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Senior Contributor

Re: Something Good on the Airways

I also recall a Bible story about Jesus and three men whom each he gave a silver coin ,and told them to go out and do something with the coins, then come back after some time and show what they had accomplished. Remember that story?

Borrowing money and making payments has nothing to do with Christianity and doesn't reflect on the character of the individual. Just points out the jealousy others have that point fingers because they didn't have the guts to borrow and take the plunge too..

Senior Advisor

Re: Something Good on the Airways

He doesn't say don't barrow money to build a business, he says don't put a new motorcycle on your credit card IF YOU CAN NOT AFFORD IT.

Advisor

Re: Something Good on the Airways

I've seen Ramsey on TV a few times and he is a refreshing option to the "prosperity theology" crooks.

 

Might be a bit too simplistic as to the complexities of getting along in the world for alot of people who simply don't have the resources or the prospects, but good advice on much of what hardly anyone has been attending to.

 

FWIW, I've never really felt that any of us who aren't faced starkly with the realities of  unavoidable personal financial collapse are qualified to have as much as a casual opinion on the matter, but we all seem more than willing to offer one up.

 

Probably should always remember "There but for the Grace of God...."

 

 

Senior Contributor

Re: Something Good on the Airways

I have never heard of a lender loaning money to someone whom he thought couldn't pay it back.

Senior Contributor

Re: r3020 you will like this

I think I have instilled good money management in my children so eldest daughter, who was able to purchase a new house with her husband 6 months before they were married and paid off mortgage 10 years later and neither one have really high paying jobs. So she was telling me of her friends, same age as her who both teach school so have good salaries, and just remortgaged their house so they could put in a sauna.

That did not make good money sense to her. She is looking at putting a hot tub in by their patio which they will pay for from savings.

Senior Advisor

Re: Something Good on the Airways

I believe he knows from personal experience what it means to be saddled with overwhelming debt. I think he came to the realization that he was in trouble and had to change his life  &  habits dramatically. In fact I think many of us have experienced the same vision of enlightenment.

 

I'm not arguing with you but I have a different perspective of the guy.

Senior Contributor

Re: Kraft and business debt


@kraft-t wrote:

Don't confuse personal debt with business debt.  One should be prudent with either one. However, there is some justification for borrowing to grow a business while compulsive use of consumer debt may be addictive in that one is using consumer debt to live a standard of living one cannot afford.

 

Hopefully, the business debt will pay dividends that will retire the debt. Consumer debt for the most part does not yield any dividends.


That kraft-t is the thing so many forget.

It is OK, indeed good, to borrow money to make more money.

Note I said more money.

Just buying that nice green tractor does not make the payments there has to be a business plan that shows profit AFTER the interest and hopefully principle payments.

Personal debt will seldom pay a return. House mortgage is one exception but even there some people take on too much debt for 'the mansion of their dreams' instead of a house they can afford.

Honored Advisor

Re: Something Good on the Airways

You`re right Red, it is a good show. My critque is people call in to scream "We`re Debt Free!" Dave asks, how did you do it? "Well, we paid off $50,000 debt in 11 monthes by having a garage sale and eating pickle sandwiches" Dave asks, Wow what`s your income? " My wife and I make $200,000 a year". I don`t know about anyone else but I could pay off $50k debt if I made $200k/yr and without the pickle sandwiches. If someone calls in saying "I paid off $200,000 and I make $50k/yr" that`s the story I want to hear. 

Veteran Advisor

RE: Really??!?

Really?  Have you ever heard of Bwahney Fwank, Chris Dodd and Fanny Mae/Freddie Mac???

Senior Contributor

Re: RE:That's funny milly!!!!!!!

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