Loans and Credit should be Illegal

[Dauntment]

Meta: This is ONE financial philosophy, not the BEST nor "the one TRUE perspective". For example. someone (as some people I know directly) may create wealth via building amazing credit to get fantastic loans and leverage their CREDIT for positive ROI against the interest on their loans. 

Don't get lost on these mere naive notions of: "the banks want to trap you in debt!" or "buying house with a mortgage IS a scam", etc.

The BEST perspective IS.....educate yourself, determine what life you want to live,  then execute on THAT vision.

[Dauntment]

15 hours ago, Javfly33 said:

Why you have such a rush to have a home?

Live renting until you can buy one directly in cash in one go.

That way your life will be congruent.. imagine how successful you will be at the point of having a house since you pay it with no loan. Then you will really appreciate the luxury of having a home!

 

Oh, and dude, I lived the past 5-6 working years sharing apartment. Now it's been a year since I live on my own. My productivity hasnt gotten better, if any it gotten worse lol.

I'll.give you that, yes, it's much more comfortable having a place on your own, and in some cases like mine which I have a spiritual yoga practice it facilitates the fact that I can use the salon to do the practice, and etc.

But at the end of the day it's just superficial commodity.

Also, the difference between "stress" living in your own home Vs a rented home it's practically non existent. I don't get your point in this regard.

 

And regarding cars, you can buy used cars. No need to buy them new. Buy them new when you really can afford to buy them new.

 

Congruence!!! It's amazing what type of thinking has capitalism and consumerism has implanted in your guys head! 

Yeah, this reminds me alot with a line of reasoning of: "Rent can be an asset as you have freedom from debt"

-  "Mortgage is the LEAST you will pay, Rent is the MOST you will pay" 

- Focus on building an asset/cash flow until you can buy what you WANT in CASH

 

[Thought Art]

Debt is ruining my life

[integral]

1 hour ago, Thought Art said:

Debt is ruining my life

Im sorry to hear that, do you think there was a way that could of prevented this situation? 

Edited May 9, 2023 by integral

[Thought Art]

@integral obviously 

[Dauntment]

2 hours ago, Thought Art said:

Debt is ruining my life

Reframe: My ability to earn relative to my accumulated debt is hindering my position.

[Thought Art]

@Dauntment = perpetual wage slave with nothing to show for it

[integral]

@Thought Art Is it possible for the government to put laws into place that would of protected you from making the decisions you made?

Edited May 10, 2023 by integral

[Dauntment]

18 hours ago, Thought Art said:

@Dauntment = perpetual wage slave with nothing to show for it

Is that supposed to be a blow?

[Roy]

21 hours ago, Thought Art said:

@Dauntment = perpetual wage slave with nothing to show for it

I don't think he was trying to make fun of you. He was giving an alternative state of mind about your situation. Yes debt sucks, and it can be crippling. I'm sorry for whatever hurt you're going through.

However it will be better for you to change your attitude towards it. Rather than feeling debt as a crippling straight jacket, think of it as a heavy weight on your shoulders. You can train yourself to get the strength to eventually lift that weight off.

It might take cutting some spending and habits here and there, working for a promotion where you are, or taking on an extra job in your spare time. The cost might be a significant sacrifice, but it will just be temporary. The sooner you pay it the sooner you are free.

5 years of grinding and then 5 years debt free, is better than 10 years of financial constraint.

[Dauntment]

5 hours ago, Roy said:

I don't think he was trying to make fun of you. He was giving an alternative state of mind about your situation. Yes debt sucks, and it can be crippling. I'm sorry for whatever hurt you're going through.

However it will be better for you to change your attitude towards it. Rather than feeling debt as a crippling straight jacket, think of it as a heavy weight on your shoulders. You can train yourself to get the strength to eventually lift that weight off.

It might take cutting some spending and habits here and there, working for a promotion where you are, or taking on an extra job in your spare time. The cost might be a significant sacrifice, but it will just be temporary. The sooner you pay it the sooner you are free.

5 years of grinding and then 5 years debt free, is better than 10 years of financial constraint.

