Broompilot
Veteran Expediter
Listening to my new XM and listening to this (my opinion) goof ball talking about how to borrow 100K to 1,000,000 to start a business. Of course he also said this is how the rich get rich.
No, this is how to go bankrupt in a hurry. He also stated this the kicker, its all tax free to borrow this kind of $. Weather its $100. or 1,000,000. the IRS has no free lunch your gona pay sooner or later.
This is where we as O/O can get ourselves into big trouble and not even realize it. Forget about the depriciation factor for now as that can be twisted to a free year of not paying taxes if you select. Every dime of intrest you pay on your note it is true is tax deducatable, so at a 10% rate at 60,000. your gona pay roughly just under 6K a year in intrest. But your total (just guessing) yearly payment is almost 20K, and your intrest goes down as the months/years pass. Every dime you pay towards principal is considered profit. Thus so the loan is not FREE AND CLEAR OF TAXES.
This is a fact from the book the 1,000,000 Next Door, 9 out of 10 people who are self made millionaires did so with no car payments for the previous 10 years, and also almost all of them own their houses free and clear and have not carried any credit balances of any kind for the same amount of time. That my friends is how the little guy turns into a million by not using credit for anything personal. Now it did not say business but going in over ones head it does speak of the dangers of that.
Know the facts as advertisments and banks are only there to keep you in debt, and or in Slavery to them. They will lie twist the facts with false statements.
No, this is how to go bankrupt in a hurry. He also stated this the kicker, its all tax free to borrow this kind of $. Weather its $100. or 1,000,000. the IRS has no free lunch your gona pay sooner or later.
This is where we as O/O can get ourselves into big trouble and not even realize it. Forget about the depriciation factor for now as that can be twisted to a free year of not paying taxes if you select. Every dime of intrest you pay on your note it is true is tax deducatable, so at a 10% rate at 60,000. your gona pay roughly just under 6K a year in intrest. But your total (just guessing) yearly payment is almost 20K, and your intrest goes down as the months/years pass. Every dime you pay towards principal is considered profit. Thus so the loan is not FREE AND CLEAR OF TAXES.
This is a fact from the book the 1,000,000 Next Door, 9 out of 10 people who are self made millionaires did so with no car payments for the previous 10 years, and also almost all of them own their houses free and clear and have not carried any credit balances of any kind for the same amount of time. That my friends is how the little guy turns into a million by not using credit for anything personal. Now it did not say business but going in over ones head it does speak of the dangers of that.
Know the facts as advertisments and banks are only there to keep you in debt, and or in Slavery to them. They will lie twist the facts with false statements.