2007-10-20 02:52:26 · 9 answers · asked by sebastian n 3 in Business & Finance ➔ Personal Finance
Poor with no debts! Money isnt everything, I dont need money and nice things to keep me happy. So debt free for me...
2007-10-20 03:02:25 · answer #1 · answered by Brandi B 1 · 0⤊ 0⤋
The rich man with many debts. If eliminating the debt makes you no longer rich, then you aren't rich. Debt is a proven way to wealth - the 'using other people's money' principle.
Having no debt can be a good thing, but not at the expense of being poor. Being poor with no debt is better than being poor with much debt, but it likely also means you have no credit.
2007-10-20 10:00:49 · answer #2 · answered by curtisports2 7 · 1⤊ 0⤋
I'd rather be rich with many debts, so I can use my richess to pay them off. If I'm rich, that's most likely because I worked hard to get to where I am. Once I pay my debts, I can easily regain that money back.
On the other hand if I was poor and debt free, I'd still be poor and most likely will have to take out a debt if i wanted to purchase something big.
2007-10-20 10:00:52 · answer #3 · answered by Hydraxiz 2 · 0⤊ 0⤋
A rich man with many debts can declare bankruptcy and start over with all the business connections they had before that made them rich to begin with.
2007-10-20 10:03:22 · answer #4 · answered by Vultureman 6 · 1⤊ 0⤋
Ummm... you can't be rich with many debts by definanition:
Assets: 1,000,000.00
Debts: 2,000,000.00
Net Worth: -1,000,000.00
Result: Poor
Assets: 1,000.00
Debts: 0.00
Net Worth: 1,000.00
Result: Poor but wealthier than guy one.
Guy one may seem rich as he has lots of assets, but he's not; if all his debts come due he's broke. Now the guy with more assets may have more income coming off those assets, and his Net Worth might one day switch to positive and eventually overtake guy two's Net Worth. But at this time Guy 2 is worth more.
2007-10-20 23:15:44 · answer #5 · answered by tiescore 6 · 0⤊ 0⤋
Poor man with no debts. Debt-free lifestyle is great. www.daveramsey.com
2007-10-20 10:04:29 · answer #6 · answered by JustPeachy !!! 5 · 0⤊ 0⤋
Rich - you can either pay them off right away, or use the money you have to earn more, and then pay off the debts. Either way, you should still have money.
2007-10-20 11:40:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'd rather be debt-free anytime. Less stress. And if I should die suddenly my family has no worries.
2007-10-20 09:58:35 · answer #8 · answered by Ron 4 · 1⤊ 0⤋
how poor?
2007-10-20 11:26:36 · answer #9 · answered by laurenhonish 2 · 0⤊ 0⤋