Quote Originally Posted by 1967Goat View Post
I think a lot of people just have a lot of debt. Me, I like to pay cash for things. My 98 Mobius was rough when I bought it last year for $3k. I'm putting money into it and will sell it in a few years for a profit and buy a nicer boat.

I see it all the time and just shake my head. I live just off a highway going into the mountains. I see folks with a $60k diesel truck pulling a $60k trailer. Some may have paid cash for their toys, but I bet a lot of people are in debt up to their eyeballs. I'm not one to judge, but that is not the way for me.

I'd like to see their retirement account balances. I am pretty comfortable with my 401k balance. My only debt is my mortgage. The goal is to retire in my late 50's, maybe 60, with $2 Mil in the bank/retirement account. Both my wife and I work.
Good thing, none of us have any idea what's going on in someone else's finances. Debt isn't a bad thing if you can afford it, especially currently when money is virtually free.

I subscribe to the 'cash is king' mentality, but I keep the cash in the bank. So when I can mortgage a house at 3%, get a car loan for 0%, or a boat loan for 5%...I do it, that interest rate is the small price to pay for the service...and it's what allows me to keep a large chunk in the bank. Earning interest (above the rates I pay) and as a 'just in case' fund.

I'd much rather have the cash if something bad happens. IDK what that would be since we own a company that's been around since the 1930s but who knows. Owning assets is great, until you have to unload them to sell for unforeseen medical expenses, job hardship, etc.