ANSWERS: 2
  • Complicated answer. You can be rich but have many debts. So it's probable they own some and make payments on others.
  • Nobody knows what someone owns outright or what they have mortgages and loans on except the owner and the person they might owe on those items. "Rich people" as well as anyone else with decent credit, can buy many things from houses and boats to fancy cars and other things. From all I read and know, a majority of people who live in high style have SOME kind of debt. Very few pay cash for everything, since some of the wealthy use cars and even homes as tax deductions. The bottom line is that things are not always what they seem. Some of the people with the most to show as far as real estate, fancy cars and other things (Donald Trump is a good example) owe alot of money on the things they own, and use the debts they pay on as tax deductions to help them when income tax time comes around each year.

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