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xenigo · 05-16-2004, 07:02 AM

What amount of assets should one have before one brings on a $50,000 liability??

CuriousToyBoy2 · 05-16-2004, 07:11 AM

No need to be a Kiyosaki junkie for that one.

But by one line of information that you gave one would have to be psychic.

Liability for what? What sort of collateral is required? What are you buying? Will it produce income? Is it for investment? etc etc

With what you gave as it stands I would say you need $50k.

Unless you are buying 4 keys of Coke, then you need muscle, lookouts, a distribution channel, OH, and a VERY good lawyer.

So $2 million in assets to cover that $50k before "Crazy Alonzo" (and they don't call him crazy for nothing has your guts for garters AND to keep your ass out of jail should cover it.

Let's see Robert K explain that any better.

TheMob · 05-16-2004, 07:13 AM

Quote:

Originally posted by CuriousToyBoy
No need to be a Kiyosaki junkie for that one.

But by one line of information that you gave one would have to be psychic.

Liability for what? What sort of collateral is required? What are you buying? Will it produce income? Is it for investment? etc etc

With what you gave as it stands I would say you need $50k.

Unless you are buying 4 keys of Coke, then you need muscle, lookouts, a distribution channel, OH, and a VERY good lawyer.

So $2 million in assets to cover that $50k before "Crazy Alonzo" (and they don't call him crazy for nothing has your guts for garters AND to keep your ass out of jail should cover it.

Let's see Robert K explain that any better.

xenigo · 05-16-2004, 07:18 AM

Quote:

Originally posted by CuriousToyBoy
No need to be a Kiyosaki junkie for that one.

But by one line of information that you gave one would have to be psychic.

Liability for what? What sort of collateral is required? What are you buying? Will it produce income? Is it for investment? etc etc

With what you gave as it stands I would say you need $50k.

Unless you are buying 4 keys of Coke, then you need muscle, lookouts, a distribution channel, OH, and a VERY good lawyer.

So $2 million in assets to cover that $50k before "Crazy Alonzo" (and they don't call him crazy for nothing has your guts for garters AND to keep your ass out of jail should cover it.

Let's see Robert K explain that any better.

Ok well that was entertaining. I don't want to get more specific, I just wanted to see if there might be an easy answer to that. It would basically be a non-income producing liability, that's purely for fun.

I'm trying to figure out how much I'd need to have in assests to comfortably not give a shit about spending that kind of money.

rakeback · 05-16-2004, 07:21 AM

If you've read the book, and or gone to his classes, you would know he wouldnt was you to take on liabilities.

What kind of cashflow are you getting from your assets?

What exactly are you spending 50k on?

You'd be better off buying some real estate or some other asset, that has some cashflow, and after a few years, you'll have that asset and your 50k back , and still have a nice cash flow.

xenigo · 05-16-2004, 07:24 AM

Quote:

Originally posted by rakeback
You'd be better off buying some real estate or some other asset, that has some cashflow, and after a few years, you'll have that asset and your 50k back , and still have a nice cash flow.

True, I should probably just focus on acquiring some property first, and not worry about the other stuff until I build some equity. It's hard not to give into temptation...

CuriousToyBoy2 · 05-16-2004, 07:26 AM

Quote:

Originally posted by xenigo
Ok well that was entertaining. I don't want to get more specific, I just wanted to see if there might be an easy answer to that. It would basically be a non-income producing liability, that's purely for fun.
I'm trying to figure out how much I'd need to have in assests to comfortably not give a shit about spending that kind of money.

Yeah it was fun, I started serious and then sort of got the impulse as the post developed

Seriously....

If it's purely for fun, and makes you no money and has no real value, I would say you need no assets if you have that kind of money to PLAY with (to me fun = play).

Again it's hard without specifics, but I would SURELY find a way to at least get tax hahahahaha off benefit, that way your 50k would only cost you the 50K less your savings on your tax rate.

There are also many ways for cross-loans, underhahahahahas and so forth so you could actually have someone else provide the 50k, you get the tax benefit, and then hahahahaha the item relating to the loan off, pay off the balance, so in actual fact after the tax benefit you would actually get BEFORE you pay the loan, you would risk losing lots less than 50k anyway.

