Being an Undebtor

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Being an Undebtor

Postby ranome » Tue Mar 17, 2015 1:35 pm

Here's a short article on what makes an undebtor, and the benefits of same.

Condition 2 describes my reasons for being an undebtor.

http://charleshughsmith.blogspot.com/20 ... pires.html

Starve the beast, indeed.
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Re: Being an Undebtor

Postby MisterPho » Tue Mar 17, 2015 2:16 pm

ranome wrote:Condition 2 describes my reasons for being an undebtor.


Slogging my way to condition 2. Progress is slow, but consistent.

Stay out of debt, men, and if you're already in it, then get out of it as soon as you can.
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Re: Being an Undebtor

Postby Phathack » Tue Mar 17, 2015 4:43 pm

#2 in my 20's and #4 for the last 15 years.
I have ZERO debt of any kind.
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Re: Being an Undebtor

Postby xtc » Tue Mar 17, 2015 6:40 pm

Article says that paying off a 12% credit card debt is like earning a risk free return of 12% on your money.
It's actually much better than that. Investment income is taxed, interest you're not paying isn't. If you pay 30% tax then paying off a 12% debt is like earning 18%.
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Re: Being an Undebtor

Postby all_in_chocolate » Fri Apr 03, 2015 4:29 pm

ranome wrote:Starve the beast, indeed.


I have never had a penny of financial debt in my entire life.

A friend of mine once told me that this means I can know nothing about loans and debt. I found that hilarious. To me, the more debt you have, the less you probably know about it.

Even when I was 6 years old, it was completely obvious to me that you pay more for something if you borrow with interest. Give me 50 cents this week, and I'll pay you back a dollar next week only means that I paid a dollar for a 50 cent item.

Likewise, I quickly learned that if you earn interest on your money, then you don't need as much principle to buy something. You are effectively getting a bigger discount on whatever you buy the longer you wait to buy it, so long as you are collecting interest (or any other type of return that I would later learn about). Wait long enough, and you even get it for free, since you could buy it with the interest!

It's so simple that even a little kid gets it.

So why the fuck would I borrow money? I never did.

My parents didn't give me shit, either. I left high school, went straight to college and paid for it myself. I also bought a car during college and graduated with more money than I started college with.

I'm not trying to brag here. I'm trying to make a point.

Most people don't think correctly about money, and it causes them a lot of problems. I think it's because even most really smart people haven't taken the time to understand money on a fundamental level.

Maybe it's better to do this as a child, since your thoughts are simpler? Maybe it's easier to develop habits than to change them?

Most people say that borrowing is the only way they could afford college, or a house, or a car. That's simply not true for the vast majority of people. They just can't conceive of the ways they could be handling their money that would be more to their advantage. Tell anyone this, and they'll get defensive. Don't. That's your ego defending itself and preventing you from seeing your oversights and mistakes. Think about things. Learn.

Nonetheless, I'm none of those things on that "undebtor" list.

I like debt. That's why some of my investments are in institutions that offer credit. That interest I mentioned above that makes everything cheaper if you have delayed gratification? Where do you think that comes from?

That's right. The "need-it-now" people are putting in hours working for me. Eventually, I will live entirely off their labor, evil capitalist that I am.

Don't starve the beast. BE the beast.
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