I can’t help but get tired of the seemingly insane amount of leverage that people, business, and our government utilizes. Even seemingly reputable agencies like the FDIC may actually have to borrow from the treasury to keep their butts covered as an increasing number of banks are in danger of failing thanks to (you guessed it) too much of their money being tied up in the sub prime and other mortgage securities.
I also read on to find out that if I want to be a millionaire, I better start borrowing, too. I bet I’ll need to borrow to pay for that $300,000 golf club membership, too. According to the article you’re not “rich” unless you have $24 million in assets or more. How rich are we talking here, and relative to who? How many Americans will ever even come close to that kind of scratch? Forget Americans, actually, how many humans on the planet will ever even reach $1 million in assets? Not many, is the answer.
Forget what the financial press tells you when it comes to what you’ll need. The only person who knows how much you need to live on is you. Creating recurring income streams as well as investment income may require the help of a professional if you don’t want to put the time in to do research and development of your financial plan, but I have news for you, most people don’t need $24 million to feel like they are truly rich.
Tags: debt, debt spending, financial news
My name's Frank and I'm a life long seeker of passive income and dividends. I work in Financial Services and invite you to join me in my search for the holy grail of finance: passive income. My methods tend to be unorthodox but effective. Whether it's through investing or other means, I believe in creating many sources of income to give me the flexibility to live the life I want, when I want it.
