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"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."

And what is your take on emergencies? Or better yet, what would constitute an emergency for you? Does your philosophy allow for any exceptions?

And what is your take on emergencies?

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".