The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Debt Elimination while entering Fastlane

AroundTheWorld

Be in the Moment
FASTLANE INSIDER
Speedway Pass
User Power
Value/Post Ratio
68%
Jul 24, 2007
2,871
1,950
.
Well BryanC, if you go through life with an attitude like this, it will come back to bite you ten fold.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,221
6,298
DFW, Texas
Well, it's all a subjective matter. And one he is personally going to have to deal with. All that happens from here on out is going to be a matter of mental and emotional power.

I would suggest he just tell the lender what the deal is. Walk right in there and say, "I am starting a business. You can either accept my new terms and conditions, put the loan on hold, and this is how it's going to be. Or watch me default."

It's his life man. He is going to have to go through all of this anyway. It is better to get started sooner than later. The sooner he gets out there and gets started on his own, the sooner he will win and the debts repaid...

He ultimately has to learn how to make it on his own. The longer he is stuck in the rut, the longer he is dependent on a job.

It is just my opinion to get out there and get started NOW. Versus letting a debt hold you back.

I agree it's all a subjective matter and it's his life. Now let's put the shoe on the other foot. What if you were his lender and you relied on him making his payment to you for your business? One day he walks in and tells you he's not going to pay you for a while, take it or leave it. Is that OK by you?
 

BryanC

Banned
Oct 20, 2008
334
29
36
Palm Beach
I agree it's all a subjective matter and it's his life. Now let's put the shoe on the other foot. What if you were his lender and you relied on him making his payment to you for your business? One day he walks in and tells you he's not going to pay you for a while, take it or leave it. Is that OK by you?

I guess there is nothing I can do. I should have not financed all of the individual's consumption. I should have extended credit to something with actual assets.
 

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,221
6,298
DFW, Texas
I guess there is nothing I can do. I should have not financed all of the individual's consumption. I should have extended credit to something with actual assets.

I wish you well Bryan.:cheers:

Good luck with the debt Tyler.:thumbsup:
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

AroundTheWorld

Be in the Moment
FASTLANE INSIDER
Speedway Pass
User Power
Value/Post Ratio
68%
Jul 24, 2007
2,871
1,950
.
Tyler,

It doesn't have to be an "either/or" decision.

You can do both. Use 1/2 your extra funds to pay down debt and the other 1/2 to implement your plan.
 

TaxGuy

Bronze Contributor
Read Fastlane!
User Power
Value/Post Ratio
10%
Apr 28, 2008
1,271
122
Goodyear, AZ
I guess there is nothing I can do. I should have not financed all of the individual's consumption. I should have extended credit to something with actual assets.

Rep+ for outside the box thinking.

I know the problem with this country goes both ways- consumers spending credit like it's cash and banks giving it away like it's cash. If there were stricter guidelines as to what the credit was used for(assets/equities) instead of being able to pay for whatever(a pack of gum, a new car, expensive/unnecessary electronics, etc) the dollar wouldn't be losing value and inflation wouldn't be so out of control.

The issue at hand though is would you want someone doing this to you?

What RK seems to think is that if you're in the position of power and someone owes you, even if they don't pay, they are still in debt to you as opposed to the other way around which is much better in theory than in practice, but still looks good on paper.

As far as trust, it reminds me of Billy Madison when they had the category of "Business Ethics" for the slimeball assistant who was trying to take over the company and the joke was that this businessman had no "ethics" :p

Now please don't tell me, "what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul." :smx4:

PS Merry Xmas, Happy Hanukkah/Ramadan/Tet/Kwanzaa/or whatever everyone else celebrates and if you don't celebrate any holidays(remember there are atheists out there ;)) then just have a great day(s) off :tiphat:
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

andviv

Gold Contributor
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
40%
Jul 27, 2007
5,361
2,143
Washington DC
I just added BryanC to my list of no-borrowers.

Good thing I'm not a bank, and that probably he would never ask me for money, his company would. But then, when it is time to pay back, his company would mysteriously fold, declare bankruptcy, and he would start another one, to do it again.

To eTyler... whatever you decide to do, please stay true to your values and your character. I don't want to deal with people that are just not real, just looking for ways to screw everybody around.
 

BryanC

Banned
Oct 20, 2008
334
29
36
Palm Beach
Rep+ for outside the box thinking.

I know the problem with this country goes both ways- consumers spending credit like it's cash and banks giving it away like it's cash. If there were stricter guidelines as to what the credit was used for(assets/equities) instead of being able to pay for whatever(a pack of gum, a new car, expensive/unnecessary electronics, etc) the dollar wouldn't be losing value and inflation wouldn't be so out of control.

