It's not smart to borrow funds and Pay back - page 7.

philipma1957

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.
Money makes money so with this money you can set up the real honest business or to set up next business on other person name keep money flowing then build some credit history and take new loan.
That's the smart way and your time efforts getting paid and you make atleast something out of it.

so you are writing a thread on be a fraud.

In most countries if you borrow money via a loan and know you are not gong to pay it off you are conspiring to commit fraud.

So basically you are advocating we should commit fraud.

The mods would do well to lock the thread because it is absolutely illegal to enter a loan in the USA knowing you will never pay it off.

And worse yet you are advocating we should all be out in the open.

tabas

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That's not smart at all, that seems to be an arrogant and idiotic move of taking a loan and not taking it back. When I was younger, I thought that it was fine to ask for a loan from anybody and then won't pay it back but that shows how shitty I am as a person if I don't do that. Also, if you don't believe in karma, maybe someday you'll experience terrible things that you'd ask yourself why it is happening to you. And if your goal is to start a business, always start small and use your money so that you don't have debt upon trying out and then you won't be paying any interest. The feeling that you've started it out with your own pocket is quite satisfying and you have no obligations to someone because it's your own money that you've started it, whether it'll grow or not.

SamReomo

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Op, so basically you're trying to say that how someone can take a loan an flew away with it and not pay it back and then with that loan amount that person may set a business at someone else's name and take more loans with the help of that business?

If that's what you're trying to say then I must tell you that those are tactics often followed by corrupt people and the scammers. A good person when takes a loan then he/she pays it back and also pays the interest of the loan.

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Quote from: nakamura12 on August 09, 2024, 06:09:26 PM

You really believe that many people will follow what you posted in this thread?. This will only make people trap with the interest that will result in more debts. You may think that it's a small amount but it will increase from time to time due to the interest and if the person didn't pay the loan then it will only make it more money to pay. The best action that a person should make is to pay the loan once a person have money to pay the loan.

It is also your own morale which will be put into question here. Can you really be at peace with yourself knowing you owed somebody and not pay it back? Also, even if it is bank, they will look for a collateral in exchange of your loan. So if you won't pay, they will find a way how to get your collateral.

Stepstowealth

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back.

The rich know how to take loans and use them to their benefit, but they are never with the intention of not paying back the loan. It is not good to borrow money and not want to pay, it is an irresponsible behaviour that makes you not to be credit worthy. In some places you can be seriously risking your life by doing so because some lenders will not take this nonchalance towards paying back your debt lightly.

STT

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Quote

so this money is free for everyone.

This is economics not politics or fantasy, economics still has a relation to maths even when the monetary system is fractional its not free. Theres only one cake, cutting more slices doesnt feed everyone sadly. If only that were true, it does possibly increase liquidity and crumbs for everyone might be the freestyle policy.

Some people think paying the working majority in a population crumbs isnt going to work, it will still collapse. Bankruptcy is deflation and across an economy you will see collapse from these ideas. Its dangerous to say you can walk from a debt like that; they can still put people in prison for bad debts if you resemble a thief they will do that. Reminds me of a mafia movie more then anything Cheesy

nakamura12

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You really believe that many people will follow what you posted in this thread?. This will only make people trap with the interest that will result in more debts. You may think that it's a small amount but it will increase from time to time due to the interest and if the person didn't pay the loan then it will only make it more money to pay. The best action that a person should make is to pay the loan once a person have money to pay the loan.

Furious 7

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In my country, it's called "digging a hole, closing a hole" Cheesy

Although it seems silly, this has always happened to some people even though consciously or not this is an act that is actually quite stupid and only adds to the suffering but they will continue to do it for several reasons.

First there may be people who deliberately do this with some future planning but what I have encountered in my current environment, this happens because they are very difficult to pay their previous debt obligations which makes them borrow again to cover previous debt payments.
It's a last resort because they don't want the collateral they have to just disappear but instead this makes them unaware that they are getting trapped with bigger debts and interest.

rachael9385

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back,

So you are trying to say that if one take a loan he or she shouldn't pay back?

Quote

the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.
Money makes money so with this money you can set up the real honest business or to set up next business on other person name keep money flowing then build some credit history and take new loan.
That's the smart way and your time efforts getting paid and you make atleast something out of it.

Well, only this post done spoil your reputation because you dey try tell us say those wey offer their service to us do bad things. Abi you know know say nah their business turn dey do?
However this nah part of theft of you know kno know am now.

CryptopreneurBrainboss

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.