LOL, my immediate thought was that he misinterpreted the comment; limitations of text...the point of my comment was an optimistic "reframe" of the statement "Debt is ruining my life" so the person behind that thought can empower themselves to make some change. (Money is a psychological thing, not "external"). In any case, I'm shooting for +8-figure net worth & impact within no more than the next decade but I appreciate your post. Take care bud

[Thought Art]

I am taking radical action to try to pay if off it less than 2 years. A lot of work for nothing.

You don't need to spend $10,000 on a marketing course. SCAM! 

Almost no one in the program was getting the results as advertised. I found myself starting to come up with my own solutions because their advice didn't work. Why the hell was the paying them anything? What they sell for 10k can be found in a book for 20. The only thing I liked was the support but it wasn't worth $400 a month.

If I can pay it down to 5k in a few months that would be great. I am going ham on the effing debt BS. 

NEVER AGAIN! NOT MY LIFE! My life isn't a game for some asshole marketers scalping new wanna be entrepreneurs. 

Edited May 11, 2023 by Thought Art

[Thought Art]

@integral Make it illegal for these marketing programs to sell overpriced courses who lie in their marketing how good their program is. Make money back Guarantees that require course completion illegal.

[puporing]

@Thought Art education is an area where many still too easily fall into the trap of, but is also the design of the system currently. there are some programs that is more or less guaranteed work placement after but most are not like that. lot of this education stuff should just be reduced a ton (time and money wise) and replaced with mainly on the job training (which can also be shared cost like apprenticeship), everything else you can learn on your own these days except in highly specialized fields. overall it's like... too much barriers just to get a specific job that aren't even that highly skilled in most cases. for example you do not need a 4 year degree to work at a chemical lab which is mainly procedure following. and most biologist because they tend to be "very nice people" and there are too many of them, most of them can only find near minimum wage jobs when they graduate. the issue is also when you're just out of high school there's still a lot of naïveté about how the world actually works, and this makes you vulnerable to making a decision (eg getting a loan for a program that won't get you anywhere) that isn't necessarily good for you financially.

and if the goal isn't to "get a specific job" but simply to train/expand your mind, then it's also pretty bad at this, because it teaches nothing about Truth and Consciousness and what you are.

anyway all that is to say, you just gotta be really intelligent about making that kind of investment, but most of us had to learn the hard way..

Edited May 12, 2023 by puporing

[Thought Art]

My diploma was a great investment. I can get very nice paying jobs, considering…. It was the marketing course. Ruined my life. I’m working on steeling my mind to overcome the mess my life seems to be in right now. 
 

I think… I think I can make my life better.

[integral]

@Thought Art If you work full time can you pay off a 10k loan pretty fast? 

[puporing]

@integral I was gonna say. I do think business loans (if interest is reasonable) is not a bad deal overall because you then don't have to carry all the risk yourself, and you also have the possibility of starting something sooner than years later. and most business loans you can pay it off anytime too if you had reserve funds.

basically if your business succeeds you pay it off with the earnings over time, and if it fails, you can lose the business and whatever personal investments (with bankruptcy protection). I mean I feel like even if I had say 100k for a business I wouldn't wanna use all of my personal funds for it if I can help it. but anyway you don't need too much money for a small business, it wildly varies depending on what it is.

Edited May 14, 2023 by puporing

[integral]

@puporing That's a good point, seems inline with loans importance in the business world.

On the point of saving money, when declaring bankruptcy i thought they would come after all your personal assists to pay off the dept? 

Edited May 14, 2023 by integral

[puporing]

10 hours ago, integral said:

when declaring bankruptcy i thought they would come after all your personal assists to pay off the dept? 

generally if you incorporate there's more protection, but it depends on the loan also I think (if you were required to secure it with personal assets or not, or an insurance?), and what local laws there are. 

see this for general info:

https://www.youngandthrifty.ca/pros-and-cons-incorporating-a-business-in-canada/

Edited May 15, 2023 by puporing

[Thought Art]

On 5/13/2023 at 7:23 PM, integral said:

@Thought Art If you work full time can you pay off a 10k loan pretty fast? 

Probably take a year working day job plus 3 shifts side job. So, my life is pretty much on hold until I pay this thing off.