Debtors Revolt!!!!!!!!!!!!

reply to post by jfj123


I could go on for pages with you as well, but we will quickly get into realms that aren't in my interest in a public forum.
Suffice to say I have an accountant.

Originally posted by jfj123

Originally posted by JayinAR
Hell, I can take tissue paper, foam balls, string and sticks and make a KILLING at the crafts fairs.
For instance.

It depends on your BRAINS not your economic knowledge.

I can take pine lumber, a band-saw, some nails and router and make a killing also.

These things I have done. And turned INCREDIBLE profit. So much so that I don't need credit.

I stay afloat without it. And I do fine.

That's not a viable business. That's making a few bucks on the side.
Do you pay taxes?
Do you do your own accounting or do you hire an accountant?
Do you have a corporation? S, C, LLC ? etc..
An EIN # ?
How do you figure your wages so you can write a paycheck?
How do you get the money into your corporate account?

I could go on for pages if you like

[edit on 9-9-2009 by jfj123]

Please don't. You seem to think understanding basic corporate configurations and the size of your paycheck equates to "getting it."

The simple fact that you seem to think if you are profitable you need to have credit to expand means you don't even understand basic mathematics and accounting.



[edit on 9-9-2009 by Anonymous Avatar]

Originally posted by Anonymous Avatar
reply to post by jfj123

 

Hahaha... wow... If you are making such wonderful profits how come you can't expand your business without credit then??

Again, you simply don't get it.
You don't use credit and keep a running balance that transfers over from month to month, you use it to stabilize income.

Try running a business for a few months as your sole source of income and see what happens if you don't use credit to purchase material then come back and talk to me. Till then you have no credibility with regards to this subject.

reply to post by jfj123


Ah, tsk tsk...
Good luck not paying your credit card bills.
I don't have any.

I do alright.
Call it a business or simply making a buck. I don't care.
I do alright.
Sure, i don't have as much as I would like.
For instance i wish I could have went hiking and campling this weekend, but it didn't work out.

It's alright, I still have everything I need plus some.
Sure I have to scrimp from time to time. But at least I don't pass the short periods by charging crap...

I don't have anything NOT to pay.


[edit on 9-9-2009 by JayinAR]

Originally posted by Anonymous Avatar

Originally posted by jfj123

Originally posted by JayinAR
Hell, I can take tissue paper, foam balls, string and sticks and make a KILLING at the crafts fairs.
For instance.

It depends on your BRAINS not your economic knowledge.

I can take pine lumber, a band-saw, some nails and router and make a killing also.

These things I have done. And turned INCREDIBLE profit. So much so that I don't need credit.

I stay afloat without it. And I do fine.

That's not a viable business. That's making a few bucks on the side.
Do you pay taxes?
Do you do your own accounting or do you hire an accountant?
Do you have a corporation? S, C, LLC ? etc..
An EIN # ?
How do you figure your wages so you can write a paycheck?
How do you get the money into your corporate account?

I could go on for pages if you like

[edit on 9-9-2009 by jfj123]

Please don't. You seem to think understanding basic corporate configurations and the size of your paycheck equates to "getting it."

The simple fact that you seem to think if you are profitable you need to have credit to expand means you don't even understand basic mathematics and accounting.

[edit on 9-9-2009 by Anonymous Avatar]

Your ignorance is amusing
And all these profitable businesses that use credit are doing it wrong....WOW ! you should contact them and let them know how much smarter you are then all those accountants and professional business men and women that have decades of experience. Tell me, how long have you been in business and how many corporations have you straightened out and taught them to fly right?

reply to post by jfj123


Haha coming from you I am really not worried about credibility in your eyes. I have worked for myself for many years. Depending on the nature of my business I either needed credit or I was able to cover all my overhead with my income.

It's almost like you just read the chase bank brochure on how to start a small business account and you are now an expert at accounting? Seriously you don't need more than a basic understanding of math to understand some of these very simple concepts.

