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  #51  
Old 02-18-2011, 08:52 PM
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MarkintheGarden MarkintheGarden is offline
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Or you could keep working and borrowing so you can keep working and borrowing
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  #52  
Old 02-18-2011, 09:05 PM
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PROCUT1 PROCUT1 is offline
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You can grow slow and steady.
You can grow fast. If you have a plan, and you do it smart.

In the "credit line" situation. It was out of my control.

Yes. You can walk out your door and get struck by lightening. But you dont plan your life on that possibility happening.

I didnt expect the global "credit crash" to happen. The majority of economists, bankers, and politicians didnt either.

Take that factor away....If I went back and could do it over again. I wouldnt have done anything different.
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  #53  
Old 02-18-2011, 09:08 PM
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torotorotoro torotorotoro is offline
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keep working to keep borrowing.that no where close to what he is saying.debt is bad, but it is a tool that you have to use in order to grow or to navigate the ups and downs of a buisness.

Last edited by torotorotoro; 02-18-2011 at 09:13 PM.
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  #54  
Old 02-18-2011, 09:21 PM
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MarkintheGarden MarkintheGarden is offline
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Quote:
Originally Posted by torotorotoro View Post
if you live in your parents basement and mow 50 lawns a week could you please refrain from posting your take on saving money in your little piggy.it is messing up the flow of a great read.
You do not think that it is possible to save money without living in your mom's basement? I guess your's will be the next out of business thread.

Thirty five years ago when I did live in my mother's basement I did not save a nickel ever. Now that I own a business and have been self employed for the last twenty six years, I can say with certainty that a business without savings is a business doomed.

What is so great about the read?

Yeah, it flows, year after year it has been flowing.
If this shaggy dog story ever does end the moral will be bank your cash.

I am sure that any of us that have been in business for any length of time knows that we have passed up the chance to put some away for later. I know I have. So if you want, we can all talk about what bummer it was that the bank called in the loan, and I think it totally stinks what the bank did, and this is not the first or last time I have heard the story of the bank calling in the note.
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Old 02-18-2011, 09:39 PM
LaLawnGuy LaLawnGuy is offline
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  #56  
Old 02-18-2011, 09:45 PM
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MarkintheGarden MarkintheGarden is offline
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Originally Posted by PROCUT1 View Post
You can grow slow and steady.
You can grow fast. If you have a plan, and you do it smart.

In the "credit line" situation. It was out of my control.

Yes. You can walk out your door and get struck by lightening. But you dont plan your life on that possibility happening.

I didnt expect the global "credit crash" to happen. The majority of economists, bankers, and politicians didnt either.

Take that factor away....If I went back and could do it over again. I wouldnt have done anything different.
Procut1, I mean no personal disrespect to you. I really want you to understand that this is not personal, it is business. I have made many similar mistakes, and suffered many unfortunate events. I too have been fighting to stay afloat.

We can learn from our mistakes or we can repeat them. We can expect the unexpected or be surprised. Yes, I do expect to be hit by lightning or some other such unlikely cause of my demise, so I have life insurance.

No, I am not prepared for all possibilities, and yes unfortunate events have caused obstacles in my plans. But a solid plan and hard work makes for success most of the time. Often the planning is more important than the hard work.

I have borrowed so I can keep working, so I can borrow so I can work some more. Been there done that, it does not work. I do not know your numbers, so I cannot say whether or not you could have avoided tragedy. But I do know that you can learn from this experience and come back strong enough to weather any storm.

And by the way, many did predict and know that our economy was not solid and that great problems were on the way. Many prepared for what was to come and many politicians stuck their heads in the sand.
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  #57  
Old 02-18-2011, 10:03 PM
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MarkintheGarden MarkintheGarden is offline
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Quote:
Originally Posted by torotorotoro View Post
keep working to keep borrowing.that no where close to what he is saying.debt is bad, but it is a tool that you have to use in order to grow or to navigate the ups and downs of a buisness.
Credit for growth yes. Because growth can produce greater revenue. The rest (including ups and downs) must come from revenue.

We do not know the exact numbers in this situation, and of course, the op is not going to post his spreadsheets. Only he can know how much emergency reserves he would have needed to avoid the damage to his credit rating and whatever other damages he incurred.

So the question I have for Procut1 is this; How much cash reserve would you have needed to have gotten through this and been able to make good on all the bounced checks and kept in good standing and preserved your great credit score?
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  #58  
Old 02-18-2011, 10:56 PM
DaytonBioLawns DaytonBioLawns is offline
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I will subscribe to this one. It is right up my ally...... I will wait to share on this one as well... I have heard a lot of opinions on this topic and will share some as he tells more circumstances.

I owe any success I have to the love and support from my family & my successful grandfather; I will share some of his insight, and tell how he became a millionaire..... Trust me on this one. It is very verrrryyy related to procut1's story.

I fear I am heading down this road with one of my business plans...but I have altered it to (hopefully) bail me out. Business is all risk and reward.
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  #59  
Old 02-18-2011, 11:01 PM
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grassman177 grassman177 is offline
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Quote:
Originally Posted by PROCUT1 View Post
You know. Ive called myself a Democrat. But the democrats completely blew it.

They had the president, both houses, and a public that was behind them to "sweep in and change washington"

We were fed up with the bankers and the bailouts and the catering to the top 1%

What we got were democrats that were no different than the people we threw out. A spineless president that has never met a billionaire he didnt want to bend over for.....And we're worse off now than when they started.

The rich have given up on this country. They dont need it. They and the politicians only plan is to suck up whatever crumbs are left and then work on the rest of the world.

Its clear as day to us common people what they could have done to help people and get the country rolling again if they wanted to. But they dont want to.
i agree on most points, but not all. i was very for democrats cuz i am almost 100% against republicans. not to turn your great thread into a political match though. i think the repubs got it all wrong too, just look at what is happening with those goons. i think, they all need to go, every one of them, except barney frank. he is just cool. hahahha
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  #60  
Old 02-19-2011, 12:27 AM
Az Gardener Az Gardener is offline
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I believe what procut did is a common strategy in big business. The float is how companies like paychex and others make their money. Holding investing our money until the last possible moment.

I think his big mistake was keeping his cash in he same bank that he had his credit line in. If his credit line was with Chase and he kept his cash at B of A they could not have taken it all at once. They could have demanded it and charged him a stupid interest rate, but when he paid it back would have been on his terms.
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