There are two classes of debts, and these are so different in nature that they deserve to be here described, as follows: 1. There are debts incurred for luxuries which become a dead loss. 2. There are debts incurred in the course of professional or business trading which represent service or merchandise that can be converted back into assets. The first class of debts is the one to be avoided. The second class may be indulged in, providing the one incurring the debts uses judgment and does not go beyond the bounds of reasonable limitation. The moment one buys beyond his limitations he enters the realm of speculation, and speculation swallows more of its victims than it enriches. Practically all people who live beyond their means are tempted to speculate with the hope that they may recoup, at a single turn of the wheel of fortune, so to speak, their entire indebtedness. The wheel generally stops at the wrong place and, far from finding themselves out of debt, such people as indulge in speculation are bound more closely as slaves of debt. Copied from RBCG Facebook page by Pamela Tsitsi Mago
Posted on: Wed, 12 Mar 2014 16:29:00 +0000
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