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how to get rich

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Super Contributor
No, rich is when you earn more that your wife can ever spend.
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Occasional Contributor
Some interesting views. Agree that debt isn't good, unless I have the money to get rid of the debt quickly if I need to, and I can get that money to make babies faster than what the interest on that debt is. As far as income goes, my view has always been that if you can get yourself into a situation where more than one person/party ends up paying you for the same hour of your time, you are doing well. Lastly, keep in mind that there are more important things in life than money, so have a healthy balance between the 2.
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Super Contributor
There is nothing wrong in having debt, as long it is used in the correct manner. You cannot be a businessman or entrepreneur without incurring debt at some stage, especially starting out. My first little shopping center that I built was because I managed to get a 95% bond on the building as I already owned the land. If the debt is used for the Merc when you still got a bond on the house, you deserve to see your ring. I certainly would not be where I am today without having incurred a fair amount of debt in the early days of my business career. Now I'm debt free , however still keep a large facility in place, that gives me the freedom to acquire something I view as being a bargain without first getting the bank's approval. Debt is good, used correctly.
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Super Contributor
I built up leveraged property portfolio. I have used debt to hedge my portfolio both in nominal and in real rand terms. I have used debt to acquire quality shares that appeared undervalued. I retired at 34. I am still happy to use debt where it appears appropriate.
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Contributor
You all got it wronge.LOL.Just buy NUT.
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Contributor
You all got it wronge.LOL.Just buy NUT.
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Super Contributor
I know ..it's spelt WRONG
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Regular Contributor
My opinion, becoming rich and having no debt is based on a persons circumstance. I started working part-time at the age of 13 years old. By the time I was 14, i asked my dad how to invest and buy shares in the stock market. In those days it was not done electronically, but manually. Anyhow my dad told me not to invest in the stock market as I can lose ALL my money. Being Naive, and I didnt want to lose my money, I decided not to inquire further. Obviously had I received the right information, I would most probably be rich now. Buying my first car cash at the age of 21 and having to accumulate a lot of problems with it and fixing it all the time only helped to escalate my debt as my parents could not afford to buy me a car and pay for my university cost and I had to take out loans to pay for university. There are parents that buy their children cars when the get out of school and pay for education and thereby Alleviating them from starting to get into debt early by the time they start working....Again circumstance. Anyhow a few years later, my debt has been kept to a bare minimum - just have major debt like your car and house. We have been living comfortable where my wife and I spent way less than what we earned. We draw up monthly budgets and save money every month and pay extra in the bond. moresoever recently, I was retrenched (circumstance) 5 months ago and have not been working since. Debt can be good in certain situations, but in our case having to pay the bond, and motor costs can be a nightmare especially without 2 incomes. My advice is to live within one partners salary and have no debt (circumstance once again). I myself am trading the stock market full time to make ends meet....
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Super Contributor
I can relate to that.its your plan and as long as your comforteable then that is your business.as you can see from my input I see debt as something I chose to eliminate-my choice.I do have shares in banks and part of my dividend is obviously from customers who have debt-each individual has their own path to follow.
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Super Contributor
Sure - but it is the view that "all debt is bad" that I take issue with...
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Super Contributor
Chris Brown US comedian reckons there is a difference in being rich and being wealthy. Like Oprah is rich but Bill Gates is wealthy! (very funny to listen you tube)
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Super Contributor
i have no issue with your point of view.I respect it even if I would not use that approach in my life on a permanent basis.I used it as a strategy on a temporary basis to get out of debt.we differ.vive la difference
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Super Contributor
i have no issue with your point of view.I respect it even if I would not use that approach in my life on a permanent basis.I used it as a strategy on a temporary basis to get out of debt.we differ.vive la difference
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Regular Contributor
The SEVEN deadly sins : Wealth without work Pleasure without conscience Science without humanity Knowledge without character Politics without principle Commerce without morality Worship without sacrifice
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Super Contributor
and Un-Happiness without money, sickness without money and of-course Freedom without money!
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Frequent Contributor
Reading through all the replies there is a golden thread. Reduce debt and stay away from fancy cars! This has always been my motto to a certain extent. Debt is handy, PROVIDED it is used correctly. My rule of thumb is simple, the lifetime of whatever you are buying on debt must EXCEED the term of the debt considerably. IE Buying a car and paying it off and keep on driving it is ok, building a pool at home and using the bond is cool,buying McDonalds with a credit card and paying it off...not Ayoba. Currently driving an old luxury 4x4 gas guzzler (bought for cash)and still paying less per month than my young coleuges zipping about in brand new entry level light on fuel hatchbacks. But you must also live, all saving the whole time makes Jack a dull boy.
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Contributor
Hello I agree a ''MUST READ FOR EVERYONE"" is the Richest man in Babylon. In my mind there is good debt and bad debt,its how you use it and the difference is good debt is used to build assets ,bad debt is used to buy ''consumables'' e.g. cell phones,clothes. My children were taught from an early age i will assist them to buy assets but not for consumables.
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