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Grow Your Investments with the Best Mutual Funds and ETFs: Making Long-Term Investment Decisions with the Best Funds Today by Stephen McKee

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Neither a Lender nor a Borrower Be

THE CHAPTER TITLE IS FROM SHAKESPEARE, BUT LET IT BE KNOWN that borrowing to buy something productive is not inherently wrong or dumb.1 Borrowing to buy something consumable or disposable, however, is. Those are the things that have no collateral value or are quickly consumed, like borrowing to buy a meal. The difference is between buying clothes on credit and a car on credit. Both depreciate, but in the former case the rate of depreciation is so quick and complete that there is never a way to sell the clothes if you have to at anywhere near what you paid and thus fully pay off the loan. Cars, planes, and RVs ...

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