Young Man's Financial House (Page 4): I remember that DJT doesn't pay his bills, multiple bankruptcies. Same punishment?

cbabcock

BebuLamar wrote:

The guy shouldn't get any forgiveness but rather have to pay back every penny. He borrowed the money and invested poorly he should be punished for that.

I remember that DJT doesn't pay his bills, multiple bankruptcies. Same punishment?

jerryc41 Loc: Catskill Mts of NY

cbabcock wrote:

If only he made a huge income his taxes would be zero.

MrBossHK Loc: The West Valley of Phoenix metro area

"His current annual financial posture is below. Note that parentheses indicate negative numbers.

$ 26,000 Income
($ 58,000) Expenses - including apt. rent, car payments, utilities like gas, water, electricity, cell phone, internet, Netflix, cable TV, food, entertainment, insurance, medical, etc.
($310,000) College Loan Debt. - yes it was an expensive college
($342,000) TOTAL SHORTFALL from above numbers"

According to your initial information, IF his CURRENT ANNUAL FINANCIAL POSTURE includes $310,000 ANNUALLY for College Loan Debt, then he is royally screwed for life. How many years will he be making ANNUAL payments of $310,000 for his college loan debt? The way I see it, his only way out of his dilemma is to run for office, get elected, and chow down at the trough of the lobbyists and special interest groups and gain sudden wealth from starting a career of graft and corruption.

stanikon Loc: Deep in the Heart of Texas

If we don't hear from the OP pretty soon regarding the "underlying theme or a trick" I'm going to dump this topic.

JimBart Loc: Western Michigan

Trying to understand this guy’s dilemma I would say his best bet is to make sure he’s a Democrat and enter politics ASAP. In less than a year he would be debt free, living in a high rise and enjoying life. Examples of many politicians are before him….need to just look at Washington

Drbobcameraguy Loc: Eaton Ohio

Canisdirus wrote:

If the person accumulated all of that student debt... (show quote)

You are exactly right about a home. I have tried to show people this in writing for years. The numbers don't work for anyone but the bank or people like myself who buy destroyed homes for cash and rehab and sell to the math challenged. Lol

stanikon Loc: Deep in the Heart of Texas

Drbobcameraguy wrote:

You are exactly right about a home. I have tried to show people this in writing for years. The numbers don't work for anyone but the bank or people like myself who buy destroyed homes for cash and rehab and sell to the math challenged. Lol

Not necessarily.

Drbobcameraguy Loc: Eaton Ohio

stanikon wrote:

Not necessarily.

95 percent of the time. Factor in interest one new roof one new furnace 2 new water heaters one new set of floor covering at least 2 lawn mowers all on the standard 20 to most likely 30 year loan. Not including driveway maintenance or siding, painting ect.or even property tax and insurance

Longshadow Loc: Audubon, PA, United States

stanikon wrote:

Not necessarily.

I know a guy that bought a house for $45K, sold it YEARS later for $260K.
(If you're only in it for a year or two, nada.)

Drbobcameraguy Loc: Eaton Ohio

Longshadow wrote:

I know a guy that bought a house for $45K, sold it YEARS later for $260K.
(If you're only in it for a year or two, nada.)

That is the exception but I've made a lick like that myself on lakefront homes in a gated community.but if he paid 30 years of interest and taxes one new roof and furnace and AC ect ect he didn't make much if anything

Longshadow Loc: Audubon, PA, United States

Drbobcameraguy wrote:

That is the exception but I've made a lick like that myself on lakefront homes in a gated community.but if he paid 30 years of interest and taxes one new roof and furnace and AC ect ect he didn't make much if anything

Well, yeah, normal maintenance...
So when you rent for the same or more as a mortgage payment, what do you have to show after 20-30 years?
receipts?

stanikon Loc: Deep in the Heart of Texas

Drbobcameraguy wrote:

95 percent of the time. Factor in interest one new roof one new furnace 2 new water heaters one new set of floor covering at least 2 lawn mowers all on the standard 20 to most likely 30 year loan. Not including driveway maintenance or siding, painting ect.or even property tax and insurance

Well then, I guess I'm one of the lucky 5%. My house is now conservatively worth about 11 times what I paid for it, not counting, of course, all the non-capitalized items and maintenance you cite. You pay for all of those whether it is to the hardware store, the plumber, etc., or to the landlord. Choose your poison; one builds equity, the other does not.

stanikon Loc: Deep in the Heart of Texas

Longshadow wrote:

Well, yeah, normal maintenance...
So when you rent for the same or more as a mortgage payment, what do you have to show after 20-30 years?
receipts?

Exactly.

Longshadow Loc: Audubon, PA, United States

stanikon wrote:

Exactly.

So, how much does the ≈$7/month rental fee for your modem or router from the cable company cost after 10 years?
I've replaced mine for a LOT cheaper!

We own both our cable modem and router.

Longshadow Loc: Audubon, PA, United States

stanikon wrote:

Well then, I guess I'm one of the lucky 5%. My house is now conservatively worth about 11 times what I paid for it, not counting, of course, all the non-capitalized items and maintenance you cite. You pay for all of those whether it is to the hardware store, the plumber, etc., or to the landlord. Choose your poison; one builds equity, the other does not.