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Re: As Jim puts it, â��what is the value of a contract that cannot performâ��? 

By: micro in POPE IV | Recommend this post (4)
Thu, 01 Jun 17 6:04 PM | 81 view(s)
Boardmark this board | POPES NEW and Improved Real Board 		Msg. 26242 of 47202
(This msg. is a reply to 26230 by capt_nemo)
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Quite agreed Nemo

Everyone should learn skills in being able to do things.
Whether it is how to grow your own food, do Plumbing, electric, carpentry, repair cars, everything that is basic to living.

All the rest is just fluff and worthless BS when things get tough and you have to just simply survive using basic skills.

I , probably like many here, have NO DEBT. I am sure RIBS and DGP have no mortgage payments and own their places like I do. I have been debt free for the past 15 years. It's a good feeling.
Problem with society today is MOST do not live within their means and choose to do so. THAT is the same dysfunctional economic model as most governments and MOST businesses.

Living within your means and being out of debt only means you keep ALL of what you earn and decide whether you want to spend it on something, or do not. It also means you can weather the majority of financial downturns and live on a lot less than the vast majority of other people.

Happiness is NOT a function of how much money one makes or THINGS that one accumulates...

In the end, you cannot take any of it with you.

The article is to me a reminder of the basic belief system I have had for a long time and practiced.

Don't live in a big house, built most of the one I live in, haven't had the desire to move, pay cash for most everything, and have no debt.
Seems to have worked.

Basic common sense goes an awful long way, does it not?


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The above is a reply to the following message:
As Jim puts it, “what is the value of a contract that cannot perform”?
By: capt_nemo in POPE IV
Thu, 01 Jun 17 7:58 AM 		Msg. 26230 of 47202

Bill

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Worth reading and understanding.

The background painted in this article make it quite clear that historically the concept of debt as a asset is fine until the day the debt cannot be carried or cannot be recouped or repaid as at that point both the debtor and holder of the debt have nothing. So the idea today that owning debt instruments be it mortgages or loans that are owed to you is only as good as the ability to pay.

Smith also reconfirms to us that there are only three kinds of assets that have intrinsic value in difficult times….. productive assets that have a daily need, think toothpaste or a razor…. alternative stores of value that encompass everything from eggs to gold….. lastly the knowledge and experience in your head that is needed by society, think shoemaker…

The rest of so called assets from the trivial to the fashion (new phones, or the seasonal hue of blue in a suit or jeans) are nice but not necessary as you can do without and will do so when push comes to shove.

When this bubble pops, we will see quickly the realities of the day.

http://www.jsmineset.com/

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