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We were brought up to believe that we shouldn't borrow money. Were Mum and Dad wrong?

by Guest738  |  11 years, 1 month(s) ago

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We were brought up to believe that we shouldn't borrow money. Were Mum and Dad wrong?

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  1. Guest738

     Yes and no! The golden rule of borrowing money is to borrow for appreciating assets such as property, not for consumables that depreciate in value. Our parents were right in deterring us from borrowing money for cars etc, which ultimately are worthless. However, no one bothered to explain to them that debt, if used for appreciating assets such as property, is a most important tool in building wealth.

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