I do not understand????????

Oldmotoguy
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Oldmotoguy 9/25/2008 6:00pm
9/25/2008 6:00pm
dougie wrote:
I asked the same question. I heard some guy on TV yesterday telling me (us) that it was our fault. Well Ive only paid $8 in...
I asked the same question. I heard some guy on TV yesterday telling me (us) that it was our fault. Well Ive only paid $8 in finance charges in my life. Yep thats right 8 bucks. Ive never bought anything on time in my life other than using my credit card with other than that one 8 dollar charge have paid if off each month in total every month of my life. So personally as someone that doesnt live on credit I have zero sympathy for those that do (sorry everybody) But I just dont. I feel that credit is about the worst thing to ever come down the pike. It sounds good on the surface but peope happen to be human and therein lies the problem.

I don have a retirement account either. I find it funny that they want to scare people by telling them they wont be able to borrow money for their kids educations etc. Do people really do that? Thats lunacy! What I dont get and never have about credit is why people are willing to spend even more money on a product by a huge margin than that item would cost if they paid cash. Sure homes would be hard to save for. So rent. And anyone can save enough to buy a car cash. Ive done it all my life and I never made more than 30k a year. And if you cant afford to pay for something then try this on for size: DONT BUY IT. Ok I know Im probably the only person on VItal that thinks this way so Im not looking for an adda boy, I just wanted to throw out and share another perspective.
i never had a credit card either,until this year..never wanted one..watched enough people complaining about them to know better..
every motocycle was paid for in cash..about 30 of them..new and used
even have property on the big island i paid cash for..but i don't want to live there
Scotty
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Scotty 9/25/2008 6:32pm
9/25/2008 6:32pm
dougie wrote:
I asked the same question. I heard some guy on TV yesterday telling me (us) that it was our fault. Well Ive only paid $8 in...
I asked the same question. I heard some guy on TV yesterday telling me (us) that it was our fault. Well Ive only paid $8 in finance charges in my life. Yep thats right 8 bucks. Ive never bought anything on time in my life other than using my credit card with other than that one 8 dollar charge have paid if off each month in total every month of my life. So personally as someone that doesnt live on credit I have zero sympathy for those that do (sorry everybody) But I just dont. I feel that credit is about the worst thing to ever come down the pike. It sounds good on the surface but peope happen to be human and therein lies the problem.

I don have a retirement account either. I find it funny that they want to scare people by telling them they wont be able to borrow money for their kids educations etc. Do people really do that? Thats lunacy! What I dont get and never have about credit is why people are willing to spend even more money on a product by a huge margin than that item would cost if they paid cash. Sure homes would be hard to save for. So rent. And anyone can save enough to buy a car cash. Ive done it all my life and I never made more than 30k a year. And if you cant afford to pay for something then try this on for size: DONT BUY IT. Ok I know Im probably the only person on VItal that thinks this way so Im not looking for an adda boy, I just wanted to throw out and share another perspective.
Have you ever bought a house?
pushpulldragitin 9/25/2008 6:42pm
9/25/2008 6:42pm
brent26wood wrote:
Can someone please explain to me in laymans terms how all of this economy bullshit is going to effect me?
In this case you worked your way out of debt. Been in the business world in family business for more than 30 yrs. Your scenario allows to buy time so rate of return is realized. You didnt borrow your way out of the hole your business decision allows you to work your way out of it. Personal or business it just doesnt matter you must do something to pay for something.
Big Lenny
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Big Lenny 9/25/2008 7:43pm
9/25/2008 7:43pm
brent26wood wrote:
Can someone please explain to me in laymans terms how all of this economy bullshit is going to effect me?
You might have to find a job..

The Shop

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brent26wood
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brent26wood 9/25/2008 7:46pm
9/25/2008 7:46pm
brent26wood wrote:
Can someone please explain to me in laymans terms how all of this economy bullshit is going to effect me?
Big Lenny wrote:
You might have to find a job..
Unlike you Mr. Foodstamp I have two.
Motodude
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Sydney, AU
Motodude 9/25/2008 7:59pm
9/25/2008 7:59pm
brent26wood wrote:
Can someone please explain to me in laymans terms how all of this economy bullshit is going to effect me?
Thats how to do business. Value adding to make a profit...profit to not only cover borrowings but also for investing in growth and future projects to keep the biz moving along.

I had personal contact with sub-prime financing instruments on one of my projects 2 years ago. It looked so attractive, but as I scratched the surface more I could see what a massive risk it was to be involved in it, if it failed everything could have been swallowed up, it was so paper thin I felt anyone hooking up with it must be a total financial idiot. In the end I told them I would paddle my own canoe, now I've quadrupled my wealth..
ratonmacias
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Guadalajara, MX
ratonmacias 9/25/2008 8:21pm
9/25/2008 8:21pm
believe me you dont want to have a crisis its better a bad bailout than a a good crisis.

i lived the 95 crisis as a teenager in mexico the exchange rate went from 3 pesos per dollar to 8 pesos per dollar in 24 hours.

interest rates climbed from 20% yearly to 70% yearly.

inflation was above 10% for a few years. what happened? entrepreneurs couldnt or wouldnt borrow money because of the high interest rate so economy declined. as economy declined people would work for less actual money as pay raises were below inflation making the value of the money they made lower.

when a country has a crisis and the currency loses its value the only sector that benefits is the one that doesnt buy supplies from other countrys and exports finished products. does america have companys like that?

in my own experience my dad has a multimillion project that has been done in the last 7 years without any funding from banks because they got so wary of our kind of projects that even when everything shows its a good bussines plan they wont lend money to that project.

if there hadnt been a crisis and we could have gotten funding from a bank that same project could have been done in 3 years instaed of the projected 8 years that it will take us.

Pit Row

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