Comments on: Wealth Building, Rule #1 http://agbeat.com/editorials/g-love/wealth-building-rule-1/ News, insights, tools, and inspiration for business owners and professionals Wed, 16 May 2012 17:25:59 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Susanhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11364 Susan Sun, 15 Jun 2008 22:59:40 +0000 http://agentgenius.com/?p=2112#comment-11364 Being 100% debt free sounds great if I could still have a substantial amount in the bank to fall back on. Right now, I do have some good debt which I will keep for a while because I like having my money in the bank to use if I need it. No need to give it to anyone sooner than necessary. Being 100% debt free sounds great if I could still have a substantial amount in the bank to fall back on. Right now, I do have some good debt which I will keep for a while because I like having my money in the bank to use if I need it. No need to give it to anyone sooner than necessary.

]]> By: Benjamin Bachhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11237 Benjamin Bach Fri, 13 Jun 2008 19:38:39 +0000 http://agentgenius.com/?p=2112#comment-11237 Mariana, I know some people who own everything free and clear, including some notable exceptions to the rule - rich ones. Let me clarify that - wealthy ones. The *wealthy* people I know that own and develop real estate have lots of cash. Not a couple million, not 10 million, but *lots* of cash. Until I have that kind of kesef, I'll use good debt and positive leverage to my advantage. BenjaminBach.com Mariana, I know some people who own everything free and clear, including some notable exceptions to the rule – rich ones.

Let me clarify that – wealthy ones. The *wealthy* people I know that own and develop real estate have lots of cash. Not a couple million, not 10 million, but *lots* of cash.

Until I have that kind of kesef, I’ll use good debt and positive leverage to my advantage.

BenjaminBach.com

]]> By: BawldGuy Talkinghttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11236 BawldGuy Talking Fri, 13 Jun 2008 19:33:07 +0000 http://agentgenius.com/?p=2112#comment-11236 To each their own. So much relies on comfort zone. To each their own. So much relies on comfort zone.

]]> By: Mariana Wagnerhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11223 Mariana Wagner Fri, 13 Jun 2008 16:55:44 +0000 http://agentgenius.com/?p=2112#comment-11223 Thank you. I respect that viewpoint, and I love how technology has helped free our time up. My investments do/will consist of IRA/real estate investements. I just do not like "owing" people/companies anything. Thank you. I respect that viewpoint, and I love how technology has helped free our time up. My investments do/will consist of IRA/real estate investements. I just do not like “owing” people/companies anything.

]]> By: BawldGuy Talkinghttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11220 BawldGuy Talking Fri, 13 Jun 2008 16:39:18 +0000 http://agentgenius.com/?p=2112#comment-11220 Mariana, http://www.bawldguy.com/podcast/grandpa_economics.mp3 Mariana,

http://www.bawldguy.com/podcast/grandpa_economics.mp3

]]> By: Mariana Wagnerhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11215 Mariana Wagner Fri, 13 Jun 2008 16:31:55 +0000 http://agentgenius.com/?p=2112#comment-11215 Personally, I want to be 100% debt free ... If I can pay cash for everything I want, then there is no need to carry around any debt. I do not want to owe anyone anything. Personally, I want to be 100% debt free … If I can pay cash for everything I want, then there is no need to carry around any debt. I do not want to owe anyone anything.

]]> By: Susanhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11211 Susan Fri, 13 Jun 2008 15:35:47 +0000 http://agentgenius.com/?p=2112#comment-11211 “Good Debt” isn’t necessarily an oxymoron. I owe $200K on a house that I bought for $290K and it is currently worth $400K… so if you look at it that way, the debt definitely isn’t bad, because it could be covered (and then some) by selling." Thats definitely good debt and a good investment! Thanks for the compliment on the site. “Good Debt” isn’t necessarily an oxymoron. I owe $200K on a house that I bought for $290K and it is currently worth $400K… so if you look at it that way, the debt definitely isn’t bad, because it could be covered (and then some) by selling.”

Thats definitely good debt and a good investment! Thanks for the compliment on the site.

]]> By: Braxton Haineshttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11204 Braxton Haines Fri, 13 Jun 2008 07:36:00 +0000 http://agentgenius.com/?p=2112#comment-11204 @Susan "Good Debt" isn't necessarily an oxymoron. I owe $200K on a house that I bought for $290K and it is currently worth $400K... so if you look at it that way, the debt definitely isn't bad, because it could be covered (and then some) by selling. Just my 2 cents... I'm a glass half full type of guy though! ;-) PS - Nice website, very clean!!! @Susan

“Good Debt” isn’t necessarily an oxymoron. I owe $200K on a house that I bought for $290K and it is currently worth $400K… so if you look at it that way, the debt definitely isn’t bad, because it could be covered (and then some) by selling.

Just my 2 cents… I’m a glass half full type of guy though! ;-)

PS – Nice website, very clean!!!

]]> By: Brian Pearsonhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11111 Brian Pearson Wed, 11 Jun 2008 21:53:28 +0000 http://agentgenius.com/?p=2112#comment-11111 So many people gloss over when you try to explain that debt can be good. People think they have to pay down the mortgage asap and put all their money into it ... Try this .. If you put 20,000 down on an investment property worth 100,000 and the house goes up by just 5% a year, that's 25% on your original investment! Even if you rent it out and break even with your mortgage payments, you're gonna come out way ahead in the long run. Pretty good retirement fund if you ask me, and I think the gains are only half taxable (capital gains?) Another thing I've seen is the "Smith Manoeuvre" .. borrow against your house to invest and then you can claim the mortgage interest on your taxes ... brilliant in my opinion. Brian. So many people gloss over when you try to explain that debt can be good. People think they have to pay down the mortgage asap and put all their money into it …

Try this .. If you put 20,000 down on an investment property worth 100,000 and the house goes up by just 5% a year, that’s 25% on your original investment! Even if you rent it out and break even with your mortgage payments, you’re gonna come out way ahead in the long run. Pretty good retirement fund if you ask me, and I think the gains are only half taxable (capital gains?)

