This is fine for children - keeping free from debt and disciplined saving.
But when you begin your adult working life, you need to move up several levels of sophistication in terms of wealth building. For one, there are good debts and there are bad debts. Buying your own home and taking a loan to pay for it is a form of good debts. And if you are in business, taking loans to buy equipment and even a car can be good debts.
At this day and age, simple saving is not enough to build wealth.
Quote:
Originally Posted by lordlad
mine...working for past 9 years...31 this year, in IT..
Cash = around 15k
Share = around USD20k
CPF = around 100k for ordinary
Single, no house or car but absolutely zero debt. No installment and no late credit card payments (this is something i am very strict about...i have excellent credit rating and always obsessed about remained zero debt.)
What I earned, what I have, is what i got...Not a gross value but true net value. |