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Author Topic: How to Eliminate Yourself from Bad Debt  (Read 7317 times)

tigerwing

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Re: How to Eliminate Yourself from Bad Debt
« Reply #25 on: October 24, 2014, 08:45:11 am »
Well that's good for you if you are not poor with that kind of mentality that you have, if you think, buying liabilities rather than adding assets since you don't want to complicate your life is what makes you rich like Henry Sy or any other RICH people out there maybe I should start doubting my financial education then. I also kinda doubt with those rich people that you know if they have the same mentality as you do that buying liabilities is more important than adding assets because they want it simple they avoid complications. I'm not sure how you really define RICH and Middle Class. 

Is this mentality I have is for poor person? How sure are you? Have you really tried it? Or you are just assuming yourself. The last time I check, I was able to buy a 300sqm lot near the public market and 2 foreclosed houses and they are products of poor mentality that you are saying. Why am I saying this? Because I tried it, and if it worked for me I think it will work for others too. I'm not forcing you or asking to do the same. My point is, there are smarter ways out there to buy liabilities you just need to get out of your comfort zone and you will be amazed how wonderful it is..

When did I ever said that taking liabilities are more important than acquiring assets? Haven't you been reading my replies properly? I've always said that ASSETS COMES FIRST. When your assets generates sufficient cash flow then that's the time and the only time you should even be considering taking liabilities. This is my proven and tested way of not succumbing to debt. This is why my "bad debts" doesn't make me poor. I don't bite off more than I can chew. And that's what I've been trying to point out all this time. That you don't have to avoid your so called "bad debts" like the plague. You don't have to quit using your credit card. You just have to now what you can realistically handle financially. Do that and your liabilities wont cause you problems.

But apparently that's not how you like to do things. Based on your example of how to buy a car, you prefer to make things more complicated and riskier than they really have to be. If that works for you then good. Carry on mate. Lets just hope you don't end up losing money in the end. 

And if you argue that my ways wont make me rich like Henry Sy or other billionaires. Well, quite frankly, I don't care as I have no intention of becoming "that rich". I'm already happy with my life. Now I will always continue adding assets and make my self wealthier whenever an opportunity present its self but if I don't end up a billionaire in the future then it really doesn't matter. Whats important is that me and my family have a comfortable life, financially secured and able to afford some luxuries here and there. And no you do not have to be a billionaire for that.