Another thing I’ve seen is the “Smith Manoeuvre” .. borrow against your house to invest and then you can claim the mortgage interest on your taxes … brilliant in my opinion.

Brian.

]]> By: Susanhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11082 Susan Wed, 11 Jun 2008 19:19:39 +0000 http://agentgenius.com/?p=2112#comment-11082 "Good Debt" is somewhat of an oxymoron, don't you think? “Good Debt” is somewhat of an oxymoron, don’t you think?

]]> By: Braxton Haineshttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-11034 Braxton Haines Wed, 11 Jun 2008 06:56:56 +0000 http://agentgenius.com/?p=2112#comment-11034 Great advice, now give us some examples of good debt investments, how to find them, how to get involved, etc. Basically, I need a blueprint to become a millionaire with little to no effort. ;-) Great advice, now give us some examples of good debt investments, how to find them, how to get involved, etc.

Basically, I need a blueprint to become a millionaire with little to no effort. ;-)

]]> By: Jennifer in Louisvillehttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10974 Jennifer in Louisville Tue, 10 Jun 2008 19:28:23 +0000 http://agentgenius.com/?p=2112#comment-10974 Thanks for the kind words, Benjamin! :) Thanks for the kind words, Benjamin! :)

]]> By: Benjamin Bachhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10941 Benjamin Bach Tue, 10 Jun 2008 12:23:17 +0000 http://agentgenius.com/?p=2112#comment-10941 Thanks Christopher Jennifer in Louisville, thanks for sharing that perspective. I agree with you, and shared your quote on my blog @ BenjaminBach.com. Check it out! Good advice Susan H! Thanks Susan - sometimes we need to be reminded what we already know, and what we should know. Nickie, welcome to AG ! Bill, thanks for the coles notes. Do you have any Loonies to spend ? Lots of buying power ! Thanks Christopher

Jennifer in Louisville, thanks for sharing that perspective. I agree with you, and shared your quote on my blog @ BenjaminBach.com. Check it out!

Good advice Susan H!

Thanks Susan – sometimes we need to be reminded what we already know, and what we should know.

Nickie, welcome to AG !

Bill, thanks for the coles notes. Do you have any Loonies to spend ? Lots of buying power !

]]> By: Bill Lublinhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10933 Bill Lublin Tue, 10 Jun 2008 09:46:37 +0000 http://agentgenius.com/?p=2112#comment-10933 credit Cards=Bad mortgages=good Especially in Canadian $$ these days ;-) Nice Job Benjamin! credit Cards=Bad
mortgages=good
Especially in Canadian $$ these days ;-)
Nice Job Benjamin!

]]> By: Nickie Rothwellhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10930 Nickie Rothwell Tue, 10 Jun 2008 05:52:03 +0000 http://agentgenius.com/?p=2112#comment-10930 Words of wisdom... Words of wisdom…

]]> By: Susanhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10915 Susan Tue, 10 Jun 2008 04:13:20 +0000 http://agentgenius.com/?p=2112#comment-10915 Got it Benjamin, and so true. Good job spelling it out so simply. Got it Benjamin, and so true. Good job spelling it out so simply.

]]> By: Susan Hilton - Texas Aggie Realtorhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10902 Susan Hilton - Texas Aggie Realtor Tue, 10 Jun 2008 00:58:40 +0000 http://agentgenius.com/?p=2112#comment-10902 Buy low and sell high! Buy low and sell high!

]]> By: Good Debt, and Kitchener Waterloo as an Investment Destination | The Wealth Building Guyhttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10873 Good Debt, and Kitchener Waterloo as an Investment Destination | The Wealth Building Guy Mon, 09 Jun 2008 20:35:23 +0000 http://agentgenius.com/?p=2112#comment-10873 [...] AgentGenius we’re having a great discussion on Good Debt vs Bad Debt, prompted by Seth’s blog this [...] [...] AgentGenius we’re having a great discussion on Good Debt vs Bad Debt, prompted by Seth’s blog this [...]

]]> By: BawldGuy Talkinghttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10871 BawldGuy Talking Mon, 09 Jun 2008 20:25:29 +0000 http://agentgenius.com/?p=2112#comment-10871 Yeah, the cat they haven't quite skinned is the one who got that tongue, too. :) Yeah, the cat they haven’t quite skinned is the one who got that tongue, too. :)

]]> By: Jennifer in Louisvillehttp://agbeat.com/editorials/g-love/wealth-building-rule-1/#comment-10863 Jennifer in Louisville Mon, 09 Jun 2008 19:57:47 +0000 http://agentgenius.com/?p=2112#comment-10863 Excellent advice that most persons simply just do not understand. They get told by the media and self-proclaimed "experts" that they should cut up their credit cards, and get rid of all their debt so they can be financially sound. When in reality, most persons that are considered wealthy (other than by lottery winnings, or inheritance) - had to go into debt at some point to get their product/business off the ground. Excellent advice that most persons simply just do not understand. They get told by the media and self-proclaimed “experts” that they should cut up their credit cards, and get rid of all their debt so they can be financially sound. When in reality, most persons that are considered wealthy (other than by lottery winnings, or inheritance) – had to go into debt at some point to get their product/business off the ground.

]]>