The issue at hand though is would you want someone doing this to you?

What RK seems to think is that if you're in the position of power and someone owes you, even if they don't pay, they are still in debt to you as opposed to the other way around which is much better in theory than in practice, but still looks good on paper.

As far as trust, it reminds me of Billy Madison when they had the category of "Business Ethics" for the slimeball assistant who was trying to take over the company and the joke was that this businessman had no "ethics" :p

Now please don't tell me, "what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul." :smx4:

PS Merry Xmas, Happy Hanukkah/Ramadan/Tet/Kwanzaa/or whatever everyone else celebrates and if you don't celebrate any holidays(remember there are atheists out there ;)) then just have a great day(s) off :tiphat:

Well, a lot of these consumer debt problems have to do with the lower classes getting left behind due to dollar devaluation. There is no real substance backing our currency anymore, so the banks have to offer a remedy to perpetuate their system so the masses don't up rise due to lost purchasing power. Instead of savings, we now buy all our consumables on a credit card. Most people recognize that if they save they are going to lose ground to inflation. So it is backwards there as well. You save a dollar today, next year it may only buy .80c worth of product/service. However, if you buy the product/service today on a credit card and then pay back with the devalued dollar you are winning? We are all forced into doing exactly the opposite of what is right.

Breaking all of this down, I believe the whole idea was for the Rich to have easy access to credit so that they can increase their debtor base. And for the masses to have easy access to credit to buy the products and services... the masses will end up paying back their debts through labor and the rich will get to pay their debts back through the sale of product or services.

I am not talking about unethical business practices when I say increasing your debtor base, but to increase the amount of consumers addicted to your business. If you have an addictive service like say McDonalds, there is many ways to turn your customers into revolving, residual cash cows. Just come out with a new Ronald McDonald branded Fish Sandwhich and you have them coming back day after day. You create an addicted base of consumers and now you can increase your credit in your favor because you have the credit being worked off by the network of consumer debtors you created through offering good products/services.

This whole system is based on corporate expansion and to do this, they need a fictional, corporate system of commerce with easy credit, an eager work force, and manipulative politicians.

Hey look guys, I am not making all of this up. I am getting most of this from people training me. I have begun befriending people who have done exactly what I am trying to do. I am talking to people in high finance and people with huge businesses.

I basically get information like this from them and then try to convey it. Even though it is very difficult. My brain is basically just a receiving and transmitting station for what I have learned. But, it all makes sense. I can't go back to saying... "Yes, this is an ethical world and everything is fine." Especially when you read their documents on the IMF, Federal Reserve, Internal Revenue Service, the laws, and etc. etc. And you pointed into the right direction and you can read the evidence for yourself.

You can easily see that it's based on corporate expansion and easy accumulation of wealth for a small amount of people.

All these phony gambling games like the corporation, derivatives, easy credit, and on and on and on are all here for a reason.

But back to reality: Happy Holidays.
 

AroundTheWorld

Be in the Moment
FASTLANE INSIDER
Speedway Pass
User Power
Value/Post Ratio
68%
Jul 24, 2007
2,871
1,950
.
I second that, Andres. ++

And to all the lurkers out there - know that if you conduct business like this, you will never come out in the end. You may come out ahead in the short term, but in the long run, it will come back and haunt you.

Treat people well, add value, provide a genuine service, and that is how you will find both success and fulfillment. If you go back on your word as a matter of standard operating procedure, you will never build a sound business or a sound investment strategy.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,221
6,298
DFW, Texas
I don't even have any debt. What I am talking about IS creating unlimited and expansive value.

Good to see you are not in debt. I hope you keep it that way.

I don't think anyone of us are disputing your advice about creating value. We disagree about not paying the obligation. Do you expect your customers to pay you? In creating value you are selling or building something. Somewhere along the line you expect to be paid. You expect people to honor their obligations to you. What if they take your service and then don't pay? How long will your business model last? Also, if you are getting your advice from bigger fish how do you or them establish any trust amongst yourselves with the attitude that you portray here?
 

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
445%
Jul 23, 2007
38,083
169,532
Utah
So basically, "Don't hate the player, hate the game?"
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

BryanC

Banned
Oct 20, 2008
334
29
36
Palm Beach
Good to see you are not in debt. I hope you keep it that way.

