~*~Being in debt~*~

[-DLO_604-]

than what is SHIT? hhaha

[cubed]

shit

n 1: obscene terms for feces [syn: crap, dirt, poop, turd] 2: a ludicrously false statement [syn: bullshit, bull, Irish bull, horseshit, crap, bunk, bunkum, buncombe, guff, rot, hogwash, dogshit] 3: a coarse term for defecation; "he took a shit" [syn: dump] 4: (obscene) insulting terms of address [syn: asshole, bastard, cocksucker, mother fucker, motherfucker, mother, prick, son of a bitch, SOB] 5: something of little value; "it is not worth a damn"; "not worth shucks" [syn: damn, darn, hoot, shucks, tinker's damn, tinker's dam] 6: a morphine derivative [syn: heroin, diacetyl morphine, {H}, horse, junk, scag, smack] v 1: give away information about somebody; "He told on his classmate who had cheated on the exam" [syn: denounce, tell on, betray, give away, rat, grass, peach, shop, snitch, stag] 2: have a bowel movement; "The dog had made in the flower beds" [syn: defecate, take a shit, take a crap, ca-ca, crap, make]

you asked.

cubed

[-DLO_604-]

lol too funny

[AGROculture]

Originally posted by PHUNK

debt is life man. you never get out of it, if you want to get ahead in life. to get ahead you have to buy property. debt. to start a company. debt. nothing you can do, unless you win the lottery.

Thats so wrong

I'm not in debt and never will be
and I've got everything I need in life
and constantly investing

You use your assets to pay for your luxuries and such
Never use your savings, or especially credit

Its pretty simple when you think of it

Being in debt sucks and if you accept that you'll be in debt for the rest of your life then I feel sorry for you, cause you'll never get ahead

You need to make money work for you
Don't work for money

AGROout

[-DLO_604-]

^^

wow...finally somebody that acutally uses their brain

[narcotix]

stop going to raves.......

[AGROculture]

Originally posted by PHUNK
[B
. debt. to start a company. debt. nothing you can do, unless you win the lottery. [/b]

There's a lot you can do

Don't listen to a thing he says Ricey, he's gonna struggle all his life unless he rethinks his ways

Starting a company is NOT a debt, it is an Asset

An Asset is something that makes you money
such as a business, an investment, a stock, a b ond, even Savings

A Liability is a debt
A house, a car, a vacation, credit cards

Make sure you have more assets than Debts and you'll be ok

Never pay for your liabilities with your debts
Use your assets

If you don't have enough assets yet, build them
your house and car can wait
If you buy now with debt you'll be paying forever cause there's always gonna be more debts, and thats no fun!

Don't be afraid to take risks either!

AGROout

[AGROculture]

Originally posted by narcotix
stop going to raves.......

oh yeah

that to!

AGROout

[PHUNK]

i'm talking about owning a house. theres 320k right there, debt. sure its an asset as you pay it off (i guess depends on the plan you are on), but its a debt you fool.

also, a small business loan for 50k is another debt. again, the company makes a profit, but its still a debt until its payed off in full.

i have another 10 or so k in stock options. again, possible debts, depending if they are called or not.

struggle all my life? sorry little man, i have never struggled, never will. i'm not talking about credit card debt for myself. if you have major credit cards problems, then you are quite stupid.

if you have everything you need, then i guess you must own your house and car outright then eh? rich boy are we maybe? maybe we aren't that lucky, and if you don't own them out, then ITS A DEBT to the bank you fool.

[PHUNK]

nice edit btw. it makes sense now.

[AGROculture]

Edit?? The only edit I did was change Bond to B ond because that lil guy pops up when I type the B beside the ond (snyx fix this!)

Originally posted by PHUNK
i'm talking about owning a house. theres 320k right there, debt. sure its an asset as you pay it off (i guess depends on the plan you are on), but its a debt you fool.

Reread it.....I said it was a Liability, a house is definatly NOT an asset. I said people should use assets to pay for their liabilities. Assets are what make you money, Liabilities are what cost you money.

If you use your assets that are on top of your regular income to pay for your liabilities then your new car or whatever is pretty much free!

also, a small business loan for 50k is another debt. again, the company makes a profit, but its still a debt until its payed off in full.

I wouldn't call that a debt, A small business is an asset as long as it is profiting

lets put it in simple terms and really simple numbers

Monthly Cost of running the business (incl Mortgage & business loan) $50
Monthly Profit after everything is payed $20

So your asset is $20.00 per month
Now imagine having 10 assets like that, or a bimonthly asset that makes $250

AGROout

[PHUNK]

yes but until the loan is payed off in full to the bank, its still looked at as a debt by everyone.

the business itself is an asset, but the LOAN for the business is a debt. that is what i'm saying.

