On 9/22/2024 at 12:57 PM, Lacessit said:

I agree. Nothing wrong with taking out credit to buy an appreciating asset.

However, the dearth of financial education for the average person means many can't tell the difference between that and a depreciating asset.

True words. Our schools should teach the kids about "money" (how to earn it, how to spend it, how to invest it). Instead we are still forcing them to analyse Sokrates and Plato's "inner meaning" of what they thought over 2000 years ago.

1 minute ago, swissie said:

 Instead we are still forcing them to analyse Sokrates and Plato's "inner meaning" of what they thought over 2000 years ago.

 

And even worse, we're forcing them to do it in English, rather than in the original Greek.  How standards have slipped! ω καιροί, ω ήθη.

3 minutes ago, swissie said:

True words. Our schools should teach the kids about "money" (how to earn it, how to spend it, how to invest it). Instead we are still forcing them to analyse Sokrates and Plato's "inner meaning" of what they thought over 2000 years ago.

If schools were really serious about financial education, they would teach every male child the biggest single threat to any wealth they accumulate is women.

7 minutes ago, Lacessit said:

If schools were really serious about financial education, they would teach every male child the biggest single threat to any wealth they accumulate is women.

Unless one owns and operates a Bordello. High yield assured with plenty of "fringe benefits".

On 9/21/2024 at 5:07 PM, simon43 said:

How about you?  Do you rely on credit to survive? Or do you use credit/loans in a sensible manner and pay them off on-time?

Never had a credit or a loan after my 20th birthday

9 hours ago, swissie said:

Unless one owns and operates a Bordello. High yield assured with plenty of "fringe benefits".

IMO the life expectancy of bordello owners is not great.

9 hours ago, swissie said:

True words. Our schools should teach the kids about "money" (how to earn it, how to spend it, how to invest it). Instead we are still forcing them to analyse Sokrates and Plato's "inner meaning" of what they thought over 2000 years ago.

Best decisions of my life have all been things not uttered by any school teacher or professor. If what they taught was important then everyone your high school class would have been well off and retired early

1 hour ago, mdr224 said:

Best decisions of my life have all been things not uttered by any school teacher or professor. If what they taught was important then everyone your high school class would have been well off and retired early

Same as Independant Financial Advisers. If they know so much about investing, why are they still working?

3 hours ago, KannikaP said:

Same as Independant Financial Advisers. If they know so much about investing, why are they still working?

 

You could apply that silly logic to any profession, if a doctor is good at his job and has earned enough money to retire why are they still working?

 

If software engineers like me made tons of money, invested it in properties, is living in a house in Thailand why am I still "working" by writing iPhone apps from my home office, it is because retirement is boring, I tried it when I was 50 years old, using my brain and still developing software is much more interesting than doing nothing day after day. 

 

I still have time to stroll down the beach, go for a few beers, etc whenever I like too.

 

P.S. Since this topic is about using credit, I used hundreds of thousands of pounds of credit to obtain the properties but they were backed by my income from being a software engineer, they are all paid off now but as I said before without credit the world would not work.

 

 

I don't own anything. I pay cash for everything including the house we live in. In my opinion, paying monthly is a bad idea as you may hit a time when you cant pay the instalment then you have problems.

17 hours ago, KannikaP said:

Same as Independant Financial Advisers. If they know so much about investing, why are they still working?

 

Some of us actually like what we do. The people contact, meeting new people, learning new things etc. For some of us, It's not only about money.

Just now, mstevens said:

 

Some of us actually like our work. The people contact, meeting new people, learning new things etc. For some of us, It's not only about money.

 

5 hours ago, mstevens said:

 

Some of us actually like what we do. The people contact, meeting new people, learning new things etc. For some of us, It's not only about money.

In my past employments, I have had contact and met many new people, but have not ripped anyone off, as my past experiences with IFAs have.

I've never been in debt in my life, beyond the current balances on credit cards which I pay off in full each month. Both houses, here and in the UK, were bought cash, cars and bikes I've paid cash. I stick with the principle that if I don't have the money then I can't afford to buy it; it makes life simpler and I sleep easy at night.

Baiting post removed 

On 9/26/2024 at 8:21 AM, KannikaP said:

Same as Independant Financial Advisers. If they know so much about investing, why are they still working?

So that they can make more investments, accrue more assets and continue to increase their affluence, obviously.

On 9/27/2024 at 8:08 AM, KannikaP said:

In my past employments, I have had contact and met many new people, but have not ripped anyone off, as my past experiences with IFAs have.

That's just as much a reflection on you as on the IFAs - you should have chosen more wisely.   Most of them do not rip off their clients.