Posted on 05/28/2002 7:35:34 PM PDT by RCW2001
I've got a better idea. Just don't use credit. Save up and pay cash. A lot of times, when you have to save up for something it gives you time to ponder whether you really need that item or if your money wouldn't be better off going into a mutual fund for your retirement. The instant gratification that comes with a credit card will always compel you to "buy it now."
I gave up using credit 4 or 5 years ago. My quality of life has gone up exponentially. There's something about being responsible with money that leads you to be even more responsible and even parsimonious.
People who say they can't make it without credit haven't tried hard enough. Two years ago, I saved up and paid cash for a car. And I don't have a six figure income.
And you see nothing unethical about that? What you call a "transfer of wealth" I would call fraud!
And what is your take on emergencies? Or better yet, what would constitute an emergency for you? Does your philosophy allow for any exceptions?
Be prepared. Save money. Build wealth. what would constitute an emergency for you?
Would a traffic accident that totalled my car suffice? I had cash in savings to buy a new car.
Does your philosophy allow for any exceptions?
My personal philosophy? Not much. I did take out a 15 year mortgage, but am about to pay it off after 8 years. When you have no debt it's easy to save. When it's easy to save it's easy to invest. When it's easy to invest, it's easy to become wealthy and then you don't need a credit card for "emergencies".
How about a college education? How did you finance that? I've got several education loans to pay off, but would like to be able to finance my own children's education without using loans.
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