[AGROculture]

^^Yeah I guess you can say that

but its making you money monthly , so its an asset

For example

A house is an debt/liability
because all you do is pay pay pay

but if you are paying $50.00 per month mortgage but renting it out for $65

It is then an asset of $15.00 per month

AGROout

[-DLO_604-]

GO DAVE GO! HAHAA

[Lil Jenna]

Originally posted by cubed
From my understanding you still live at home. First of all take a tupperware container put your credit cards in it then fill it with water and put it in the freezer, this way your credit cards are'nt available for frivolous spending but are there in the case of an emergency.
cubed

Smart idea. Never would of thought of that.

[diva]

I don't think buying a house is a debt at all. These days, owning your own home is seen as a pretty smart investment. I know I wouldn't be renting if I had money for a down payment.

[Prissypants]

I wish I had the managerial savvy to start my own business...I have the knowledge of product I just need the capital and location...

[PHUNK]

buying a house is debt. you borrow, you owe, therefor it is a debt by nature. its a smart debt though, without having it sometime in your life, you can't really get ahead in life. unless you are a rich bitch. then fuck you.

[MC Hammered]

Anything you own that does not generate you positive income is not considered an asset... it is a liability.

A home is the biggest liability one can get into unless you turn it over quick for a profit.

[AGROculture]

Originally posted by Prissypants
I wish I had the managerial savvy to start my own business...I have the knowledge of product I just need the capital and location...

Just look to the shoe & clothing commercials for inspiration

JUST DO IT!!

PLAY HARD!!

NO FEAR!!

You do have the managerial savvy to start your own business. You just need to find the will within you, get the knowledge, make a decision and then follow through with the decision and then it'll be alot easier than you think

Never say "I can't afford it" That just closes your mind

Ask yourself "How can I afford it"
That opens your mind

AGROout

[devi8te]

i know how you feel. i was a dumbass and paid for school for two years on *four* credit cards. oh, and i'm a hardcore label whore as well, which doesn't help! =P

i'm planning to sign up with the credit counciling society of bc. they can give you interest breaks and make it easier by consolidating your debts into one payment a month.

www.ccsbc.org

[Mc*Phee]

ahhh my paycheck was so small!!!

[SEAN!]

Originally posted by AGROculture


Thats so wrong

I'm not in debt and never will be
and I've got everything I need in life
and constantly investing

You use your assets to pay for your luxuries and such
Never use your savings, or especially credit

Its pretty simple when you think of it

Being in debt sucks and if you accept that you'll be in debt for the rest of your life then I feel sorry for you, cause you'll never get ahead

You need to make money work for you
Don't work for money

AGROout

pretty much but its always better to use other people's money to make money/invest...atleast in business when you have a lkimited corporation it is.


you think all those companies building highrises have the 40 million dollars in reserve that it takes for the construction alone? not to mention the 10 or 12 million it cost for the property and development fees? no its always someone elses money. if you want to get a head you have to be willing to take risks and that includes assuming debt.

debt aint shit..its a fact of life, if you want to get a head you have to leverage yourself, but that dosnt mean you have to be stupid about it. you use your assests to expand your wealth. say if you got a raise at work, instead of buying a car, invest that money. now keep that money you invested and keep flipping it over, but if you're playing stocks or mutual funds i don't expect to get rich, you're gains will only be very modest even in the long term, if you want to make alot of money real estate is the way to go, and to play that game you either need huge cash reserves/flow or be willing to go into debt . So pretty much have to use that assest as collateral to leverage yourself, which leaves you ina better position then the guy who ahs nothing but a 3 year old car that he paid 30k for and now is only worth 22k.

heh, for the first time in my life im now in dept..i owe the bank somehting like 19k dollars, on something that is only going to cost me money not make me any, i feel like a tool but i need a car to work.,....oh well, c'est la vie

[MC Hammered]

^^^ You must have been dead sober when you typed that post.

[AGROculture]

Originally posted by SEAN!


you think all those companies building highrises have the 40 million dollars in reserve that it takes for the construction alone? not to mention the 10 or 12 million it cost for the property and development fees? no its always someone elses money. if you want to get a head you have to be willing to take risks and that includes assuming debt.

Yes that is debt, but good debt because it makes you money
so it becomes an asset rather than a debt. If that makes any sense, in other words I wouldn't call it a debt

Its an asset before you pay off the loan, if the amount of monthly income you bring in exceeds the monthly payment you must pay on the loan

For example you bought your car at $19 000
if you had to pay $170 per month, but made $300 becuase of your car then it would be an asset

AGROout