Quote of the Week
Posted by TFG on 14th December 2006
I’m writing “Dolly’s bra” in my notable quotables file. That’s some good stuff.
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Archive for December 14th, 2006
December 14, 2006
Gimme Yo Money
Posted by TFG on 14th December 2006
Francis “Chuckles” Poretto touches on a subject dear to my heart, and that’s living within your means. I had one grandfather (to whom I owe more than anyone knows) and one uncle who taught this lesson to me. I had one set of parents and one uncle who mostly ignored it. It took me to only a few years ago to understand the sheer power of it. Debt is the most crushing thing a man can endure, if he’s honorable. And there have been far too many times when I wasn’t, and I am personally, intimately shamed by that.
999 out of 1000 economists will tell you to leverage yourself and manage your debt. “Rent what you can’t lease, lease what you can’t buy, finance what you can’t own outright.” There’s surely some wisdom there, but like the jitterbug, it escapes me. Being in the process of buying a house with cash, I’ve had an alarming number of people tell me that I’m not too brite to do so, and that I should finance it. I’m also in the process of having one of my beloveds launching herself into the world, asking me (me!) about how to go about it. I give her the reverse advice — own whatever you can, finance what you have to, lease as a last resort, and if you’re renting, you’re throwing money down a hole. It’s worth it…the peace of mind is worth it. The fiscal benefits of that philosophy are a wonderful benefit, too.
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