stevera004
Senior Don Juan
- Joined
- Aug 4, 2004
- Messages
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Pay off all debts, starting with highest interest rate debt.
A $10,000 question......
- Thread starter cave dweller
- Start date
Re: Re: Re: Re: A $10,000 question......
My business partner and I have millions in real estate debt, but only keep $20-$30k in the bank at any given time to cover monthly payments. If I need more, I borrow it.
Debt gets such a bad rap, and "reserve" accounts get too much credit. I should probably keep this stuff to myself since it would be easy for someone to misunderstand what I say and think that they don't need ANY kind of a safety net. You really need to understand the WHOLE picture in order to make it work.
I was saying that I would not keep the money in a bank account. Only enough to cover monthly expenses. The only way I would keep it in the bank is if I had horrible credit and couldn't borrow for an emergency (you can always borrow money, but thats another story).Originally posted by sifer
I totally agree, nothing is more true than being able to learn, be creative, and leverage your way to wealth and rich in the shortest amount of time.
It's called efficiency. And I am damn sure you are damn good at it as I am STR8UP.
And btw, I did say to keep it in a bank account.You must've missed it.
My business partner and I have millions in real estate debt, but only keep $20-$30k in the bank at any given time to cover monthly payments. If I need more, I borrow it.
Debt gets such a bad rap, and "reserve" accounts get too much credit. I should probably keep this stuff to myself since it would be easy for someone to misunderstand what I say and think that they don't need ANY kind of a safety net. You really need to understand the WHOLE picture in order to make it work.