Paying cash is a mindset

[muddywater]

Originally Posted by zak406

Yeah paying cash really worked out for me ..... Now wwhen I need a loan I can't get one because I don't have enough credit history. I'd rather be 100 gs in debt
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No tax returns? No property to borrow against? No cash in the bank?

[muddywater]

Originally Posted by Duekster

And you called me the smuck.

That is assistant attorney type money.

Difference is I deal with book keepers , Accountants and CPA for for many years after about 5 years I think I have paid enough and learned enough to have a CPA. I can run quickbooks and do tax planning pretty well.

Cash is very safe for sure and excessive debt is bad too, then there is somewhere in between.

It is worth it to me. Tax laws are always changing. He saves me 10s of thousands. Since he is a property investor, its nice to have that kind of advisor as well. Good advise is priceless. I would much spend $250 and save $10,000.

[muddywater]

Originally Posted by cgaengineer

Using someone elses money for free. Credit cards for fuel and equipment maintenance. Kinda tough to give employees cash for this kind of thing.
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Credits cards that are paid off at the end of the month right isn't really debt.

What else is good debt?

[cgaengineer]

Originally Posted by muddywater

No tax returns? No property to borrow against? No cash in the bank?

Have you tried to get a loan lately? Banks don't want collateral...they have enough of that now that they can't get rid of.
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[muddywater]

Originally Posted by cgaengineer

Have you tried to get a loan lately? Banks don't want collateral...they have enough of that now that they can't get rid of.
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You cant get a line of credit against a property?
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[cgaengineer]

Originally Posted by muddywater

You cant get a line of credit against a property?
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You'd be hard pressed to do that now...I'm not saying that it's impossible, but I needed $6800 one year ago to buy a car and had $12,000 (actually had another $6000 I offered along with it) in collateral and the bank wouldn't do it...luckily it was a purchase from a friend who owner financed at a straight 10% interest...just wrote last payment today actually. I only wanted a loan for a year.
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[Duekster]

Ask Donald Trump he is the king of leveraging.

[muddywater]

Originally Posted by cgaengineer

You'd be hard pressed to do that now...I'm not saying that it's impossible, but I needed $6800 one year ago to buy a car and had $12,000 (actually had another $6000 I offered along with it) in collateral and the bank wouldn't do it...luckily it was a purchase from a friend who owner financed at a straight 10% interest...just wrote last payment today actually. I only wanted a loan for a year.
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I was able to get a line of credit up to 100k on my shop 2-3 years ago, but my shop was/is paid for.
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[muddywater]

Originally Posted by Duekster

Ask Donald Trump he is the king of leveraging.

And he learned a lesson about leveraging when he went bankrupt. I read one of his books.
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[muddywater]

What is good debt?
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