"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." (Mark Twain) And, that is okay with the rich. The poor have a problem with that. Why? The answer is simple. They do not have money sense. They do not understand the game of money. Hence, they are ill prepared to win. I famously tell friends,
I don’t borrow money when I need it. I borrow money when I don’t need it.If I borrow money when I need it, guess what? I am at the mercy of the bank, or borrower. On the other hand, if and when I borrow money when I don’t need it, I dictate the tune. On one hand I am reacting and being acted upon. On the other hand I am proactive and staying ahead of the game in directing its tune. That is the difference between GOOD and BAD Debts. One liberates you. The other imprisons you. You got to know the difference.
So, someone might ask, “why borrow money when you don’t need it?” My answer is, “why not?” I have a big, wild dream. It takes more than what I presently have to get where I am and have determined to go. So, I go for all the resources I have available to me to extend and push myself towards my self-determined goal. I don’t have to do it. Rather, I have chosen to do it. And, again I ask the question, why not?
The rich didn’t get that way by saving pennies. That’s only what they tell their biographers. They made their fortune on borrowed money. – Jane Bryant QuinnIt takes money to make money. It takes money to take money away from you. It all depends on who is winning in the money game. Let me end with a word of caution though. Don't borrow money because it is available. Don't borrow money because others are borrowing. Don't borrow money because it is fashionable. Only borrow because you have done your homework, have the right plan and buffer in place. Never ever lose control even as your take the right calculated risk.
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