In the beginning, all Brent Gensler was trying to do was find a bargain-priced sofa set.

He ended up with an online furniture retailing business, Minneapolis-based DefySupply.com, which grossed $720,000 in its first 12 months and is on track to approach $1.5 million revenue in 2009, its first full year.

The attraction: deep discounts on sofas, dining sets, patio sets and other furnishings manufactured in China, one order at a time, and shipped directly to the customer.

cont’d

By Dave Ramsey

Myth: Debt is a tool and should be used to help create prosperity.
Truth: Debt isn’t used by wealthy people nearly as much as we are led to believe.

Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you’re in debt, then you’re a slave because you do not have the freedom to use your money to help change your family tree.

Consider the Risk
My contention is that debt brings on enough risk to offset any advantage that could be gained through leverage of debt. Given time—a lifetime—risk will destroy the perceived returns purported by the myth-sayers. I once was a myth-sayer myself and could repeat the myths very convincingly. I was especially good with the “debt is a tool” myth.
cont’d

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2005 Chevrolet Corvette

Could not be more thrilled with this