Catchy Custom User Title
- Sep 24, 2007
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This thread proves what I've been telling RD for years now. RDP is not a realistic view of normal life. It's rich white guys with boats. Look how many people have their house paid for. You can look online and see how many of your neighbors have a loan on their house.
My parents don't have any debt, no money either and in general are pretty broke. Some of the poorest people I know have zero debt.
Management of debt is the most important; meaning does your debt have liquidity? Can your debt be sold, traded or moved into equity or positive cash flow? Unfortunately most people with debt are screwed as their debt are not investments such as their primary residence, boats, new cars (not 65 Shelbys that seem to gain value even in rough economies).
I made the joke earlier in the thread about 2006 when everyone had a 20 year zero down loan on a Magic 28 foot deck. Now that is debt that is probably not the best to have.
I'll never forget when I lived in Manhattan Beach in the late 90s and started seeing 310 Motoring lic plate frames. They started out leasing or renting high dollar chrome wheels to people who couldn't afford to pay cash for them. Now that is debt that should probably be illegal