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Timeless Wisdom from SNL, to Cash Strapped American Consumers

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September 03, 2008 – Comments (9) | RELATED TICKERS: UDN , SKF , SRS

There was some "advice" post here on CAPS how not to pay your debt collectors. I might go a little "old school" here, back when people were expected to keep there promises. I can understand certain circumstances, where an unexpected accident or death can put someone in tough economic circumstances. However, most Americans save "net zero", and borrow to consume based on some totally absurbed economic assumptions.

Rule #1 NEVER BORROW for consumption. The only time you should borrow is to buy assets, for work and SOMETIMES as investments.

Watch for some wisdom here:

Don't Buy Stuff You Cannot Afford

Asians are reducing the amounts they are willing to lend, to America, "the only Superpower", COUGH....COUGH...EMPIRE OF DEBT!...COUGH.

I recommend the book Crash Proof, by Peter Schiff, if you do not understand what I am saying.

Here is some Peter Schiff here:

http://www.youtube.com/watch?v=4n3g5lUgkWk

http://www.youtube.com/v/4n3g5lUgkWk&hl=en&fs=1"> name="allowFullScreen" value="true">http://www.youtube.com/v/4n3g5lUgkWk&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344">

9 Comments – Post Your Own

#1) On September 03, 2008 at 5:08 PM, kdakota630 (29.90) wrote:

I also highly recommend Crash Proof by Peter Schiff.

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#2) On September 03, 2008 at 5:36 PM, jstegma (29.38) wrote:

As far as the post about how to get rid of debt collectors goes, some people seem to be taking it as advice not to pay bills that you actually owe.  That was not exactly the intent. 

If you have ever had a dispute over a bill, you know how it works.  You call and discuss it, and if do not agree, either you pay it or they send it to collections.  If they send it to collections that doesn't mean the debt is valid.  It just means bill collectors will call and try to intimidate you into paying it.  That's where my post about having fun with bill collectors comes in.

Let's face it that bill collectors will try to collect a debt whether it was entirely valid to begin with or not.

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#3) On September 03, 2008 at 5:44 PM, StKitt (30.11) wrote:

Another "Old School" book on the subject is The Richest Man In Babylon, by George S. Clason.

Very basic (which is what most people need) parables on general fiscal responsibility and successful investing.

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#4) On September 03, 2008 at 5:57 PM, abitare (96.86) wrote:

The Richest Man In Babylon is short and a timeless classic.

 

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#5) On September 03, 2008 at 6:03 PM, abitare (96.86) wrote:

The Richest Man In Babylon is short and a timeless classic.

 

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#6) On September 03, 2008 at 6:17 PM, StKitt (30.11) wrote:

Another "Old School" book on the subject is The Richest Man In Babylon, by George S. Clason.

Very basic (which is what most people need) parables on general fiscal responsibility and successful investing.

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#7) On September 03, 2008 at 10:55 PM, Tastylunch (29.35) wrote:

Allow me to assist you in your noble effort good sir 

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#8) On September 04, 2008 at 1:06 AM, lquadland10 (< 20) wrote:

Ares how are you? I was just wondering if in front of the news if there is someone out there that could get a group of bi-partisan mandate for the Fed to have only one mandate and that is to defend the dollar and to back it by the gold standard again. What does the fool community think about that?

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#9) On September 04, 2008 at 7:25 AM, abitare (96.86) wrote:

Alcon,

Thanks for the replies.

Tastylunch,

Thank you for the video. I have lost my ability to post videos effectively....

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