Some Facts - Where most Australians are Financially......

Fair enough. Bot I would never call a person rich if he has debts. A rich person doesn't need any money except his own. Why - because he is rich.

 

Sweeping generalization don't you think?

 

OK mate. I can see we are miles apart in our philosophical beliefs on a few issues so we'll agree to disagree.

 

It's just an intricate part of building wealth, even if you don't employ it what you own is worth what it is worth because of other people's debts. If you don't use some type of leverage you are effectively stuck in second gear.

As I said earlier if you don't want to use it that is fine but if there is a world wide financial collapse what you own is also worthless. It doesn't mean you have to be in hock up to your eye balls but a responsible lvr, nothing wrong with it.

 

There you go again.

 

I will explain. I'm building my wealth for the last 30 + years. I used to do it with several investment strategies - one of them was property investment. Now I have understood how I can make a lot more with a lot less and not using property anymore.
The problem I see with the economy is that everything is nose deep in debt, it will backfire, it can't go on like that forever, so I'm not borrowing myself and trying to convince others that it's not the right thing to do.
Cheap money that you can borrow now will end one way or another and a lot of people will get burnt. Also cheap credit helps prices to rise too fast, it's also not good and it will bring problems later.

 

I own my SKILL that'll feed me in any financial collapse as long as there are markets.

 

Sure but if we have a debt Armageddon whatever it is you are doing is worthless too. The value of assets is tied to the amount people can borrow. You can sit back and not borrow but it doesn't make your investments immune.

 

OK mate, Thanks for explaining your position. While I certainly don't agree with you, as long as whatever your doing works for you, then that's the most important thing.

 

I love how people think mindset has any relevance. Mindset is for people who try to compensate for lack of talent with positive thinking.

 

Forex trading?

 

And that's good. I will also work (if you can call work what I do) until I die, because it's interesting. If I'll be VERY rich, there won't be any motivation for me to work. It'll be boring and dull.

 

How do you know? It would be an unprecedented event. The only skill worth having could be the ability to wield a weapon.

 

I put my weapons aside a long time ago. Even during the Great depression there were people who made a lot of money.

 

There is always money to be made. We're not debating that though...

 

Well, stop borrowing and there will not be a debt Armageddon ever.

 

It's one of them.

 

I believe that on another thread you stated that you made money Forex Trading, how long have you been doing this?

Edit: I see your answer to HUGH 72,

How do you trade forex positions without leverage?

 

Stop eating and you will stop pooping

 

I didn't state that I have made money trading, I said that's it's possible and anyone can achieve this with a lot of effort though. I'm on my 12th year of learning.