If that sounds complex, well, get an accountant.

But without specifics it's just not much more than guess work and speculation.

HowlingWulf · 05-16-2004, 08:20 AM

I would say - have enough of an self-perpetuating income stream to pay for all your expenses and this $50,000 liability.

CuriousToyBoy2 · 05-16-2004, 08:24 AM

Quote:

Originally posted by HowlingWulf
I would say - have enough of an self-perpetuating income stream to pay for all your expenses and this $50,000 liability.

Yeah, what he said as well!

Wise words

Nifield · 05-16-2004, 09:47 AM

Quote:

Originally posted by HowlingWulf
I would say - have enough of an self-perpetuating income stream to pay for all your expenses and this $50,000 liability.

agreed

rakeback · 05-17-2004, 11:53 PM

or just find some other way to fund it.

rememeber: dont say "i cant afford it"

say, "how can I afford it?"

xenigo · 05-17-2004, 11:56 PM

Quote:

Originally posted by rakeback
or just find some other way to fund it.

rememeber: dont say "i cant afford it"

say, "how can I afford it?"

Now I never said I can't afford it... but I'm just curious what the general rull of thumb is regarding what one's assets should be before laying down that kind of cash...

DatingGold · 05-18-2004, 12:52 AM

lease it :-)

woj · 05-18-2004, 01:05 AM

Quote:

Originally posted by DatingGold
lease it :-)

when you can pay for leasing of it from the income generated JUST from your assets...

05-16-2004, 07:02 AM	#1
xenigo Confirmed User Industry Role: Join Date: Jan 2001 Location: Oakland, CA Posts: 8,067	Rich Dad experts needed What amount of assets should one have before one brings on a $50,000 liability??

05-16-2004, 07:21 AM	#5
rakeback Confirmed User Join Date: Mar 2004 Posts: 405	If you've read the book, and or gone to his classes, you would know he wouldnt was you to take on liabilities. What kind of cashflow are you getting from your assets? What exactly are you spending 50k on? You'd be better off buying some real estate or some other asset, that has some cashflow, and after a few years, you'll have that asset and your 50k back , and still have a nice cash flow. __________________ livestrongwearyellow Play poker online? Get a monthly check of 50% of the cardroom's kickback! Rake-back.com

05-16-2004, 08:20 AM	#8
HowlingWulf Confirmed User Join Date: Nov 2001 Posts: 1,662	I would say - have enough of an self-perpetuating income stream to pay for all your expenses and this $50,000 liability. __________________ WP Porn directory/review theme Maddos $35. webmaster AT howling-wulf.com

05-17-2004, 11:53 PM	#11
rakeback Confirmed User Join Date: Mar 2004 Posts: 405	or just find some other way to fund it. rememeber: dont say "i cant afford it" say, "how can I afford it?" __________________ livestrongwearyellow Play poker online? Get a monthly check of 50% of the cardroom's kickback! Rake-back.com

05-18-2004, 12:52 AM	#13
DatingGold $6 PER EMAIL JOiN Industry Role: Join Date: Feb 2003 Location: California Posts: 13,185	lease it :-) __________________ 9 Years of SOLID payouts and conversions! ADULT DATING - $100 PPS LIVE CAMS - $214 PPS WWW.DATINGGOLD.COM ICQ: 27442303

05-16-2004, 07:11 AM	#2
CuriousToyBoy2 So Fucking Banned Join Date: Apr 2004 Location: The Land Downunder Posts: 707	No need to be a Kiyosaki junkie for that one. But by one line of information that you gave one would have to be psychic. Liability for what? What sort of collateral is required? What are you buying? Will it produce income? Is it for investment? etc etc With what you gave as it stands I would say you need $50k. Unless you are buying 4 keys of Coke, then you need muscle, lookouts, a distribution channel, OH, and a VERY good lawyer. So $2 million in assets to cover that $50k before "Crazy Alonzo" (and they don't call him crazy for nothing has your guts for garters AND to keep your ass out of jail should cover it. Let's see Robert K explain that any better.