Living on borrowed money is no different than living on borrowed time. Eventually, the piper must be paid. The news in Detroit today is just another example, and possibly the first of many to come, of what borrowing money to pay expenses does to a person or entity. The volume of interest grows into a destructive nightmare.
Now, my point today is if a person is to live on borrowed money, at least live on money that one has first stockpiled and then borrow from the developed reserves. If hard times develop, then that private fund can be redeveloped at a slower pace, as plausible, and not according to the schedule of a creditor other than oneself. Debt to oneself is much different than debt to another.
Scott Anderson 