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Is It Possible To Be Wealthy And Debts Free? - Family - Nairaland

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Is It Possible To Be Wealthy And Debts Free? by Donspicey: 1:01pm On Mar 19
I have encountered many Wealthy Business men with series of Investments but once you ask them for financial assistance they will start telling you about how many people and financial institutions that they are owing which leaves me with many thoughts...

Is it possible to work,save up,and start Businesses with out debts and still be Wealthy?

Lets Discuss..........

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Re: Is It Possible To Be Wealthy And Debts Free? by Mrsoft3(m): 1:10pm On Mar 19
Donspicey:
I have encountered many Wealthy Business men with series of Investments but once you ask them for financial assistance they will start telling you about how many people and financial institutions that they are owing which leaves me with many thoughts...

Is it possible to work,save up,and start Businesses with out debts and still be Wealthy?

Lets Discuss..........


Your definition of wealth matters, debts is of two ways.
You can collect debt to invest and make profit
You can collect debit and spend on needs.
One is debt for asset the other is debt for liability. I have discovered every big business venture borrow to increase their business, even dangote has to borrow. There are many companies in the fmcg industry that borrow from bank to buy very expensive machines and pay interest rate, they do this because they already have a strong market with less competition and also longer life span of relevance.

You can save some few millions and start up but to grow you must understand you need more input,henvy you hear people calling for investors if they can't take loans etc.

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Re: Is It Possible To Be Wealthy And Debts Free? by Donspicey: 1:17pm On Mar 19
Mrsoft3:



Your definition of wealth matters, debts is of two ways.
You can collect debt to invest and make profit
You can collect debit and spend on needs.
One is debt for asset the other is debt for liability. I have discovered every big business venture borrow to increase their business, even dangote has to borrow. There are many companies in the fmcg industry that borrow from bank to buy very expensive machines and pay interest rate, they do this because they already have a strong market with less competition and also longer life span of relevance.

You can save some few millions and start up but to grow you must understand you need more input,henvy you hear people calling for investors if they can't take loans etc.


What a life..No wonder many rich men are kind of Stingy..
Re: Is It Possible To Be Wealthy And Debts Free? by edoman2016: 1:18pm On Mar 19
It is rare to be wealthy and be debt free. You need big money to scale your business. And most often you will need to borrow from financial institutions. The key is your total assets should be more than your total liabilities. With that, you will be fine.

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Re: Is It Possible To Be Wealthy And Debts Free? by Dtruthspeaker: 3:12pm On Mar 19
Donspicey:
I have encountered many Wealthy Business men with series of Investments but once you ask them for financial assistance they will start telling you about how many people and financial institutions that they are owing which leaves me with many thoughts...

Is it possible to work,save up,and start Businesses with out debts and still be Wealthy?

Lets Discuss..........

The Law is "Sufficiency is the evil thereof!"
Re: Is It Possible To Be Wealthy And Debts Free? by Nuelito: 3:23pm On Mar 19
Partially
Re: Is It Possible To Be Wealthy And Debts Free? by VivaciousEva: 9:01am On Mar 20
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