From: Apprentice Millionaire
Hi all!
I have just finished reading John McGrath's book entitled "You don't have to be born brilliant". Some interesting things, others not so interesting.
At the end of his book (on pages 201 and 202 to be precise), he writes:
"For most of us, borrowing is an unfortunate necessity when buying a property. We have to do it, but we ought to keep it to a minimum. There is a simple principle to follow: borrow as little as you need to advance yourself financially. If you can make the purchase by borrowing 70 per cent instead of 80 per cent of the price, borrow the 70 per cent"
Am I naive, or am I right in thinking that this "youngest and most successful businessman" (that's on the back cover of the book) preaches to do what he says but not what he does? Why should I lock up my funds, slowing my progress towards wealth creation?
P.S.: I know some of the readers of this forum do not hold this gentleman in high esteem. Or at least his company...
Cheers
Apprentice Millionaire
(Jacques for those who want to know me by a name)
Hi all!
I have just finished reading John McGrath's book entitled "You don't have to be born brilliant". Some interesting things, others not so interesting.
At the end of his book (on pages 201 and 202 to be precise), he writes:
"For most of us, borrowing is an unfortunate necessity when buying a property. We have to do it, but we ought to keep it to a minimum. There is a simple principle to follow: borrow as little as you need to advance yourself financially. If you can make the purchase by borrowing 70 per cent instead of 80 per cent of the price, borrow the 70 per cent"
Am I naive, or am I right in thinking that this "youngest and most successful businessman" (that's on the back cover of the book) preaches to do what he says but not what he does? Why should I lock up my funds, slowing my progress towards wealth creation?
P.S.: I know some of the readers of this forum do not hold this gentleman in high esteem. Or at least his company...
Cheers
Apprentice Millionaire
(Jacques for those who want to know me by a name)
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