Quote:
Originally Posted by Unregistered
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.
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you lost me at saying car is a good debt...i knew too many people that bought cars just to boost their ego (and easier to get girls) and they are in a worst financial situation than me......
Also, call me pessimistic but i called my pragmatic......
most of the ppl here taking loans for their 'investments' are very tied to their job...most don't admit it but they are basically on 'leverage' with their company....they assumed retrenchment is a far-off concept and even it hit, it will never hit them. I am personally in Deutsche Bank during the 2009 crash and saw more than enough AVP & VP getting cut and I don't feel sorry for them because they overestimated themselves due to their payscale.....these late 30/mid-40s middle managers are never 'experts' in their particular field and are only earning that much not due to ability but due to circumstances (I am in Investment banking and i have to admit this field overpaid way too much)...
I am not really in the mindset of increase my wealth or asset but rather my value.....I have been on 3 jobs since 2009 and none of the job is found by me but was rather headhunted...
My goal and motto in life is clear....rather than hoping that you can find a company that can fulfilled your salary expectation, i will create enough value (and reputation) for myself that the company that is willing to pay me my expected amount will come to me...
And so that has been the case for me so i don't think these generic 'wealth management' will ever work for me...
Ps. I think one should work with a goal and the goal is not to make money. The goal is to be the best in your field and provide the best value for your company and reputation for yourself. The money is the RESULT of that goal, and should not be the goal itself.