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/biz/ - Business & Finance

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56350431 No.56350431 [Reply] [Original]

Can you be rich broke?

>Can a person be rich and broke at the same time? According to Dr. John Delony of “The Ramsey Show,” the answer is an unequivocal "yes."
On a recent episode, Delony dubbed a caller named Adam "the richest broke guy" he’d spoken to in a while.
>Like roughly 30% of homeowners, Adam said he and his wife have found themselves cash strapped and deeply in debt. Yet their combined net income — roughly $330,000 a year — is more than three times the national median for homeowners, according to figures from U.S. Census data.
>During the call, Adam gave a brief overview of his household’s financial situation. Despite having a home with about $400,000 in equity, Adam said his family was roughly $800,000 in debt — a staggering figure that, even if interest free and paid off at $4,000 a month, would take them close to 17 years to erase.
>Here's how that staggering sum breaks down:

$150,000 on two car loans

$280,000 in student loan debt

$385,000 mortgage balance

On top of their debt situation, the family only had $10,000 in savings at the time of the call. Considering their lifestyle and their regular loan payments, that sum is hardly likely to carry them through the recommended three to six months worth of expenses.

>> No.56350465

>>56350431
>$150,000 on two car loans


This is really the only thing they did wrong, but boy did they go off the deep end with it

>> No.56350473

>>56350431
If you have debt you are broke.

>> No.56350496

Proof that most retards will just spend every penny they earn and more, the problem for these people isn't income. They could be making $500k/year and then they'd probably just rack up $1.2 mil in debt. Most Americans are literally incapable of living modestly and below their means.

>> No.56350636

>>56350496

he who dies with the most money does not win.

>> No.56350655

>>56350496
>y
youre not gonna get rich by living le frugal wagecuck life lol
most people do this already they are poor faggot slaves nothing else

>> No.56350699
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56350699

>>56350431
this is all staged for reaction content

>> No.56350735

Reminder that these are the anons on here chiding you for not buying a house back in 2020
>800k in mortgage debt
>thinks he's a winner
Lmao.

>> No.56350860

>>56350431
Mortgage is fine

Student debt is very high, 10x normal

Car loans were really bad

>> No.56350987

>>56350431
>would take them close to 17 years to erase
Does this take into account inflation? Debts get smaller over time.

>> No.56351035

>>56350655
Yeah the couple in the OP really made their money work for them didn't they

>> No.56351362

>>56350636
These guys are probably still in their 30s, they have a long way before they die, so why not pay off the debt

>> No.56351371

>>56350860
I bet 80% of that student loan is his wife, he probably also makes 80% of the household income

>> No.56351450

>>56350473
I'd define it as owing more than you own. A little debt is fine if the interest rate is sensible.

>> No.56351472

>>56351362
Absolute brainlet take. No point in paying off all the debt the way that a cuck like Ramsey wants you to. The house is probably on a 30 year mortgage, the cars are the only part that are fully retarded. Student loans are gay but it’s frequently the price of admission to white collar middle class wageslavery. Better to focus on cash flow and pay as little as you can on the debts (i.e. cover the interest) while investing the difference. They expect you to be debt cattle and not understand how the game is played. Even better if you can be a Chad like >>56350987
and let inflation devalue the principal that you owe.

>> No.56353144

>>56351472
What if deflation.

Then that guy's a retarded as assets sink and debt becomes hard to crawl out of

>> No.56353256

>>56353144
>deflation
>US dollars
U focking wot m8

>> No.56353270

>>56350699
This. It's like a mild form of Jerry Springer.

>> No.56353290
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56353290

>>56350473

>> No.56353293

>>56350473
Having debt is what rich people do. But ideally you should own more than you owe. Debt is good especially during this level of inflation if they secured low enough rates.

>> No.56353318

>>56353256
Glen Gary Glen Ross bb

Look the other way

>> No.56353338

>>56350465
thats just 2 new cars
and guess what
when you make 150k a year
they expect you to drive a nice car, not ride a bicycle to work

>> No.56355739

>>56353338
>150k in debt for depreciating assets to impress people at work
NGMI

>> No.56355802

We think about it all wrong. If you don't enjoy a sick car in your 20s or 30s then really what the fuck is the point? A lambo when you're 50? 60? Cringe as fuck

>> No.56355875

>>56353338
>they expect you to drive a nice car
I can assure you that no one gives a single fuck about this lmao.

>> No.56356075

>>56355875
I think you're underestimating the severity of normalfaggots pettiness

>> No.56356231

>>56350473
net worth is the only measure that matters. ill take "broke" with 2 million in debt and 3 million in assets over no debt and no assets every day.

>> No.56356253

>>56350431
>$150,000 on two car loans
lmao wtf they did not need TWO teslas

>> No.56356259

>>56355875
People say this but it's not true. In reality if your lawyer or doctor shows up to a meeting in a broken down POS car you find a new person to do that job. Same in sales. No you don't need some exotic but clean, reliable and working absolutely matters. I have the security guard take pictures of what everyone that comes in for an interview is driving. It's no surprise that the candidates who get offers don't old beaters that you can smell down the street.

>> No.56356296

>>56356259

What do you do for a living that you're that anal about cars?

