How broke are you?

[R8RFAN]

Instead of hijacking a thread lets make our own...
How far up to your ass are you in debt are you?
How close are you to filing for Bankruptcy.
How many of you borrow from Mom and Dad because you are sorry as hell and have to drive that car that sounds like a pissed off bumble bee?



Let's get it on you broke dick bastards...

It's on


I will start the thread

0 Mortgage debt
0 Consumer debt
0 Car payments

Bills I owe
Directv
Insurance
Taxes
Utilities
Food
and Cell Phone (thanks luv)

[BigRedChief]

Originally Posted by DaFace

The bigger issue we're starting to see in Colorado at least is that the people who work in certain areas aren't able to live there. That's becoming particularly problematic in mountain communities where there are tons of second home owners. You end up with a town where there are tons of empty houses but the workers are having to drive in from an hour away. And all those empty houses aren't spending money, so many businesses find it difficult to pay wages high enough to attract people from an hour away.

Tough to say how it'll all play out, but it doesn't seem sustainable.

Same here. The people who do all the work have to drive a long way to do work here.

They are talking about putting "workforce housing" in a new development in our area. People are upset because they think its going to be low income housing. But, you will have to earn $60K-$80K to afford the rent. Thats low income housing now.

I'm assuming this is probably happening in a lot of places here in the USA not just in your and my areas.

[R8RFAN]

All debt is still bad
Credit Card use is OK as long as you never carry a balance. If you carry a balance you should be using cash or debit cards as you are not disciplined enough to use credit.

[ChiTown]

Originally Posted by R8RFAN

All debt is still bad
Credit Card use is OK as long as you never carry a balance. If you carry a balance you should be using cash or debit cards as you are not disciplined enough to use credit.

Everyone’s situation is different. So credit card use is different for everyone as well. You can’t place what works for you and state that’s what everyone should do as well. It’s silly. You are assuming that because someone doesn’t pay off their credit card bills monthly means that they are undisciplined. Again, that is just not correct. I don’t like carrying credit card balances, but that’s my situation and what works for me.

[lewdog]

Originally Posted by R8RFAN

All debt is still bad
Credit Card use is OK as long as you never carry a balance. If you carry a balance you should be using cash or debit cards as you are not disciplined enough to use credit.

2.5% mortgage rate.

Not bad debt as I put 25% of my salary into investment accounts.

[DaFace]

Originally Posted by R8RFAN

All debt is still bad
Credit Card use is OK as long as you never carry a balance. If you carry a balance you should be using cash or debit cards as you are not disciplined enough to use credit.

$6k down on a $200k house. Now worth about $500k. Such bad debt.

[Bearcat]

Math isn't for everyone.

[ChiTown]

Originally Posted by DaFace

$6k down on a $200k house. Now worth about $500k. Such bad debt.

Yeah, that’s just ignoring math. He assumes all people don’t understand how to
manage debt. I have a $2MM commercial line of credit with my bank. I could use my money to manage my business, but why would I? My interest rate to borrow vs what I can make on my money in the market is a wide spread.

He’s swallowing far too much Dave Ramsey, which is primarily good for people that can’t manage (or understand) debt.

[Buehler445]

Originally Posted by ChiTown

Yeah, that’s just ignoring math. He assumes all people don’t understand how to
manage debt. I have a $2MM commercial line of credit with my bank. I could use my money to manage my business, but why would I? My interest rate to borrow vs what I can make on my money in the market is a wide spread.

He’s swallowing far too much Dave Ramsey, which is primarily good for people that can’t manage (or understand) debt.

Yeah, if I didn't use leverage I'd probably farm like 500 acres. And own none.

Dave Ramsey is unequivocally not applicable to business.

[Bowser]

Originally Posted by Bearcat

Math isn't for everyone.

He's a truck driving Raiders fan. Cut him some slack, you savage.

[RunKC]

Originally Posted by DaFace

$6k down on a $200k house. Now worth about $500k. Such bad debt.

Yup and imagine the folks who bought rental investment properties and literally had other people paying off the mortgage to build their equity along with tax write off, depreciation and finally selling for more appreciated value in a sellers market?

[ChiefsCountry]

Originally Posted by ChiTown

Yeah, that’s just ignoring math. He assumes all people don’t understand how to
manage debt. I have a $2MM commercial line of credit with my bank. I could use my money to manage my business, but why would I? My interest rate to borrow vs what I can make on my money in the market is a wide spread.

He’s swallowing far too much Dave Ramsey, which is primarily good for people that can’t manage (or understand) debt.

Ditto. I just use borrow money for business purposes which is smart business and tax wise.

[Bearcat]

Originally Posted by Bowser

He's a truck driving Raiders fan. Cut him some slack, you savage.

Ok, so say the Raiders needed to buy moving trucks.

They could just save up the money for these moving trucks, but that could take time.

So, what if you financed these moving trucks at say 3%. After all, the Raiders are return customers and provide good business, so despite having a residence history longer than a CVS receipt, they would get a decent rate.

And now you could move sooner and start swindling an entirely new fan base in no time. Your rate of return in this new market is through the roof, far greater than the 3% being spent on moving truck interest.

And guess what, you now have the option of paying off the trucks sooner with the profit from the new location instead of digging into existing funds, while still making money that never would have been made had you waited to save for the trucks in full, AND now you'll be that much further ahead and could even pay for new trucks AND upper deck tarps when you have to skip town for Oakland in a few years.



...does that help?