Most here are missing what is happening in the financial world:

Rescue of U.S. banks hints at nationalization
www.nytimes.com...

The approximately $138 billion aid package on Thursday for Bank of America — including injections of capital and absorbed losses — as well as a $300 billion package in November for Citigroup both represented displays of financial gymnastics aimed at providing capital without appearing to take commanding equity stakes.


Fri Jan 16, 2009

www.reuters.com...

Nikkei climbs 2.6 pct on Bank of America rescue


16 January 2009
Bank of America bail-out agreed
news.bbc.co.uk...



BoA raised rates before the Congress legislation would regulate interest rates on unsecured debt.

June 5, 2009
Congress to Cap Interest Rates on Consumer Loans

www.civilrights.org...

Most here are missing what is happening in the financial world:

Rescue of U.S. banks hints at nationalization
www.nytimes.com...

The approximately $138 billion aid package on Thursday for Bank of America — including injections of capital and absorbed losses — as well as a $300 billion package in November for Citigroup both represented displays of financial gymnastics aimed at providing capital without appearing to take commanding equity stakes.


Fri Jan 16, 2009

www.reuters.com...

Nikkei climbs 2.6 pct on Bank of America rescue


16 January 2009
Bank of America bail-out agreed
news.bbc.co.uk...



BoA raised rates before the Congress legislation would regulate interest rates on unsecured debt.

June 5, 2009
Congress to Cap Interest Rates on Consumer Loans

www.civilrights.org...

Most here are missing what is happening in the financial world:

Rescue of U.S. banks hints at nationalization
www.nytimes.com...

The approximately $138 billion aid package on Thursday for Bank of America — including injections of capital and absorbed losses — as well as a $300 billion package in November for Citigroup both represented displays of financial gymnastics aimed at providing capital without appearing to take commanding equity stakes.


Fri Jan 16, 2009

www.reuters.com...

Nikkei climbs 2.6 pct on Bank of America rescue


16 January 2009
Bank of America bail-out agreed
news.bbc.co.uk...



BoA raised rates before the Congress legislation would regulate interest rates on unsecured debt.

June 5, 2009
Congress to Cap Interest Rates on Consumer Loans

www.civilrights.org...

Originally posted by jfj123

Your ignorance is amusing

And all these profitable businesses that use credit are doing it wrong....WOW ! you should contact them and let them know how much smarter you are then all those accountants and professional business men and women that have decades of experience. Tell me, how long have you been in business and how many corporations have you straightened out and taught them to fly right?

Trust me you are equally amusing to me. I really do not feel the need to tell you what I have done or haven't done. I can tell you however the company I work for right now does not need credit to expand. We expand as our profit expands and we are large enough that we have enough liquidity to afford the cost of expansion upfront until the profits come in.

Again... very basic math here. I suggest taking algebra 101 over again.

The problem is that fjf believes that successful business must become a powerhouse business.
NO.
If your goal is to simply work for yourself YOU CAN do it without credit.
It just requires that you know what the hell you are doing.

Like I said, two years.

Originally posted by JayinAR
reply to post by jfj123

 

Ah, tsk tsk...
Good luck not paying your credit card bills.
I don't have any.

I do alright.
Call it a business or simply making a buck. I don't care.
I do alright.
Sure, i don't have as much as I would like.
For instance i wish I could have went hiking and campling this weekend, but it didn't work out.

It's alright, I still have everything I need plus some.
Sure I have to scrimp from time to time. But at least I don't pass the short periods by charging crap...

I don't have anything NOT to pay.


[edit on 9-9-2009 by JayinAR]

But you didn't answer my question.
You claim to own a business so do you pay taxes? have an EIN number? Are you incorporated? Do you do your own accounting ? etc..

There is actually very little a credit card company can do. This isnt Dubai where they have debtors prison. They cant put you in jail for not paying your debts.

Close out your bank accounts. They can get a court order and empty them.

if you own a car, sell the title to your spouse or sister, etc. They cant touch it then.

retirement accounts are safe so dont worry about 401k, IRA, etc.

