I am 59, and I am paying off a mortgage. Out side of that I do not want to take on any more debt.
At 59 I do not have the income and financial security to take on loans even for a car or truck.
I want to avoid debt because at my age I have know idea many more years I will be able to do this work.
I have seen too many businesses just on lawnsite go under because of being in debt. So I do not have to be convinced on the importance of being debt free.
You can have a debt free business with 100 employees when the economy takes a dump and lay every one off and work solo again and survive the hard times.
If the business has debt you can not lay off the debt as you would lay of workers to survive.
I see myself working to hard to throw away money paying interest.
I guess how much debt one can handle can not just go by a safe percentage of one's income.
But by how much one makes and how secure one's job is and how easy one would be able to get rehired at the same or better money if laid off.
Right now I am lucky that I can save the money to pay cash.