>> No.56356322

>>56350431
All of your educated professionals are basically rich broke. Doctors, lawyers, all Ivy League attendees, etc. your branded idiots wearing Nike and adidas and driving European cars and anyone driving a ford truck. They’re all broke ass wannabe rich fags living in east credit.

>> No.56356326 [DELETED] 

Test

>> No.56356762

>>56355875
Wierd larp

>> No.56356810

>>56356296
Lies on the Internet

>> No.56358550

>>56356259
>>56356762
You’re expected to drive something in good condition and less than a decade old but a 4 year old Toyota won’t garner a positive or a negative response. Also where the hell are you holding meetings that people are looking at your car? Unless you meet clients at a fucking Waffle House you should be in an office. If you are meeting your clients at a Waffle House you are a defense attorney and your clients are niggers driving a clapped out altima.
>>56356296
Janny from /o/

>> No.56358591

>>56350473
I have a $20k SBA COVID loan at 3.75% interest and $100k in t-bills earning 5.5%. They allow me to pay only $100/month. I'm just uhh.... not going to pay it back.

>> No.56358629

>>56356231
You have negative 2 million dollars. Your unrealized gainz on assets isn't money. You will however be slaving away to pay that negative 2 million back with real money.

>> No.56358648

>>56353338
Fuck that. I made 180 for a couple years while traveling for work and I drove a 2015 jeep gaytriot. Don't let others know anything. Fuck what they think

>> No.56359454

>>56350431
>$400K in home equity, -$385K in mortgage balance
Sounds like they had that home for a long time, why didn't they pay down their student loans, the interest on those loans are probably pretty high (even if it was undertaken in the glorious zero rate era).
Not that it matters, they could pay $100K a year off their debt and still have a household income X2 the national median for homeowners.

>> No.56359526

>>56356259
There is a difference between a broken down piece of shit that wouldn't sell for 2gs and one that cost 75 you fucking nimbus. I swear you fags just want to talk about something when you go all exreme like this. What better thing do you want to talk about? How was your day?

>> No.56359585

>>56356231
This. I'm trying to get into as much debt as I possibly fucking can. But it has been a long road.

>> No.56359600

>>56353338
There are FAGMAN employees with private airplanes who take the bus or ride bicycles to work. Literally nobody gives a fuck anymore.

>> No.56359605

>>56356231
In debt means you're not free, but a slave.

Can you stop working, and nothing at all would happen to you ?
You're not a slave.
You earn 7 figures, but if you stop working you're fucked ?
You're a slave.

>> No.56359888

>>56350431
>hey dave me and my wife are in debt for $500k, we had to sell a car
>okay well what do you make per year
>$350k, but a lot of it goes into several homes
>okay well why don’t you just take the extra money you don’t spend at the end of the year, and contribute to paying off the debt
TWO MONTHS LATER
>hey dave you’re a miracle worker, actually what we did was use our savings to pay off the debt and now we don’t have to pay debt payments so now I keep more per month and in fact I’m doing so well I bought myself an $85k tesla
>well congratulations john from michigan, just goes to show anyone can do what they put their mind to, hope you and your wife have a lovely 50th anniversary
>yes sir! we're touring europe
every fucking episode

>> No.56361590

>>56359605
>sell assets
>settle up on debts
>???
>profit
Change my mind

>> No.56361607

>>56350431
You can be a rich lottery winner and become broke
You can have a very good paying job and be broke too
It’s just depends on how well you navigate the Jewish tax and loan laws

>> No.56361613

>>56350473
nice bait

>> No.56361721

wealth is a mindset, memes aside

fiat amounts dont matter

>> No.56361729

>>56350431
No you cant be rich and broke. You can be high earning and broke like the guy you’re referencing, what an idiot

>> No.56363072

>>56350860
Student debt is high but given their income it might have been worth it.

>> No.56363104

>>56359600
riding a bike to work is actually seen positively in educated circles. everybody knows it's not because of a lack of money

>> No.56363457

>>56361590
You're describing a slave buying back his freedom.
Assets are not fungible, and tend to be overvalued, especially when used as collaterals to obtain debt in the first place.
Buying back your freedom this way is not garranteed, though fairly safe.

As long as you can get enough jewish asspaper from the sale to cover the debt, sure you can BECOME free, but until you do you are not, you are a slave.
I don't care about changing your mind, i'm not a cattle whisperer.

>> No.56363481

>>56350431
This isn't rare at all.
I was a mortgage fag in the mid 2000s. I couldn't tell you how many people we did loans for that had >$500,000 in income that didn't have two nickels to rub together. Lots of people are financially retarded, have no impulse control, and will constantly attempt to live above their means no matter what their income is. We all know the only way to do that is play Jewish games. You poorfags might think someone making $300k a year is rich but that's the middle class the actual rich love to feed upon the most.

>> No.56363503

>>56350473
There is Good debt and bad debt. Read poor dad rich dad. Common sense Book for people that are people insanely retarded

>> No.56363572

>>56350636
at least you can ensure your kids dont have to slave away to own a single property or vehicle if youre frugal.

>> No.56365169

>>56363457
I take it you don’t bother with real estate then.

>> No.56366503

>>56363572
This is my goal now, struggling to even get a starter home with a “””good””” job given the inflation of housing the past couple of years. Graduated from uni as soon as shit went through the roof so feel like I never had a chance. Don’t want my kid/s to go through the same.