We already have Snappy Answers to Stupid Questions (the financial edition), but here are some more fun frustratingly correct financial answers to give folks, that will cause them to comment, “Well that is obvious”, but remember that just because an answer is obvious, doesn’t make it any less correct.
Question: When is the best time to sell my stock?
Answer: When it reaches the highest price.
Isn’t that annoyingly correct? No, it isn’t actually answering the spirit of the question being asked, but it is giving a very correct answer.
Question: Any tips on how to win the lottery?
Answer: Yes, buy the winning ticket.
Yes, Captain Obvious is hard at work here, but I enjoy giving these kinds of answers because folks keep asking me questions like this assuming I might have some amazing insight or karmic understanding about how lotteries work. Yes, I did work in the industry briefly over 25 years ago, but no, I have no idea how to make money on lotteries (unless you can run one, then there is a lot of money in that).
How about some investing advice. This is a constant query:
Question: What are the best places to invest money in our {RRSP|RESP|etc., etc.,}?
Answer: In places that will make you the most money, and make sure that you sell before the price of them drop in value
Great answer, isn’t it?
One Final Snarky Answer
The final one you have seen me answer so many times before, but, it is still very correct
Question: Is there such a thing as good debt?
Answer: No. If you owe money, you owe money, which is bad.
Did I miss any?
Q: Is there such a thing as good debt?
A: Depends on which side of the debt you are on.
Very, very true !
ALthough some people might debate the question of “all debt is bad ” it is oft a necessary evil. Such as when you are buying that $1.5 million house in Ottawa. That is unless you have that in your bank account as loose change.
Although I have a penchant to agree with you about “bad” debt, I have managed to leverage my house equity through a HELOC backed investment account that is paying both the interest service charge, which is tax deductible, as well as paying down some of the principle every month. In this case, while debt may be bad, it is being utilized to earn “free” money from the investment account which, as mentioned above, is paying itself off. Very slowly mind you and lets hope no market crash.
THANKS!, now that you mentioned Market Crash it is going to happen!
That is one thing we both agree on 100% LOL
One on my friends who has made soem good money in the stock market has been telling me this fo rthe last two years.
Will it happen – a resounding YES
When will it happen? Answer that one and you could be an overnight millionaire
RICARDO
When it happens, you will know.. 🙂