I thought some of this was interesting and thought I'd share ,
http://finance.yahoo.com/news/wealth...140818123.html
What is the verdict on penny stocks anyway? I don't know the first thing about those...
I thought some of this was interesting and thought I'd share ,
http://finance.yahoo.com/news/wealth...140818123.html
What is the verdict on penny stocks anyway? I don't know the first thing about those...
“It seemed to me ... that any civilization that had so far lost its head as to need to include a set of detailed instructions for use in a package of toothpicks, was no longer a civilization in which I could live and stay sane.”
Here is a good read on a penny stock (SCAM) company. It is trading again. Hard to believe.
http://www.businessweek.com/articles...mpaign_id=yhoo
“It seemed to me ... that any civilization that had so far lost its head as to need to include a set of detailed instructions for use in a package of toothpicks, was no longer a civilization in which I could live and stay sane.”
Penny stocks have always been, and always will be, pump and dump stocks with high volatility. Avoid at all costs.Originally Posted by Nikky_Flash
Yeahhhh, just about everything in there I either do, I already knew, or felt fluffish. Definitely could have written that article myself on the toilet this morning.
It's a very misleading article, the editors should be ashamed of themselves. The last paragraph, "You can’t be rich if you owe. Use credit only to purchase things of lasting value: a home, an education, maybe a car." Really?
It really boggles my mind how they use the term, "Invisible rich." Almost like George Carlin's "American Dream." "Because you have to be asleep to believe it."
http://www.youtube.com/watch?v=acLW1...yer_detailpage
Last edited by Blitzkrieg; 07-25-2014 at 11:56 AM.
How is that paragraph inaccurate? Most people can't afford to buy an Education, a House, or a Car on their own dime 100%. Those three things are EXACTLY what you use credit for. Credit is not a bad thing either. I think their point there is to limit unnecessary credit expenses that you could cover with cash or your debit card, and more importantly, not to spend lavishly "just because" you have a credit limit.
Many people view credit/credit cards as a safety net, and that's such a bad way of looking at things. People will allow themselves to add more to their credit card to live "comfortably" only to increase the amount they will pay in the end for that comfort, its mind boggling.
My four closest friends, despite all of my financial advice, have debt that could eventually bite them in the ass.
Friend 1: 42k debt, Married, 2 kids, Combined household income of 46k (California)---------Moved away from the midwest to go "home" to california with his family, bought a new car and motorcycle within two weeks of arriving. Had a beater jeep in midwest.
Friend 2: 27k debt, single, no car, 12k annual income (Midwest) ------------- Went upside down on his multi vehicle (car and motorcycle) purchase, managed to blow both of them up prior to repo, got hit with a huge bank bill. On probation as well.
Friend 3: 96k debt, Married, no kids, Combined household income of 71k (Midwest)---------- Continues to "enroll" every year to defer payment on student loans, while using "student aid" money to put down payments on certified pre-owned hyundais.
Friend 4: 11k debt, single, 2 cars, 1 motorcycle, 18k annual income (midwest)--------- Lives paycheck to paycheck because of his hobbies, (RC cars, drag racing, tools, BBQing, etc) Takes a 15% loan out every month (from me) to float him until the 2nd paycheck of every month so his credit card payments don't bounce and he can pay it down.
For each of the examples, I've given them SOUND financial advice on how to get out of debt, fast, easy, and without much overall difference in QOL, yet here they are in possibly crippling debt still, and why? Because they won't give up a slight hit to QOL to pay down their debts before they consume them.
It literally baffles me why we do not education the populace in school about credit, how it works, and how it can harm you if misused. We teach about gun safety, alcohol, drugs, teen pregnancy, and not a damned word is spoken about the biggest, baddest, most devastating QOL influence of all, credit.
It feels like you misread the fact that I didn't highlight a sentence.
The sentence he highlighted, however, is correct. You SHOULD use credit on those things as most people cannot afford to pay cash for them. On top of that, being rich has very little to do with a discussion on credit, and has way more to do with fiscal responsibility.
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