If the goal in life is too own the most toys and have the most fun, doing it by paying interest to the bank and enjoying the maximum depreciation is NOT the way to do it.
I knew a guy, and he and his wife together made decent money, and in the driveway and garage they had it all (boat, PWCs, ATVs, camper, dirt bike, snowmobiles, etc.) and all bought on credit. And he seemed to never have the time to use them or the money to fuel or haul them. He'd usually sell them, as soon as they were paid off, with low hours and for half of what he paid for them. And then repeat this cycle over and over again.
I agree, and I know many folks that are so deep in debt' they will most likely never get out of it!
and then there are folks that know how to abuse the system
I had a friend growing up, his parents were super wealthy, owning many successful business's
my friend was spoiled written by parents, he was dumb as stone too, and mean that as nicely as one can
his parents GAVE him a job, his job was filling soda machines
he used to drive a Lamborghini , to work to go fill soda can machine's, lived in a million dollar plus home, and had all the toys , you could nae!
it was ALL on credit, loans out the wazzo
BUT he had fancy lawyers and was able to file bankruptcy and keep MOST things,
a few yrs later, he was again living in a larger house, had a dozen exotic cars(many still from first filling yet that never got taken due KNOWING how to use the system)
he has since gone thru like legal matters , over spending deep in debt, YET< he still lives HIGH on the dime, all on paper, but homes and garages full of toys
SO< some folks know how to magically abuse the system and this is why I think SO many go so deep in loans
they see folks get away with it and figure they will too, and sadly, MANY do!~
IMO<
its a poor example for the REAL working class, that live within there means,pay there bills and have PRIDE In not being in debt and themselves knowing they own NO one anything!
NOT really sure who has the better way of living at this point, as sure seems a lot of folks have figured out how to beat the system and live better off others dimes, than the true working class that pays for what they have !!
its a odd world we live in anymore!