good idea, because it motivates your ass to better things...
OR
stupid ass idea, we'll have fun watching your boat slowly take on water...
discuss
OR
stupid ass idea, we'll have fun watching your boat slowly take on water...
discuss
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we'll miss you our friend. RIP -
If you're smart enough to do it living beyond your means is the best thing to do. Some people get loans, use credit cards and the like but use that fake wealth to build some real wealth which will cover all the debt. Other people just go farther and farther into debt figuring one day they'll die or win the lotto.icq 279990726
www.mcdonalds.com <- great money making opportunity -
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stupir idea. it always catches up with you. make sure you have the money to back the things you that you do. because even if it does motivate you, if you fall on your face you're fucked.
Cry havoc and let slip the dogs of war.Comment
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Stupid ass idea in my opinion.
Too much stress for me.I used to get high on life but then I built up a tolerance.Comment
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Not smart. You need to be constantly improving your quality of life, yes...but always do it within your means.Comment
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Not smart in my opinion, the idea of credit in general makes me uncomfortable since it's based on future expectancy of earnings, something which is not guaranteed. Cash in the bank is secured and locked and to me I would rather never go in debt. I'm referring to personal use of assets, business decisions are completely different...
WGI play with Google.Comment
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debt isn't always a bad thing. It's not the evil monster people often make it out to be. It's how you manage debt that matters. Bad debt management can be devastating. Good debt management can help you. But it's something you gotta always stay on top of. Lots of people have no fricken clue how to use debt wisely. They just get deeper and deeper until they're fucked. That's never good.SIG TOO BIGComment
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yet, if you can clear all of your debt, it can be beautiful. if possible.Originally posted by Amputate Your Head
debt isn't always a bad thing. It's not the evil monster people often make it out to be. It's how you manage debt that matters. Bad debt management can be devastating. Good debt management can help you. But it's something you gotta always stay on top of. Lots of people have no fricken clue how to use debt wisely. They just get deeper and deeper until they're fucked. That's never good.we'll miss you our friend. RIPComment
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Live sensibly. I've always been simple, so i don't think living above your means is a smart thing to do when attempting to reach your goals.
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we both know our thoughts on debt are very similarOriginally posted by WiredGuy
Not smart in my opinion, the idea of credit in general makes me uncomfortable since it's based on future expectancy of earnings, something which is not guaranteed. Cash in the bank is secured and locked and to me I would rather never go in debt. I'm referring to personal use of assets, business decisions are completely different...
WG
we'll miss you our friend. RIPComment
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people who invest in real estate will agree.... there's a reason you don't want to pay off a house. Sammy Hagar just bought another house here. And yes, he got a loan for it. Did he need to? Obviously not. Not according to his income statements he provided for the loan. Debt is sometimes beneficial. You know what I mean.Originally posted by quiet
yet, if you can clear all of your debt, it can be beautiful. if possible.
SIG TOO BIGComment
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i only have two major areas of investment.Originally posted by Amputate Your Head
people who invest in real estate will agree.... there's a reason you don't want to pay off a house. Sammy Hagar just bought another house here. And yes, he got a loan for it. Did he need to? Obviously not. Not according to his income statements he provided for the loan. Debt is sometimes beneficial. You know what I mean.
cash (mostly liquid) and property.
all of my money is tied up in these two areas... and there are plenty of reasons to own out right...we'll miss you our friend. RIPComment
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i kind of think of this business as this big online game, and money is the scorecard.. If I were to live beyond my means then my score would be going down
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CheersOriginally posted by quiet
we both know our thoughts on debt are very similar
I play with Google.Comment
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As far as business goes...unless it is tech related (to which OPM is not necessary to a large extent). Or a small business that has no rapid growth possibility....Originally posted by quiet
stupid ass idea, we'll have fun watching your boat slowly take on water...
The rule is OPM, and adequate debt financing. Proper use of debt from commercial loans, and equity capital from venture and i-bank firms makes millionaires into billionaires.
That's why decent I-bankers at decent firms make millions yearly in average positions.Comment
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true... I suppose it gives a strong sense of freedom. I've gone long periods of being completely debt free before... it's nice to be in the clear. Although in the end, ya can't take it with ya, so for now, I'll take the tax benefits.Originally posted by quiet
and there are plenty of reasons to own out right...
