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TOPIC: Banking - I'm puzzled
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Re:Banking - I'm puzzled 12 Years, 6 Months ago
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JK2006 wrote:
I have never, in 50 years, had an overdraft. Why would anyone?
Overdrafts, like mortgages allow people to own something before they can afford it outright. Best example is a house. If you can’t afford the £200,000+ plus price outright, borrow the money and pay off the loan and interest as quickly as you can. At the end, you own the asset. Better (in most cases) than renting, where you probably pay out the same amount, but you have nothing to show for it at the end. JK, you were fortunate that an early investment you made, (recording “Everyone’s Gone to The Moon”) gave you a fantastic result. Shrewd further investments (and a reasonably modest lifestyle*)have meant you’ve never even need to borrow - even to smooth out troughs and peaks.
*Modest lifestyle included property in London and New York, and frequent Concorde trips between them - but I think you managed to put most of those trips down to business - and other people’s business if I remember rightly!
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