most people on a forum like this are on a decent spectrum of wealth (probably nobody is starving), and whether they are happy/content or not is more about their character or mental health than anything to do with debt vs non debt.

Well said.

Agree completely!

And again, great thread. Sure, a coupe of sour comments. But very thought provoking. And very cool to see all the different perspectives.

[Knappo 1307]

Originally Posted by Blansky

Personally I don't equate money with happiness.

I do find that love of money (greed) makes for some very mean people. And some of the richest people I know are the most unhappy. And the constant need and consumption of luxury goods is a failed attempt at making themselves happy.

Most people on a forum like this are on a decent spectrum of wealth (probably nobody is starving), and whether they are happy/content or not is more about their character or mental health than anything to do with debt vs non debt.

Ding, Ding, Ding, you win.

[Blansky]

Originally Posted by Knappo 1307

Ding, Ding, Ding, you win.

Cool.

How much do I get because I have to pay off some credit card debt on my last 4 watch purchases.