So dudes on the coli really think owning is more important than money lol.

[UberEatsDriver]

If cash is "the bridge" to being a boss - then it ain't being a boss.

The dudes with "the easiest experiences with owning assets" are the people who have assets just given to them.

Right! So stories such as Mexicans working and living packed like sardines to save MONEY and own homes don’t exist.


Stories of wealthy people who started working before legal age and have multiple hustles to gain capitol don’t exist.


That’s the problem right there you think everyone with cash was just given cash lol:


We literally live an era that is producing self made millionaires by the day lol.

 

[fifth column]

This is true, money in the bank and a proven source of high income will make the lenders credit restrictions go straight out the window.

It’s all risk assessment, if you have 200k in the bank with low credit and want to borrow 100k from the bank then you are getting the money over someone with 900 credit score and 10k in the bank. People should spend most of their time on income generating activities than worrying about having good credit. Also until you start generating excess income you don’t need to worry about investing in property.

 

[NoirDynosaur]

Assets that have relevant economic value build up over time.

Real Estate, Art and Tech (Crypto) is more likely to generate a profit.

 

[Robbie3000]

Well first off cash is not money, cash is FIAT, silver, gold, that's real money. "Fiat money is a currency established as money, often by government regulation. Fiat money does not have intrinsic value and does not have use value. It has value only because a government maintains its value, or because parties engaging in exchange agree on its value- wikipedia. So like other posters have said, it's telling when so many corporations and people are handing money over hand and fist for assets,

Gold, silver and other precious metals don’t have any intrinsic value either outside of any practical use as tools or inputs. They are just shiny pieces of rock that we have decided have value.

 

[Thanos]

Money is a medium of trade and gives you access to buy resources/assets. There is nothing comparable to that. If you have an asset, you invest say 1000 into, and nobody wants it. You have an asset that can't be sold, pointless. If you got 1000$, you got a 1000$.

 

[Taadow]

Right! So stories such as Mexicans working and living packed like sardines to save MONEY and own homes don’t exist.


Stories of wealthy people who started working before legal age and have multiple hustles to gain capitol don’t exist.


That’s the problem right there you think everyone with cash was just given cash lol:


We literally live an era that is producing self made millionaires by the day lol.

Just because these things you mention here exist,
does not mean the things I mentioned don't exist.

It also doesn't mean the things you mention are better.

We also live in an era where everybody's money literally isn't worth the same amount. lol

 

[UberEatsDriver]

It’s all risk assessment, if you have 200k in the bank with low credit and want to borrow 100k from the bank then you are getting the money over someone with 900 credit score and 10k in the bank. People should spend most of their time on income generating activities than worrying about having good credit. Also until you start generating excess income you don’t need to worry about investing in property.

thank you that’s all that I’m trying to say.


But people have been brainwashed to their ways and are following other brainwashed people so the concept of generating as much money as you can is a weird concept for them.

 

[Greenhornet]

I own places outright...no mortgage and it allows me to have more money as a result. You can't "have money" while also not have enough to actually own...that's offsetting shyt. Because if you had money, you wouldn't still owe.

The greatest marketing scheme ever created by the banking system is tricking suckers into thinking they own something when they are just renting from the bank with mortgage payments. The bank doesn’t even want to own anything that’s for suckers instead the power comes from control. You want to control and leverage things not necessarily own them.

exactly dog... I'm 34 now when I was younger people had me all confused cause they arent labeling shyt right ... and its the vast majority being too prideful because they think thats the only way. So they use these buzzwords to pretend they have actual ownership.


I guess its like ICE-T said when he came out, he was owning and buying ferrari's and shyt... he didnt know cats were just borrowing them. If you miss a payment and they foreclose or repossess your shyt, you aint really own it.

Unfortunately for most people that's what ownership feels like so its normal. That's why OP is more right than wrong... in that sense. Cash does save and free you more than anything... but utilizing the cash to how you beautiful said "escaping from the mafia that is the bank" is what you need to get to
the results of how you get there work different for everyone, so there's no real answer.... you just have to obtain ownership ASAP so you can have stability, ownership and more money all at once. All these people are arguing the best way to borrow money and thats never a complete flex. Cant have actual ownership without money, and cant have maximum money without actual ownership. They go hand in hand cause until you pay your shyt off, you are stuck with neither.

