galway_blow_in
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100% , the person in the original post is borrowing for consumer discretionary , not productive assets or even a must have like a car
This is good advice when starting your own business, so long as the bank doesn't have recourse over your personal assets.
In any other context it's dumb. The problem you have, OP is that you are spending too much, not a problem that can be solved by taking out loans. Just because you have built up savings doesn't mean you should be blowing it on a new car or furniture.
The phrase has a Robert Kiyosaki ring to it - the stupid person's idea of what clever financial advice sounds like.
If you want to borrow money to fund a car purchase that's obviously your choice but you are fooling yourself if you think a real interest rate of 6.5% is somehow cheap money - it isn't.i borrowed 30 k in 2013 to buy a jeep , rate was 6.74% ( low no matter what sarenco thinks )
If you want to borrow money to fund a car purchase that's obviously your choice but you are fooling yourself if you think a real interest rate of 6.5% is somehow cheap money - it isn't.