Thanks.
Thanks.
8899 wrote:
Thanks.
Of course you can. People do that all the time. Go into debt. Declare bankruptcy, carry debt with you until you die for they can't collect beyond what you own after that.
What do you lose if you behave this way?
1) Integrity.
2) Financial Freedom.
Flagpole wrote:
8899 wrote:Thanks.
Of course you can. People do that all the time. Go into debt. Declare bankruptcy, carry debt with you until you die for they can't collect beyond what you own after that.
What do you lose if you behave this way?
1) Integrity.
2) Financial Freedom.
Maybe only Integrity is at stake. Being a slave to the Financial System isn't necessarily "Freedom". True Financial Freedom comes when you live in a way that you don't need the system to make your world turn. It will required being satisfied with less at the beginning of the endeavor, but.......
Flagpole, thanks for the insight.
Well, the government is 1) immortal; 2) can print money. You aren't and you can't. Not sure why you think household budgeting and managing the US economy are analogous.
More sugar!!!!
Flagpole wrote:
8899 wrote:Thanks.
Of course you can. People do that all the time. Go into debt. Declare bankruptcy, carry debt with you until you die for they can't collect beyond what you own after that.
What do you lose if you behave this way?
1) Integrity.
2) Financial Freedom.
You don't lose integrity when you declare bankruptcy. Any contract takes into account the background law at the time, and bankruptcy is part of that law. Thus, when you enter into a contract with another party, it is agreed that you may have to declare bankruptcy.
8899 wrote:
Thanks.
1. Enroll in college,
2. Take core econ classes,
3. Learn difference between micro and macro economic forces
4. Realize why analogies like this display a sorry level of education and analytic thinking.
You're welcome
You do do realise that the government does pay interest on its debts right?
Unless you think that taking out a mortgage and then paying the interest also constitutes not being fiscally responsible.
Concerned Citizen wrote:
You don't lose integrity when you declare bankruptcy. Any contract takes into account the background law at the time, and bankruptcy is part of that law. Thus, when you enter into a contract with another party, it is agreed that you may have to declare bankruptcy.
You do lose integrity, declaring bankruptcy, among other things will exclude you from being able to get a government security clearance for the rest of your life (just as a measuring stick)
Actually, I do think that many folks that declare bankruptcy are losers.
8899 wrote:
Actually, I do think that many folks that declare bankruptcy are losers.
Yeah. I agree with that. Sorry Concerned Citizen, but just because there's a law that allows for bankruptcy doesn't mean everyone or even most will respect you if you declare, ESPECIALLY if it's due to purposeful decisions and actions on your part. Sometimes the stars align so that nothing but bad things happen to a person even though they made good decisions, but this isn't normally the case for people who declare bankruptcy.
I go with loserdom until I find out otherwise.
Not sure what you're getting at. Being a slave to the Financial System is what happens when you OWE money to lenders. Once you no longer owe money to lenders (including a paid for house) and you have more than enough income coming in (from investments and social security) to more than support your desired lifestyle, then you are financially free. Social Security is just gravy, so best to plan to support your wanted lifestyle on investments only. If you WANT to work after all that, then you can, but financial freedom means you don't have to.
another angle wrote:
Flagpole wrote:Of course you can. People do that all the time. Go into debt. Declare bankruptcy, carry debt with you until you die for they can't collect beyond what you own after that.
What do you lose if you behave this way?
1) Integrity.
2) Financial Freedom.
Maybe only Integrity is at stake. Being a slave to the Financial System isn't necessarily "Freedom". True Financial Freedom comes when you live in a way that you don't need the system to make your world turn. It will required being satisfied with less at the beginning of the endeavor, but.......
Flagpole wrote:
8899 wrote:Actually, I do think that many folks that declare bankruptcy are losers.
Yeah. I agree with that. Sorry Concerned Citizen, but just because there's a law that allows for bankruptcy doesn't mean everyone or even most will respect you if you declare, ESPECIALLY if it's due to purposeful decisions and actions on your part. Sometimes the stars align so that nothing but bad things happen to a person even though they made good decisions, but this isn't normally the case for people who declare bankruptcy.
I go with loserdom until I find out otherwise.
We'll have to agree to disagree, then, Flagpole. Bad things happen to good people all the time.
P.Whelan wrote:
You do lose integrity, declaring bankruptcy, among other things will exclude you from being able to get a government security clearance for the rest of your life (just as a measuring stick)
What does obtaining a government security clearance have to do with integrity? Some of the sleaziest people in the country have had a top security clearance. Bill Clinton immediately comes to mind as an example.
~ wrote:
1. Enroll in college,
2. Take core econ classes,
3. Learn difference between micro and macro economic forces
4. Realize why analogies like this display a sorry level of education and analytic thinking.
You're welcome
Will never happen (even self-education) - he'd rather focus on some misguided notion of civic fiscal virtue and preen about financial independence than actually learn about the economy.
Concerned Citizen wrote:
Flagpole wrote:Yeah. I agree with that. Sorry Concerned Citizen, but just because there's a law that allows for bankruptcy doesn't mean everyone or even most will respect you if you declare, ESPECIALLY if it's due to purposeful decisions and actions on your part. Sometimes the stars align so that nothing but bad things happen to a person even though they made good decisions, but this isn't normally the case for people who declare bankruptcy.
I go with loserdom until I find out otherwise.
We'll have to agree to disagree, then, Flagpole. Bad things happen to good people all the time.
It sounds like you agree. Flagpole explicitly stated that he believes this when it's due to purposeful decisions and actions. He admitted that sometimes the starts align and bad luck hits a person, which is acknowledging the times that bad things happen to good people.
Id say thats what a huge portion of America is doing with their various credit debts.
If you owe less than 103% of your yearly salary, then by all means bash the gov't. If not, shut up; you'r in worse shape than the gov't.
Thanks. I actually am debt free.