 

[UpAndComing]

Only after a certain amount.

example: if you have $2 million liquid cash and want to put $50k down on a property to rent it out to cover your mortgage until you can find a buyer in a few years to buy it off you for a profit — that makes sense as it wouldnt effect your daily life.

but if you have $60k and do that same scenario, thats a horrible investment.

for one, a mistake I commonly see in young dumb entrepreneurs who lose they ass on real estate is this above scenario. If you are renting for “profit” (example mortgage is $1500, you want to rent for $2000 - $500 “profit” a month) but the truth is, it would take 8 years to break even.

10 years to make $10,000 profit.

thats a horrible return. With high risk (2-3 costly repairs like a roof or leak, etc could wipe out 10 years of work in 1 day).

real estate, like the stock market, is a rich person game. If you have fukk it money, then it generates you more money to invest, then blow it on tables in vegas. Sure. But they didnt make all that money from blowing almost all their money into 1 property.

Yupp. Which is why Commercial Real Estate is better for Real Estate Investing. Whether you are Renting it out, or Flipping it. Margins are better and you get better loans amount and loan rates on it

 

[RTF]

It’s all risk assessment, if you have 200k in the bank with low credit and want to borrow 100k from the bank then you are getting the money over someone with 900 credit score and 10k in the bank. People should spend most of their time on income generating activities than worrying about having good credit. Also until you start generating excess income you don’t need to worry about investing in property.

This isn’t how credit works.


Money sitting in the bank has zero affect on your ability to get loans. Zero. Deposit as a % of a mortgage does have an affect.


So loans and credit cards are given based on your credit score and ability to pay it back (mostly income).

Loan example 1: So you can have zero in the bank account but if you are a high earner with good credit banks will loan you 50k easy.

loan example 2: if you have 100k in the bank. But poor credit and average earning. You will find it harder to get that 50k loan. It’s not about cash in the bank. It’s about the bank thinking you can pay it back ans that comes from income and credit.


Mortgage example: say there’s a property for 200k. Someone with great credit and great income can get that house work a 10% 20k deposit. The person with bad credit and a high income might need to put down 60k for the same property to get the mortgage.

if you want to borrow for loans having cash is meaningless. If you want to borrow for a mortgage - cash is great - but having assets, credit etc. can mean you need to spend less cash.

 

[-DMP-]

I have not clue what this thread about, nor whose right, but it feels kinda important

 

[Jekyll]

This isn’t how credit works.


Money sitting in the bank has zero affect on your ability to get loans. Zero. Deposit as a % of a mortgage does have an affect.


So loans and credit cards are given based on your credit score and ability to pay it back (mostly income).

Loan example 1: So you can have zero in the bank account but if you are a high earner with good credit banks will loan you 50k easy.

loan example 2: if you have 100k in the bank. But poor credit and average earning. You will find it harder to get that 50k loan. It’s not about cash in the bank. It’s about the bank thinking you can pay it back ans that comes from income and credit.


Mortgage example: say there’s a property for 200k. Someone with great credit and great income can get that house work a 10% 20k deposit. The person with bad credit and a high income might need to put down 60k for the same property to get the mortgage.

if you want to borrow for loans having cash is meaningless. If you want to borrow for a mortgage - cash is great - but having assets, credit etc. can mean you need to spend less cash.

This is mostly right but alot of banks do need to see some cash reserves before they approve you in underwriting for a loan. Just recently went thru this.

I was approved for over twice the amount I ended up borrowing and had all the income and credit requirements and they still came back and wanted to see cash in a bank account that I owned before they would close.

 

[FlexPavilion]

I’m just here to hopefully learn something

It's smart to build cash reserves when you're broke, just like it's smart to invest in assets when you have a lot of money.

A friend of mine lives in a 4-unit building that's killing him. His one tenant isn’t paying and the other two units are vacant. He doesn't have the money or means to fix the vacant units to get his cash flow.

Conversely, I bet all those former NBA players turned scammers wish they invested when they had the chance.

 

[010101]

<<<<<a balaclava>>>>>*

 

[humminbird]

Don’t understand as a business owner with income can get more and better credit than a salary worker brehs