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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 457.82+1.3%Jan 23 4:00 PM EST
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To: Haim R. Branisteanu who wrote (43297)12/1/2008 12:33:55 AM
From: elmatador  Read Replies (1) of 219690
 
I have been ZERO debt AND minimum six months pay in the bank since April 1976. Here's how it started. I had an accident pole climbing on top of a microwave tower mid March 1976.
Then I believed in social security saftey net. Brazil had implemented just about that time.

It must be noted that I earned little money then at the beginning of my career.

Doctor told me more than 15 days to recover, I went out of Philips payroll into social security. That meant end of the month I wold not be paid by Philips but by the institution.
It was to be paid, 5 weeks in the future. Besides the pat would be only 75% of total income

That meant at the end of the month I had 1/2 of my pay of the month of March I had worked. In total I had 9 weeks to go with very little money. But I was getting ready to marry first time and had savings in the bank so it was no problem. But I imagined me with kids, with an accident, with bills to pay, rent or mortgage and that created enough fear for me to decide that I will always will have six months of pay in the bank. And I did it ever since.

It started when I was walking back from the doctor and something struck me -I can even recall today the exact place I was walking- in Brazil you need to have money. If you don't have money and you think there's a safety net you are in trouble.

It always felt good, to ask for discount by having the cash in hand. I used credit 3 times: I bought mny first apartment with 50% up front (1979). I have bought my first car, with 70% up front (1977). And I used a credit facility building my house, deferring payment from end 2006 to begining 2007. That was it.

I will never ever go in debt. The banking system attending the personal needs of people can go to the moon today, it doesn't make a difference to me.
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