So basically you're advising them to steal or commot crime. By not paying back their loan, you're blocking the way for those that need loans in the future because after a lender gets scams of not getting pay back, they'll go bankrupt at some point or just stop offering the service in general and this will make it impossible for future loan seekers to get one. When we take some decisions, lets stop being selfish and think about what the consequences of our actions will be to others. I'm not a big fan of loans but when you take them, they should be for a investment reason or to be used in your business which is technically still an investment.

Take the loan, use it for your business and pay back the loan so you don't also block an avenue to get loan assistance next time when you need it because you can't go free of not paying the loan. Karma is real and anything you do will somehow come back to either hurt your or be of a blessing to you. Owing (debts) has its bad effects so don't think you're doing yourself any good by owing when you have the money to clear your debts and be debt free

Egii Nna

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.
Money makes money so with this money you can set up the real honest business or to set up next business on other person name keep money flowing then build some credit history and take new loan.
That's the smart way and your time efforts getting paid and you make atleast something out of it.

If I may ask, what is your main point of this topic? Because I read it for more than two times, I have not been able to understand anything tangible. What I was able to convey was that you are trying to explain the importance of borrowing a loan to create a business, then borrowing a load for some personal use or to pay back another loan, so I won’t understand what was really your point.

Although all I know and believe about loans is that the best way to enjoy them is just to borrow them in order to care for a great source of income that will bring the money you borrowed and the interest that was in the loan so that you will be able to pay back and still have a source of getting more income that will provide you with the best income you need.

SmartGold01

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If bank can print money out of tin air why did they go borrow from other countries for example,our government has borrowed billions of dollars from the Chinese government why can't our country print money and stop borrowing. Are you indirectly telling me that it's that easy to go print money and use it all over the country is that what you meant?

No my dear if is that easy for each to regularly print money you wouldn't see any country goes to the next country to borrow to fixed their nation or even facing difficulty during war because they could easily prints more money to get themselves sorted out but instead they wait for some relief materials from either external country or from their government.

However, you are actually giving a wrong advise to people around here because no one would want to borrow and not get paid back why then did they go borrow money from lenders because they don't have and can't make money on their own.

Fortify

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.
Money makes money so with this money you can set up the real honest business or to set up next business on other person name keep money flowing then build some credit history and take new loan.
That's the smart way and your time efforts getting paid and you make atleast something out of it.

Warren Buffet, one of the richest people in the world once gave advise that the only borrowing you do should be on a mortgage, at a low rate. Few rich people got that way overnight and it may have taken many decades following a strategy before it finally paid off. Many people invest small amounts consistently, every month, in the stock market and build up a generous fortune over time by buying the average of the market. There are many different routes and strategies to wealth, so if you stumble across one that works for you then you might as well stick with it and give it time to pay off. People can end up paying down a mortgage on a house over a lifetime, which is just one other example of wealth building - as long as you don't buy at the peak of the market, you will be in positive territory with most property buys in major metropolitan areas.

DeathAngel

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Borrowing money to make money is extremely smart. You have not been educated on how to make money. Do you think some of the biggest real estate moguls in the world bought all the properties in their portfolio in cash, without borrowing from the bank? Of course not, it is smart to borrow money providing it’s being used to create wealth.

Spaceman1000$

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Quote from: Mansory22022 on August 09, 2024, 05:06:04 AM

Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.
Money makes money so with this money you can set up the real honest business or to set up next business on other person name keep money flowing then build some credit history and take new loan.
That's the smart way and your time efforts getting paid and you make atleast something out of it.

OP I really don't get the point your driving at, how do you take a loan with the option to payback and after getting it your refusing to payback, that's fraudulent and shouldn't be encouraged. You refusing to pay back the funds is like crumbling another man's business, and your in turn wanting to open your own business, how ironic does that sound, because situation like that can likely happen to your business too, which I believe you won't find it funny. So if you know you don't have the capacity to pay back the loan, don't collect it in the first place.

Mansory22022

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Only a fool takes a loan and pays it back, the point is when borrowing, especially for large loans, go bankrupt, get the money out somehow, use a good accountant and don't pay anything back. if you take a loan in order to pay it back, you are a loser because the interest is your work and the effort you give away. besides, banks print money out of thin air, so this money is free for everyone.
Money makes money so with this money you can set up the real honest business or to set up next business on other person name keep money flowing then build some credit history and take new loan.
That's the smart way and your time efforts getting paid and you make atleast something out of it.

Topic: It's not smart to borrow funds and Pay back - page 7. (Read 1527 times)