Quote from: philipma1957 on May 12, 2024, 11:35:41 PM

Quote from: DabsPoorVersion on May 12, 2024, 10:32:22 PM

Quote from: philipma1957 on May 12, 2024, 06:07:10 PM

Quote from: Dr.Bitcoin_Strange on May 09, 2024, 06:04:36 PM

Quote from: Alphakilo on May 09, 2024, 08:35:52 AM

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Robert Kiyosaki was a US citizen. I know he talked about how he used debt to become rich because he used his debts to purchase assets and not liabilities. The reason why I had to mention the country where this man comes from is because if he had come from another country, maybe an underdeveloped country, he probably would not have archived what he did archive with his debts.

Bro, things work differently around the world. The traditions, laws, and opportunities in the east may not be the same in the west and the same in the north, etc.The principle of one man cannot work for everyone. Debt is not favorable for everyone.

Debts (loaned money) are also used for other important stuffs, but apart from assets, there are other life issues that make people take out loans, which is very important stuff for them too.

It's a fact that you can actually take a loan to make an investment or purchase an asset but still don't get the expected returns due to the circumstances of the bad investment. For example, people are advised not to take out loans and invest in Bitcoin.

I have used credit properly since 1986.

I have spent over 1,000,000 on credit cards I have paid under 100 or 200 usd in fees to do that. I have received over 25,000 in rebates.

I am not rich but proper use of credit has allowed me to live better for over 30 years.

This kind of statement made me realize since 2019 that what most people say about credit cards are not real. they say you will have a huge debt if ever you get a credit card, or using credit card will only make your life worse.

At first I think the same way as this was the information planted in my mind, until I start my own research and see a lot of positive statements from credit card users who knows how to maximize the benefits of their card just like yours.

Since then, I am using my credit card and make use of the benefits they have. I use it everywhere, in my daily life and paying no additional fees since then. For annual fees, I can at least manage to waive it and continue to have a good credit score since then.

when I use a credit card i have the money to for it. I use the card to get say a 2% rebate.

So if I buy a refrigerator at best buy I get 5% rebate and an extra year of warranty at no cost if I use the best buy card.

so $1000 refrigerator means a return of $50 . jut pay in about 40 days.

I let those rebates stack for a year or so then grab a gpu if gpu mining is hot.

I do this shit endlessly. Now that mining sucks I am selling off paid for older gear on ebay.

Its profit. I stack btc and some alts and some cash.

The key is do not get over extended on your credit.

But unfortunately ordinary people over extend themselves to buy liabilities and items
which lose value, particularly cars in my country.

The difference with business people end successful entrepreneurs is they borrow
money and use other peoples money to make profits. Whatever they buy with the
borrowed money it is expected that it will perform solely to make more money.

Common people use credit to buy stuff they want purely because it appeals to them
and it looks good. Often before that credit is paid off they get further in debt because
the shine has worn off that item and they replace it with the newer model.