I'll just put this here.. Dr.Umar Johnson Wealth vs Paychecks

[TooLazyToMakeUp1]

Reminds me of Guns & Butter

[ame="http://www.youtube.com/watch?v=ga8o9eepj5s"]http://www.youtube.com/watch?v=ga8o9eepj5s[/ame]

"I hear you."

 

[GoFlipAPack]

Reminds me of Guns & Butter

http://www.youtube.com/watch?v=ga8o9eepj5s

"I hear you."

'Little dumb motherfukkers"

 

[runninthaagaame]

Word

 

[CrimsonTider]

not really. If I have 50,000 in the bank and you got 50,000 in debt. I got 100,000 over you.

Not really.

If the $50,000 is a mortgage.

Then property is an asset just like your cash.

 

[CrimsonTider]

I'd like to see these facts that he's spewing. I'm only 2 mins in, but I find it hard to believe the AVERAGE white middle class home has $100,000 in wealth more than the AVERAGE black middle class home.

That sounds fishy.

I do get what he's saying.

This is the reason I didn't buy that 335i.

Live WAY below your means, and invest your bread. Have a squirrel fund. If you don't have enough money to live for 5 or so months without working, then you need to save more money.

edit: This nikka dropped the flex bomb! ​

How come you didn't buy the car?

Because you didn't have enough money saved as you would like?

 

[msims]

How come you didn't buy the car?

Because you didn't have enough money saved as you would like?

Nah, I had around 20k to put down on it. The car itself, used, was like 25k. I could have almost got it straight off the lot. I decided to use the money I have saved for my student loan when I graduate, instead.

After that, I'm still gonna focus on my Guns. I'm not buying any butter until I feel wealthy enough.

​

 

[msims]

Not really.

If the $50,000 is a mortgage.

Then property is an asset just like your cash.

I thought you don't own that house until you pay that mortgage off. Debt is debt.

​

 

[CrimsonTider]

I thought you don't own that house until you pay that mortgage off. Debt is debt.

​

No, the Debt is a liability the property is an asset


Paying the mortgage decreases the liability, but the Asset can be converted into cash at anytime or it can increase in value at anytime