Q: This sounds like a dumb question, but I know nothing about finance, and I'd be grateful for your help.
Tuesday, July 12th 2005, 6:12AM
by The Landlord
My brother-in-law and his wife have two investment properties, plus their own home. All are mortgaged to the hilt.
He is in a very well-paid job, and they lead a fantastic, high-rolling lifestyle.
Their financial philosophy is to use "other people's money", ie, the bank's, to make money for themselves. Several of my partner's workmates operate along similar lines and he now wants us to have a go at it.
I'm unhappy about this, as I do not like getting into debt. We are ordinary, working-class people.
Currently, our only debt is a $40,000 mortgage on our $300,000 house. We have no credit card or hire purchase debt, a small pension plan and $15,000 rainy-day savings.
I enjoy my lifestyle and am quite content, but am I being dull or over-cautious - as my partner says?
