Expensive Scott,
I really feel a bit disturbed when a distinct technique lately got here to my consideration. For those who don’t have any kids (or don’t plan to, which is changing into extra frequent) and are subsequently not anxious about what you would possibly go on to your kids once you die, then you must borrow as a lot cash as you may and pay again as little as attainable. Get a mortgage to purchase a phenomenal home, get loans to go on holidays, purchase issues that convey you pleasure, reside it up just a little. Simply get pleasure from your life to the fullest with out worrying about working an excessive amount of. Simply pay again just a little to maintain the lender off your again however don’t fear about how a lot you’re borrowing, or how a lot curiosity it could add as much as through the years … since you get the cash, spend it, get pleasure from it and you then die with nobody left to pay the debt. Win! Or is it?
Debbie
Hello Debbie,
That is the type of ‘technique’ that folks give you on the pub … after six schooners.
It’s true that, for those who die with out sufficient to repay your money owed, they’ll usually be forgiven. (Although not if the debt is in joint names – the lender will chase the surviving individual.)
Sounds easy, proper?
It most definitely is just not.
Are you able to think about how disturbing it could be to be outdated and financially pressured about maintaining your repayments? To be getting hassled by banks or debt collectors?
Moreover, the overwhelming majority of individuals wish to go away a legacy, or no less than sq. the ledger earlier than they meet their maker.
Scott.
#Die #Debt #Technique #Barefoot #Investor #Scott #Pape