I don't think anyone of us are disputing your advice about creating value. We disagree about not paying the obligation. Do you expect your customers to pay you? In creating value you are selling or building something. Somewhere along the line you expect to be paid. You expect people to honor their obligations to you. What if they take your service and then don't pay? How long will your business model last? Also, if you are getting your advice from bigger fish how do you or them establish any trust amongst yourselves with the attitude that you portray here?

They just recognize the walk.

You can see how I use my walk, I'm a ladies man, no time to talk. I just walk in the room and say, "I'm BryanC, baddest mofo of all time." Everyone surrounds me and is dying for my autograph. Or I walk into the bank and strut my stuff and I show the biz and say, "I need $100,000,000,000,000,000 for this project." The bank says, "Hey what a priviledge it is to lend to this guy."

Usually get the check next day. I'm Bryan, don't have to worry about it. If I need something, I got it. It just appears into existence. Credit records or anything. Doesn't matter. When I seek out a loan, I am approving and disapproving. I usually have to turn down lenders. I can't be bothered.

Some usually end up paying ME interest. I don't have to pay interest. I'm BryanC. Stallion in his own class and on top of the world; nothing can stop me.
 

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
445%
Jul 23, 2007
38,083
169,532
Utah
They just recognize the walk.

You can see how I use my walk, I'm a ladies man, no time to talk. I just walk in the room and say, "I'm BryanC, baddest mofo of all time." Everyone surrounds me and is dying for my autograph. Or I walk into the bank and strut my stuff and I show the biz and say, "I need $100,000,000,000,000,000 for this project." The bank says, "Hey what a priviledge it is to lend to this guy."

Usually get the check next day. I'm Bryan, don't have to worry about it. If I need something, I got it. It just appears into existence. Credit records or anything. Doesn't matter. When I seek out a loan, I am approving and disapproving. I usually have to turn down lenders. I can't be bothered.

Some usually end up paying ME interest. I don't have to pay interest. I'm BryanC. Stallion in his own class and on top of the world; nothing can stop me.

Sounds like "smoothplaya" hacked into your account. :rofl:
 

yveskleinsky

Silver Contributor
Speedway Pass
User Power
Value/Post Ratio
23%
Jul 26, 2007
2,215
515
46
They just recognize the walk.

You can see how I use my walk, I'm a ladies man, no time to talk. I just walk in the room and say, "I'm BryanC, baddest mofo of all time." Everyone surrounds me and is dying for my autograph. Or I walk into the bank and strut my stuff and I show the biz and say, "I need $100,000,000,000,000,000 for this project." The bank says, "Hey what a priviledge it is to lend to this guy."

Usually get the check next day. I'm Bryan, don't have to worry about it. If I need something, I got it. It just appears into existence. Credit records or anything. Doesn't matter. When I seek out a loan, I am approving and disapproving. I usually have to turn down lenders. I can't be bothered.

Some usually end up paying ME interest. I don't have to pay interest. I'm BryanC. Stallion in his own class and on top of the world; nothing can stop me.

Hmm...I used to own a nightclub/restaurant with two guys just like this. Last I heard the one with "the great walk who was a ladies man and had no time to talk" had gotten one of our former cocktail waitresses knocked up and also developed a raging coke habit. The other one who would "walk into the bank and strut his stuff...Stallion in his own class and on top of the world", sold the business for several million, and as of two years ago was being investigated for tax fraud and embezzlement --my guess is he'll lose it all and then some.

Point being, don't believe your own hype, especially if that hype is all based on walking on an ethical fine line.
 

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,221
6,298
DFW, Texas
They just recognize the walk.

You can see how I use my walk, I'm a ladies man, no time to talk. I just walk in the room and say, "I'm BryanC, baddest mofo of all time." Everyone surrounds me and is dying for my autograph. Or I walk into the bank and strut my stuff and I show the biz and say, "I need $100,000,000,000,000,000 for this project." The bank says, "Hey what a priviledge it is to lend to this guy."

Usually get the check next day. I'm Bryan, don't have to worry about it. If I need something, I got it. It just appears into existence. Credit records or anything. Doesn't matter. When I seek out a loan, I am approving and disapproving. I usually have to turn down lenders. I can't be bothered.

Some usually end up paying ME interest. I don't have to pay interest. I'm BryanC. Stallion in his own class and on top of the world; nothing can stop me.

