I’m happy to say i’ve never been in debt. Are any of you in the hole? I would expect that most of you are smart enough not to build up a serious debt. I ALWAYS pay my credit card bill in full when I get it, do you? I have also never gone in margin debt, I don’t feel sorry for all these people that got margin calls on Tuesday when both the Nasdaq and Dow fell 500 pts. I was in at the bottom buying in the frenzy and I made about $70,000 off the recovery, considering I put $30,000 in. The market MAY retest its lows (double bottom) and I strongly advise all of you to have money to buy in if this happens. It may be this next week, or a few weeks when this happens, or it may not happen at all. As always buy tech, tech, tech-stocks with good earnings and fundamentals. If you guys like I will give you my stock picks.
Wow…It must be nice to be independently wealthy.Do you have Donald Trump for an uncle? Us middle class types usually have some credit card,mortgage,or car payments.
I’m not independently weathly, but I bought my current car for cash.
How did I do it? I kept my last car for nine years, and continued to make “payments” on it even after I was done paying for it. The payments went into my new car fund.
I have had my current car (a '96 BMW 328i) for four years, and will keep it at least six more. I am perfectly happy to drive a ten-year-old car. And I am still making payments to myself, and a car fund, every month. I expect the next car to be bought for cash as well.
However, I must admit the bank owns more of my home than I do… so, in a sense, I’m in debt. But it’s debt secured by the value of the house. I pay off credit cards every month, and that’s about the only other debt opportunity I have.
I have no debts. I have significant amounts of money in two checking accounts, two savings accounts, two mutual funds, an IRA, and the Thrift Savings Program (which is sort of an IRA for federal workers). I always pay off my credit card debts month to month and I own my year-and-a-half-old car. On the other hand, I’m three days short of my 48th birthday and I’ve never owned a house. I suppose my net worth is in pretty good shape considering that when I came to my present job 18 1/2 years ago I had essentially a zero net worth.
Bricker…it sounds like you are frugal.Driving a ten year old car makes great sense from an economic standpoint.I just kinda went off on Socko,he came off as trying to speak down to us “little people”.
[sarcasm=>infinity]That’s a great thing to do.
[sarcacm=>off] When you decare for bankruptcy sure it will rid you of your debtors, but you bacically get a stamp on your forehead that says, “LOSER.” As you will be most likely to never recieve a loan again.
If at first you don’t succeed you’re about average.
Wow Sinocent, 8 posts and you already see Mr Socko for what he is. Bonus points for you (redeemable absolutely nowhere, but sure to look lovely on your mantle)
Hey Socko, if I send you a check, will you invest it for me. I need cash in a hurry and I think you have proven yourself beyond all shadow of a doubt.
We went right out there and refused to do accoustical versions of the electrical songs that we had refused to record in the first place.
