This is defeatist. You can pay off your student loans (I did) and your mortgage (I did). You don't need a smart phone or a phone plan (I have neither) or netflix (also don't have it). Don't accept "the world mandates that I do X" ; create your own path.https://twitter.com/AetiusRF/status/1121162094320259077 …
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Replying to @MorlockP
Before you could get everything on credit, you had to save for stuff or go without. Maybe that was morally better, maybe not, but now you have three choices instead of two. How is this worse, exactly?
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Replying to @ee_elephant
I agree with you! I defend credit as a good thing; it creates more choices. I just attack people who say that choices are bad.
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Replying to @MorlockP @ee_elephant
Also, credit isn't a universal bad. The main issue with debt these days is that many people enter into it *casually*. "I want a new car, so I'm gonna pay $800/mo for 72 months because I can!" No. Entering into debt is a major decision! Think it through! Consider ROI!
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Replying to @VarangianSkull @ee_elephant
We just had central AC installed in the house, after dreaming of it for 5 1/2 years. I asked wife "what percent of people getting this do it on credit, or borrow against their 401(k), do you guess?" her: "90%". I bet she's right.
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Replying to @MorlockP
So do I. Don't have it to hand, but there's a study on how many Americans could raise $2000 on 30d notice. Any source would do. $2K chosen as a proxy for something expensive happening to your car. Result? A majority couldn't do it. Wait, this gets better ....
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Replying to @ee_elephant @MorlockP
... so then they looked at families with $200K incomes. The richest 3% in the richest country the world has ever seen. 30% of them couldn't do it either. No cash and maxed out credit. This is a choice.
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Replying to @ee_elephant @MorlockP
I'd go insane, living on the edge like that. The stress from that must be nuts. Would much rather dial down my standard of living a notch or two and not go insane.
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we're in that top 3% (barely). We have discussions like "well, if your dad does have health issues, we could move him up here and buy a condo [ in cash ] " Living without a net is insane.
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Replying to @MorlockP
The state will be the safety net, though, right? Right???
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Replying to @ee_elephant @MorlockP
The average joe is a socialist when it comes to his safety net, but a capitalist when it comes to his car and his xbox.
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