Not exact matches
He
borrows sums at exorbitant rates
from Frank (John Goodman), who takes an interest
in the teacher's
future, a Mr. Lee (Alvin Ing), a shark named Neville Baraka (Michael Kenneth Williams), plus a cool quarter million
from his mother, who issues the sum with the caveat that it's the last time she will ever give him
money or even want to see him again.
Taking
money from retirement to pay off debt can be bad
in the same way that creating debt can be bad — you're essentially
borrowing from your
future income.
Every dollar you
borrow will cost more
in the
future, and prevent you
from using that
money on something you truly value.
Borrowing money from your retirement can be risky and reduces the
money you will have
in the
future.
In fact, your credit rating is an essential benchmark for all your
future financing opportunities, whether you intend to get a house, car or
borrow money from a credit issuer.
We
borrowed more
money from our
future selves
in the late 1990s than any group of investors has ever
borrowed from its
future selves
in any earlier period
in history.
Instead, pay the minimum to keep the offer
in effect, put the rest
in the savings account to earn excess interest, and if you need to
borrow money in the
future, don't take a cash advance but instead
borrow again off that same outstanding balance
from the savings account.
There are several different kinds that you can choose
from, but they are an excellent option
in case you need to
borrow money in the
future.
Any time you
borrow money, whether
from a bank, a friend or family member, or a credit card,
in effect you are
borrowing from your
future.
I think the key learnings
from the economic tumble are that: 1) we all need a diversified portfolio (and the closer we are to needing the
money, the safer investment vehicle you need it to be invested
in) and 2) we shouldn't build our financial
futures on expectations (like
borrowing way too much for a house because we «know» it's going to go up
in value.)
Then adulthood sets
in and we realize that we don't actually get to spend all of our
money on fun things like beer and pizza, and that the mark of being an adult has more to do with how nice we are to our
future selves than how much we can
borrow from them.
There are several different kinds that you can choose
from, but they are an excellent option
in case you need to
borrow money in the
future.