They can possibly garnish your paycheck if they actually take you to court. It rarely happens though. They dont have any guarantee that you will work forever or long enough to even get back their legal fees.

They can possibly put a lien on your house but again its unlikely. and so what, i have had two liens against my house. That simply means they get paid what i owe them if I decide to sell (which i wouldnt). and after a few years it goes away.

finally....

never ever file bankruptcy. Its simply not necessary. You can just walk away from your debt if you follow the above tips.

apply for a credit card every 6 months. if you get rejected (and you will for a while) you have the right to access your credit rating for free (forget those scam free credit report sites). once you get your report, you can dispute anything on there.

the credit card company has 30 days to respond to your disputing a debt. if they dont respond then the debt is removed. rinse and repeat every 6 months and before you know it your credit score is perfect. or you can just wait the 5-7 yr time limit.

Ive walked away from debt twice and my wife once. never had anything garnished and nothing taken from us.

and when the collection agencies call and tell lies like the police are coming (lol) i just say i know my rights. you cant do a dam thing.

and depending on your state (mine is 5 years), after a while your credit rating is wiped clean of all those nasty debts.

my family asks me if i feel bad. i dont. not a single bit. i didnt accept any gold bars or diamonds that im required to pay back. i got digits created from thin air.

and then they want me to remain in debt by charging insane interest plus penalties for decades ? to hell with them and their bs money

[edit on 9-9-2009 by admriker444]

reply to post by Anonymous Avatar


If you have nobody to provide for but yourself, the business doesn't have to expand... If you don't have any competition.
Prices just go up.

reply to post by jfj123


And as I said, I won't get into any of that.
I already have my face out here in these forums well enough.
With a little bit of dilligent investigation you can find out much about me here on these very forums.
I do NOT wish to divulge my accounting means.

Sorry.

reply to post by JayinAR


I don't think our resident corporate expert understands that.

Originally posted by Anonymous Avatar
reply to post by jfj123

 

I have worked for myself for many years.

Really? What do you do ?

Depending on the nature of my business I either needed credit or I was able to cover all my overhead with my income.

Same here. I've used credit only a few times this year and mostly pay for cash. As example, I have a credit account with a building supply merchant that allows me to put material on 30 day credit which allowed me to pick up 8000.00 dollars worth of decking so I didn't have to take 8000.00 out of my own pocket. No interest and as soon as the job was done, I paid it off.

It's almost like you just read the chase bank brochure on how to start a small business account and you are now an expert at accounting?

No actually the business classes helped, the years of experience and my accountant who's been in business over 30 years.
Banks supply brochures that help them get your money so I don't go out of my way to read their "give me money" literature.

Seriously you don't need more than a basic understanding of math to understand some of these very simple concepts.

So I guess all those business, advanced mathematics and physics classes wouldn't come in handy huh?

reply to post by Anonymous Avatar


And I'll tell you why. It is because the resident expert has grown to become greedy.

GREED RUNS CREDIT.

Smarts don't.
It is as simple as that.

Sure, next month I may net 3,000 and then go dry for a month. Whatever, in the end, I still have the things I need.
I just don't have to run a debt to a loan-shark to get what I need this way.

Maybe it is just that Ozarkians like myself understand this and "others" don't.
I'm not sure, but this is simple math.

Originally posted by JayinAR
reply to post by jfj123

 

And as I said, I won't get into any of that.
I already have my face out here in these forums well enough.
With a little bit of dilligent investigation you can find out much about me here on these very forums.
I do NOT wish to divulge my accounting means.

Sorry.

So in other words you operate an illegal side business and don't pay taxes of any kind which puts your taxes on our shoulders. How very fair of you (SARCASM INTENDED).

reply to post by jfj123


Eh... listen this is pointless. Good luck to you. I am glad to hear things are working out well for you.

Back on topic... it's not hard to see the very huge problems with our current banking system.