Friday, October 23, 2009

The Truth - Why Rich People Aren't in Debt...

I have found that if you look into the lives of the kind of people you want to be like, you will find common themes. If you want to be skinny, study skinny people. If you want to be rich, do what lots of rich people do, not what some myth-sayer says to do.

The Forbes 400 is a list of the richest 400 people in America as rated by Forbes magazine. When surveyed, 75% of the Forbes 400 (rich people, not your broke brother-in-law with an opinion) said the best way to build wealth is to become and stay debt-free. Walgreen's, Cisco, Microsoft, and Harley-Davidson are run debt-free.

In talking with millionaires over the past several as a financial counselor, and I have never met one who said he made it all with Discover card bonus points. They all lived on less than they made and spent only when they had cash. No payments.

The Debt Myth You have probably heard a lot of the sub-myths which fall in line behind the big one that says, "Debt is a tool." Are you beginning to understand that debt is NOT a tool? This myth and all its little sub-myths have been spread far and wide. Always keep in mind the idea that if you tell a lie often enough, loud enough, and long enough, the myth becomes accepted as a fact. Repetition, volume and longevity will twist and turn a myth - a lie - into a commonly accepted way of doing things.

No more. Debt is not a tool; it is a method to make banks wealthy, not you. The borrower is truly servant to the lender. Your largest wealth-building asset is your income. When you tie up your income, you lose. When you invest your income, you become wealthy and can do anything you want.

How much could you give, save, and spend every month if you had no payments? Your income is your greatest wealth-building tool, not debt.

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source: Dave Ramsey

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