Stupid people in this stupid economy, jobs and school

**deathgodusmc** · 07-08-13, 10:14 PM

Originally Posted by CivilWars

I never said that none of them have, nor had, money. My point is ALL of them have borrowed money to establish and/or expand their empires.

Which is still a fallacious argument to make when you take what the thread has been discussing. Yeah Trump and every other millionaire/billionaire makes money that way but what does that have to do with the average person? Not a damn thing.

**BigHub** · 07-08-13, 10:15 PM

Gotta spend money to make money... Even if that means borrowing money AKA loans.

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**deathgodusmc** · 07-08-13, 10:24 PM

Originally Posted by BigHub

Gotta spend money to make money... Even if that means borrowing money AKA loans.

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Sure you do. I have to pay for several insurances and licenses but that does not mean you have to go in debt to make money. For the average person that is an unsound judgement call. Kind of like buying 22 inch rims for your car when your collecting unemployment. Sure you can but it damn sure isnt the brightest move to make. If someone wants to borrow money to start a business that requires a store front i get that but you need to have something sitting around earning interest as well. Plus you dont build on the first go round you rent. You dont buy all new equipment you lease. I still dont see how comparing multimillionaires and billionaires to whats been said hold any water. Those guys can do it because they already have the cash to back the loans. Plus they're earning as much interest on their investments then the damn loan payment. Very few people fit into the catagory civil brought up.

**CivilWars** · 07-08-13, 11:11 PM

So every person who has money now had millions to back the loans when they got them? Also, show me where I said go in debt to buy rims, or even a car for that matter. There is a difference in good debt and bad debt regardless of whether the debt is $500 or $5 million.

**deathgodusmc** · 07-09-13, 06:42 AM

Originally Posted by CivilWars

So every person who has money now had millions to back the loans when they got them? Also, show me where I said go in debt to buy rims, or even a car for that matter. There is a difference in good debt and bad debt regardless of whether the debt is $500 or $5 million.

As i said then when you decided to "challenge my assumption with reality" the vast majority did. I knew ahead of time people like to think the exact same people you gave started from nothing when it isnt true. Building an empire from a soda shop is impressive but it lacks its luster when people figure out he had the money to skip ahead and build the walmart. Im not taking away from the business sense he had but i am saying he wasn't what people would call an average person before he started.

**Warprosper** · 07-09-13, 06:57 AM

Saying that the millionaires in this world had a head start is complete bullshit.. Yea, i'm certain that many of them were born into money, but the mere fact is that many of them started with no more than you or I. There are plenty of articles and plenty of research that tells you that a majority of millionaires out there started from nothing.

**Hocus Pocus** · 07-09-13, 07:16 AM

Originally Posted by deathgodusmc

As i said then when you decided to "challenge my assumption with reality" the vast majority did. I knew ahead of time people like to think the exact same people you gave started from nothing when it isnt true. Building an empire from a soda shop is impressive but it lacks its luster when people figure out he had the money to skip ahead and build the walmart. Im not taking away from the business sense he had but i am saying he wasn't what people would call an average person before he started.

Yeah you're beat here. There's more first time millionaires now than ever. Civil is right there's a big difference between good debt and bad debt aka leverage. But I see your point about people living beyond their means and buying things they otherwise couldn't had they not had credit. I think that's where you're going with this right?

**HeavyG** · 07-09-13, 07:22 AM

Bottom line is, in most situations, student loan debt would be considered a good debt. Now, if the person chooses not to do anything with their newly financed college degree, then that is on them, and they are stuck with the debt.

The real point of a college degree is to learn something and hopefully position yourself when in the LONG RUN, you are better off.

**Nuckle** · 07-09-13, 09:26 AM

Originally Posted by HeavyG

Bottom line is, in most situations, student loan debt would be considered a good debt. Now, if the person chooses not to do anything with their newly financed college degree, then that is on them, and they are stuck with the debt.

The real point of a college degree is to learn something and hopefully position yourself when in the LONG RUN, you are better off.

But in our country it is not a good thing and it is becoming an epidemic. We have handed this money out to anyone that applied and did not monitor its use. Kids went to school for Anthropology, Philosophy, General studies and ______ degree. They partied it up, had a blast and now have come to the realization that the money has to be paid back. Many want to be freed from the debt only because their sense of entitlement has grown even more since they were flat out given 50, 60, 100 grand as a damn teenager. Colleges have doubled or tripled tuition due to the supply and demand rule to the point where parents which at one time thought they put enough money aside to send Jr. to school do not have enough to pay for half of it and thus they are required to get loans or take out a second mortgage on top of the money they saved and go deeper in debt. We now have an "educated" work force that has a skill set not desired by many companies. We have very little skilled labor and can't fill the jobs needed to keep things moving. The cycle will get broken but it is going to take some pain to break it.

If you are not in a position or looking for a position that either makes a company money or saves a company money then you need to reconsider what you are doing. Obviously exsluding MD's and business owners which make money for their business or themselves.

**CivilWars** · 07-09-13, 10:07 AM

Read some Robert Kiyosaki with an open mind, and I am sure many of your ideas about debt, good debt, and bad debt will be changed. (Not directed at anyone in particular.)