SIG TOO BIGComment
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Very well putOriginally posted by Amputate Your Head
true... I suppose it gives a strong sense of freedom. I've gone long periods of being completely debt free before... it's nice to be in the clear. Although in the end, ya can't take it with ya, so for now, I'll take the tax benefits.
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i simply put my millions into something called a insurance tax shelter. all money is made tax free. a loan is taken out to utilize earnings. no tax paid, ever.Originally posted by <IMX>
As far as business goes...unless it is tech related (to which OPM is not necessary to a large extent). Or a small business that has no rapid growth possibility....
The rule is OPM, and adequate debt financing. Proper use of debt from commercial loans, and equity capital from venture and i-bank firms makes millionaires into billionaires.
That's why decent I-bankers at decent firms make millions yearly in average positions.
i'ver probably said to much - go back to the usual...
we'll miss you our friend. RIPComment
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You wanna tell me more about this? Anything to keep CCRA off my back would be great!Originally posted by quiet
i simply put my millions into something called a insurance tax shelter. all money is made tax free. a loan is taken out to utilize earnings. no tax paid, ever.
WGI play with Google.Comment
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i would never give you any advice... some interesting reading (very basic):Originally posted by WiredGuy
You wanna tell me more about this? Anything to keep CCRA off my back would be great!
WG
David M. Voth vs. Revenue Canada.
just read a couple of his books... talk to your financial advisor about insurance tax shelters...we'll miss you our friend. RIPComment
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that sounds bad wg..
i won't give you advice because i'm not your lawyer or accountant.... is what i meant
we'll miss you our friend. RIPComment
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That's really about preserving personal wealth, which goes back to your original question...not so much about utilizing leverage to obtain large returns.Originally posted by quiet
i simply put my millions into something called a insurance tax shelter. all money is made tax free. a loan is taken out to utilize earnings. no tax paid, ever.
i'ver probably said to much - go back to the usual...
Don't get me wrong though, saving your money is half the battle. However, that's really a separate issue from financing investment projects.
There are plenty involving insurance strategies and including purchasing insurance companies, as for secrecy about it...detailed explanations are in the WSJ all the time.
But, INFORMATION is money and power.
And plenty of people here don't have either.
Comment
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Grab me for a beer sometime and I'll tell you some interesting stories with generating wealth with wealth you never had, the trick is putting the money back (and then some ;)) before the bank tries to take the money you never had!
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my original question boiled down to living beyond your means.Originally posted by <IMX>
That's really about preserving personal wealth, which goes back to your original question...not so much about utilizing leverage to obtain large returns.
Don't get me wrong though, saving your money is half the battle. However, that's really a separate issue from financing investment projects.
There are plenty involving insurance strategies and including purchasing insurance companies, as for secrecy about it...detailed explanations are in the WSJ all the time.
But, INFORMATION is money and power.
And plenty of people here don't have either.
very, VERY, tied into personal wealth...
lolwe'll miss you our friend. RIPComment
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LOL, I figured that was the reasonOriginally posted by quiet
that sounds bad wg..
i won't give you advice because i'm not your lawyer or accountant.... is what i meant
WGI play with Google.Comment
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Of course.Originally posted by quiet
my original question boiled down to living beyond your means.
very, VERY, tied into personal wealth...
lol
But you responded to my statement about investment project financing with a strategy about preserving personal wealth.
That's fine.
You've decided to limit your investment options, by investing in specific types of projects.
However, using financing to invest in larger projects...that's not living above one's means as you're not using that money to live
If you have 10 mil in personal wealth and a project that requires 100 mil to be accomplished, all the insurance tax shelter strategies in the world won't help you finance it.
Using properly structured financial vehicles and resources gets you into larger deals...either by operation, direct investment, or merely working for an I-bank...
that's your boy Gordon Gecko.Comment
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actually you responded to me:Originally posted by <IMX>
Of course.
But you responded to my statement about investment project financing with a strategy about preserving personal wealth.
That's fine.
You've decided to limit your investment options, by investing in specific types of projects.
However, using financing to invest in larger projects...that's not living above one's means as you're not using that money to live
If you have 10 mil in personal wealth and a project that requires 100 mil to be accomplished, all the insurance tax shelter strategies in the world won't help you finance it.
Using properly structured financial vehicles and resources gets you into larger deals...either by operation, direct investment, or merely working for an I-bank...
that's your boy Gordon Gecko.
