muses of the moment

January 23, 2011

Debt slaves

Filed under: Long term investing — totallygroovygirlfriday @ 1:43 am

Jim Rickards is interviewed on Click here.

$100 trillion in new debt?

Did you catch the comment about the growing reality that those with a large mortgage and falling home value will be working only to pay the bank and never create equity? That is a debt slave. With the reality of continuing falling home prices for the next 22 years (according to Martin Armstrong), that makes almost everyone that holds a mortgage on the home they are living in a debt slave at some point in the future.

What can you do right now and in the future to prevent yourself and your family from become a debt slave? This is a two-tier approach. Eliminate or minimize current debt (or enough to make sure you are never upside in your home) and create a cash-flow income for the future that can adjust for higher inflation and higher taxes.

Everyone’s path will be different. This is the time to start asking these questions, finding solutions for your situation, and working a plan.

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