Quote:
Originally Posted by Dion
I have no sympathy for someone who over extends themselves and accumulates too much debt. We've become a society of people who think it's okay for the most part to live their life on borrowed money. Credit cards maxed out so they can have it all now. Outside of a mortgage and a car loan can you not save up for what you want?
I agree it should be a course requirement in HS that every student take a financial management course. Too many stupid people spending too much money that they don't have.
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I over extended myself when I was 25 and it paid off handsomely for me.
I invested 2.5 years salary into my company 2.5 years after graduating. I saved for it quite heavily but there was no way I could save 100 percent of my income so I borrowed the rest. It took a few years to pay off but the investment returns were far larger than the cost to borrow. I looked at the risk and decided for right or wrong that the worst case scenario was the company folding and defaulting on the loan. That would leave me starting again at 28 which didn't seem like such a bad thing and much better than starting over at 48.