"stupid ass idea, we'll have fun watching your boat slowly take on water..."
we can talk till the cows come home. i have millions that i will not fuck with. i have no need - the only purpose of those millions is to steadly make more. no risk, no bullshit. period. speculating is fun though...
cheers
we'll miss you our friend. RIPComment
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what kind of speculation floats your boat?Originally posted by quiet
actually you responded to me:
"stupid ass idea, we'll have fun watching your boat slowly take on water..."
we can talk till the cows come home. i have millions that i will not fuck with. i have no need - the only purpose of those millions is to steadly make more. no risk, no bullshit. period. speculating is fun though...
cheers
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in the absolute basic... i.e. your living expenses and what-not, i don't think it's much of a good idea.
but on the business end, half the money made 'round the world is made on someone else's dollar, so-to-speak.
carefully planned, it can be much more lucrative than doing so "within your means".<a href="http://www.iroc409.com/"><img src="http://www.iroc409.com/adv/120x60.gif" border=0></a>
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actually, we're both right on the response portion...Originally posted by quiet
actually you responded to me:
"stupid ass idea, we'll have fun watching your boat slowly take on water..."
we can talk till the cows come home. i have millions that i will not fuck with. i have no need - the only purpose of those millions is to steadly make more. no risk, no bullshit. period. speculating is fun though...
cheers
all else...I'd agree we can talk to the cows come home and it comes down to risk tolerance and information
Then it is very hard to agree...
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having your own millions liquid one day, may change some of your views... who knows so many with advice, so few with anything to show lol
we'll miss you our friend. RIPComment
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I don't suppose you know if the US or Australia offer similar 'insurance tax shelters' or is it a canada thing?Originally posted by quiet
i simply put my millions into something called a insurance tax shelter. all money is made tax free. a loan is taken out to utilize earnings. no tax paid, ever.
i'ver probably said to much - go back to the usual...
Comment
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I always thought US currency was backed by gold.
But I learned it is backed purely on the confidence in the US.
So that makes me think that the US dollar is some what artificial.
In that perspective the entire US lives beyond its means.
Is something ever happened and the economy here collapsed. Our US money isnt worth the paper it was printed on.
I see nothing wrong with getting all you can get now. We cant take it with us. Might as well make life as enjoyable and comfortable as possible while we are here.
Unless of course you plan to save money so you can invest it and make more.
This post probably doesnt make to much sense. It is the product of about 15 mixed drinks. Which was courtesy of the worlds confidence in my country.
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i've only looked at it from the Canadian perspective..Originally posted by mGreg
I don't suppose you know if the US or Australia offer similar 'insurance tax shelters' or is it a canada thing?we'll miss you our friend. RIPComment
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agreedOriginally posted by <IMX>
actually, we're both right on the response portion...
all else...I'd agree we can talk to the cows come home and it comes down to risk tolerance and information
Then it is very hard to agree...
we'll miss you our friend. RIPComment
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i don't have my millions yet, but i'm still young. and my plan for the millions gets more detailed by the day, in one actual coherent direction
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Personally i live well within my means but I would never own real estate free and clear. Debt on real estate is the wealth generating tool. It leverages the appreciation which historically is about 3%, also the tax benefits and right now the cash flow.Comment
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Originally posted by quiet
having your own millions liquid one day, may change some of your views... who knows so many with advice, so few with anything to show lol
huh?!? we're not all millionaires?
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If I had millions of dollars I would most likely be dead by now.
Which isnt necessarily a bad thing. I would have fun partying myself to death.
Partying maybe that is the reason I dont have millions of dollars
Fuck it I am having fun either way
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In my opinion, it is best to always avoid debts. They're like chains, keeping you in place. My biggest nightmare is to have a house, a wife, some kids, a dog and a mortgage... once you have those things, you're fucked no matter how you look at it. Deciding to travel abroad for a year or two becomes impossible, and things like dropping your work and starting a completely new business from the ground up become too much of a risk.
No debts, no ties and a nice amount of liquid money is where it's at
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imoOriginally posted by quiet
stupid ass idea, we'll have fun watching your boat slowly take on water...
stupid ass idea....(unless your in your 60s )
we live well ... but not beyond our means!
living well and at the same time growing your net worth
nice position to be in.
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