by GarySpicuzza » Sun May 17, 2009 06:03 am
American Slaves = Debtors
In America we have a whole country of slaves and indentured servants.
When you borrow money you become a slave.
You are a slave to your lender.
How many useless things have you borrowed money for that don't have any value after the purchase with the borrowed money.
The borrowed money is someone else's money...your Master's money.
Harsh words?
No, not really.
Do yourself a favor, STOP BORROWING MONEY FOR:
Automobiles
HD TVs
Boats
Vacations
Diamond Rings
New Boobs
Investing
Disneyland
Christmas Gifts, etc.
Don't borrow money for anything that doesn't AT LEAST retain its monetary value such as:
Real estate or sound business plans.
:arrow: When will the light bulb in your brain turn on? :idea:
In America we have a whole country of slaves and indentured servants.
When you borrow money you become a slave.
You are a slave to your lender.
How many useless things have you borrowed money for that don't have any value after the purchase with the borrowed money.
The borrowed money is someone else's money...your Master's money.
Harsh words?
No, not really.
Do yourself a favor, STOP BORROWING MONEY FOR:
Automobiles
HD TVs
Boats
Vacations
Diamond Rings
New Boobs
Investing
Disneyland
Christmas Gifts, etc.
Don't borrow money for anything that doesn't AT LEAST retain its monetary value such as:
Real estate or sound business plans.
:arrow: When will the light bulb in your brain turn on? :idea:
Posted: Sun May 17, 2009 11:25 am Post Subject:
Gary this is nice analogy!! but in whole world there are only two classes of people, debtor and lender.
One's reputation (social standing) depends on how many guys owes you.(In gary's words 'how many slaves one has!') is what determines your standing in the eyes of other people. :wink: :wink:
Posted: Sun May 17, 2009 02:50 pm Post Subject:
While I was still working at the bank, a major part of my job was counseling the masses of people flocking in for loans. I honestly had a girl come in and ask for a business loan so she could open a kiosk at the mall. When I asked her how much she needed, she said about $2000. I asked her if she had a business plan, and of course the answer was no. What did she want to sell at the mall? Fairy figurines. Her rent at the kiosk was going to be $1500 a month and each fairy figurine that she sold would make her about $1. THAT'S RIGHT! She would have to sell nearly 2000 fairy figurines to even turn a profit...and a measly one at that. Oh yeah, and we're in a very rural area and the mall might have 200 people a day in the whole place!
You would not believe the amount of debt people were struggling with, and then they would come in for a motorcycle or boat loan. I asked one young guy how badly he wanted the motorcycle...Would it be worth getting kicked in the nuts every single month?? He said no of course not...
SO I PROPOSE THIS...
Here is my new STIMULUS PLAN to HELP CURB DEBT...
Every time somebody makes a payment on a loan that is absolutely unnecessary and one that they cannot afford...the clerk will walk around the counter and kick them square in the privates.
I think my plan will accomplish two things...
1. People will start associating stupid debt with pain, and will therefore avoid them. People will think twice about making impulse purchases that will just later be charged off or included in a bankruptcy.
2. Maybe we will decrease the amount of children that stupid people have, thus allowing the world to become a little smarter in the coming generations.
Posted: Sun May 17, 2009 05:28 pm Post Subject:
SO I PROPOSE THIS...
Here is my new STIMULUS PLAN to HELP CURB DEBT...
Every time somebody makes a payment on a loan that is absolutely unnecessary and one that they cannot afford...the clerk will walk around the counter and kick them square in the privates.
That's too funny!
A good sound plan to curb debt though!
Let's line up O-bomb-a, Bush, Paulson, Bernake, Pelosi and of course Barney Frank!
The "Fairy Figurines" is a great a story and illustrative of a failed business plan before one even opens their doors for business.
Time to repost "The Five Laws of Money" Ms. Fairy Figurines has violated Law of Money #4 and #5 below.
The Five Laws of Money.
#1) Money comes in increasing quantity to any person who will set aside not less than 10% of their earnings to create an estate for their future and that of their family.
#2) Money grows diligently and contently for the wise owner who finds for it profitable, safe and reliable investments.
#3) Money stays with the cautious owner who invests it under the advice of those wise in its handling.
#4) Money slips away from the person who invests it in businesses or purposes with which he is not familar or which are not appoved by those skilled in its keep.
#5) Money flees from the person who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to their own inexperience and romantic desires for investments.
Posted: Mon May 18, 2009 08:13 am Post Subject:
Do I still get cover by insurance even I wasn't a driver at that time?
Great suggestions Gary but the wisdom might have come little too late. The nation is already in a mess where it’s going to take a long time to restore itself back.
Chris, I think the financial institutions are equally responsible. They have made credit such an easy thing for the people to get that they always thought of getting credit to fulfill the desire when they don't have money. If only they were little stricter about forwarding loans to people :(
Posted: Mon May 18, 2009 09:03 am Post Subject:
Do yourself a favor, STOP BORROWING MONEY FOR:
Automobiles
Well, I think that it would be little difficult to follow since one may not always have the money to make full payment on the car. But one can definitely cut spending on flashy cars and be more reasonable with borrowing for those. I honestly see no reason in starting with a loan upside down.
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