Monday, July 25, 2016

Running On Empty Money

Talking about his new book, James Altucher says at one point,

Wealthy people own valuable assets. The middle class and poor simply rely on salaries.

That's strange. One of the hallmarks of being middle class is that you have cash. You have this ability to take advantage of situations because you have cash to invest.

in my mind, if you don't have cash you are a worker.

Maybe it's a USA thing, but in the UK it's clear. Of course we have a pseudo-middle class living on borrowed money - but with average debt to available income running at 132%, that can't go on forever.

And if the average is 132%, think how high it must be for some people.

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