Oliver Wendell Holmes, Advisor, Grandkid discussed on The Ray Lucia Show

Automatic TRANSCRIPT

Fifty eight mm hmm man there is no automatic folks hits the road she is showing its emails in a moment before the break i'm sorry about good jadan bad debt i should remind you that oliver wendell holmes one seven ever heard a generalization worth a damn including this one has sought to be careful not to make all generalizations yomiuri here about debt being bad and certainly margin debt is not only bad it's dangerous if your borrowing money against your stocks to try to make a more money i it can really really make your rich but it can make you go broke in a hurry if some black swan event happens at center at cetera so i do not endorse that concept at all so there i will agree with mr munger and mr buffet but most of the wealthy people that i know the wealthiest in fact people that i know got there because they knew how to utilize debt affair active lay so i and i think it's it's something that you really have to explore with your financial advisor because there's there's good debt there is good debt borrowing money to own a home i would suggest to you is pretty darn good debt even today amino prices home prices seem to be a a little bit a high at the present time mortgage interest rates are starting to go up so i'm starting to see articles you shouldn't rant instead of by an at center at cetera i have not found that to be all that attract of of uh of an opportunity even though i am a renter today as gene i try to figure out where we're gonna live in the downsize you know semi retired state and it's been great it's actually been fine because we got to choose where we wanted to rant and we are renting literally two minutes from my daughter's dance studio where my wife spans you know half of her life and virtually five minutes from two of our kids and grandkid's and uh ten minutes from the other two of our kids one of whom who which as grandkids for us but but but when we talk about that i mean i i won't this up the other day the average credit card debt per indebted household is sixteen thousand sixty dollars and seventy eight cents at an average interest rate of fourteen.

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