F.... Keeping up with the Jones's

[MTK]

Originally Posted by FRPLG

Exactly. The number one trait of all millionaires in America is that they don't spend money.

Those who take on debt are in for some pain. Debt means you bought something you couldn't afford. If you can't afford it then don't buy it. Outside of a house one should almost never incur debt.

I agree, but I'll add education to the short list of "good" debt.

[Schneed10]

Originally Posted by Mattyk72

I agree, but I'll add education to the short list of "good" debt.

Yep. A good way to look at it is if the federal government allows you to deduct the interest on your tax return, it's "good" debt. Definitely true for mortgages and student loans.