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 Fri, 10 Feb 2012 15:13:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Susan http://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 Bach http://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 Talking http://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 Wagner http://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 Talking http://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 Wagner http://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: Susan http://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 Haines http://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 Pearson http://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: Susan http://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?

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