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RE: The rich buy assets, the poor liabilities and that is a secret of getting rich!

in LeoFinance • 3 years ago

I was reading yesterday a tweet from Peter McCormack...hope I haven't wrote his name wrong, that he took a $46,000 credit that he has to pay in 6 years to buy 2.55 BTC. I was thinking of taking credit for crypto for a few months but I'm unemployed and nobody gives me credit. I don't get people taking credits,huge amounts, for cars though. Those depreciate a lot.

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3 years ago in LeoFinance by
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     3 years ago  

    Hi
    I think appreciating liabilities are a two edged sword. Yes they are appreciating, but the situation requires great caution, and close examination of capitol preservation, so you can at anytime get out and pay off the debt, if the monthly payment gets to big. That’s the basic problem with depreciating liabilities, you can’t take it back and payoff the debt.

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