No doubt modest and humble as well?:tiphat:
 

hatterasguy

Bronze Contributor
User Power
Value/Post Ratio
9%
Jul 29, 2008
2,044
191
38
Don't you have anything you can sell to cut down that debt? What toys do you own? If you have any car payments I would get rid of them and pay cash for a cheap car, use the money you were using for a car payment to pay it down.
 

kwerner

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
19%
Oct 4, 2007
1,385
265
I just added BryanC to my list of no-borrowers.

Good thing I'm not a bank, and that probably he would never ask me for money, his company would. But then, when it is time to pay back, his company would mysteriously fold, declare bankruptcy, and he would start another one, to do it again.


If not declaring BK, then asking the local / state / federal goverment for a bailout. :tdown:
 

hatterasguy

Bronze Contributor
User Power
Value/Post Ratio
9%
Jul 29, 2008
2,044
191
38
They just recognize the walk.

You can see how I use my walk, I'm a ladies man, no time to talk. I just walk in the room and say, "I'm BryanC, baddest mofo of all time." Everyone surrounds me and is dying for my autograph. Or I walk into the bank and strut my stuff and I show the biz and say, "I need $100,000,000,000,000,000 for this project." The bank says, "Hey what a priviledge it is to lend to this guy."

Usually get the check next day. I'm Bryan, don't have to worry about it. If I need something, I got it. It just appears into existence. Credit records or anything. Doesn't matter. When I seek out a loan, I am approving and disapproving. I usually have to turn down lenders. I can't be bothered.

Some usually end up paying ME interest. I don't have to pay interest. I'm BryanC. Stallion in his own class and on top of the world; nothing can stop me.


Wow that is the funnist post I have read in a long time!:smilielol: Did smoothplayer hack you?
 

fanocks2003

Banned
Mar 31, 2008
1,319
167
Sweden
Paying of debt is not a hard feat. It may seem like it, but the real thing is:

1) Earn more money (honest earnings, no stealing).
2) Pay of more debt.
3) Invest more so that you make even more money (this can be as easy as putting it in the bank at 5%. Doesn't have to be any fancy stuff at all).

Voíla, you become less indebted and more people get indebted to you. As it should be.

I know what it means to be indebted. I have been there and I payed of my obligations in full. I don't see why anyone shouldn't pay of their honest debts. I hate people who don't pay me when they have promised me. I hate those scumbags. Because that means I cannot pay those I have promised money (I don't like that, because that puts me in a position that spells "liar" and, God forbid, "fraudster"). Not a good thing for anyone. No one gains on such a behaviour.

So the easy answer is: Earn more money on small business deals and take 30% of the top and put it in a 5% interest account (I am certain you can find such an account if you talk to your bank manager. If you need $100k+ before you can get such a treatment then just put the investment money in the bank until you have that amount). Use the rest on fixed expenses and debt reduction and then start over again. Over and over and over again. It's that simple and even boring (some people might think of it like boring). Then use 30% of your interest income to invest in more speculative things (exotic investments as they call them) and make even grander money (or lose them, whatever happens with that high risk investment of yours). That's it really.
 

eTyler19

New Contributor
User Power
Value/Post Ratio
9%
Feb 19, 2008
91
8
38
SW Michigan
I was brainstorming today and thought about this.. Some feedback please.

What if I stop paying all my debt except for one. Apply all the money that I normally pay on the other bills to this one payment plus the extra that I pay every month. I could pay off a couple large ones in a fair amount of time. The bad thing would be some debts would go unpaid for a couple months. I do plan on paying all of them off. Is this morally wrong? Is this a good idea? I know my credit score will take a hit for late payments, but my cc debt will be eliminated and will free up a lot of monthly cash.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Runum

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
101%
Aug 8, 2007
6,221
6,298
DFW, Texas
You better be quick. If you do that, all of your revolving interest rates will skyrocket. Some loans may be called. Probably not the best plan. IMHO
 

phlgirl

Bronze Contributor
Read Fastlane!
User Power
Value/Post Ratio
21%
Aug 29, 2007
755
157
Philadelphia
The way I see it, this comes down to a question of 'What is my credit worth'?

It varies for different people. Some are comfortable with the idea that they may be unable to purchase most larger assets or secure business financing for up to 7 years or more. Some people think they can work around it - and there are ways - leveraging other people's credit, working (often paying heavily) to have derrogs removed, over time.

Personally, I see my credit as one of the most valuable tools I possess. The thought of not being able to use my name to sign for an asset or to support a new business venture is terrifying. I'm not saying there won't be a day where I find myself in a position with no way out - many successful people do - but I will do whatever I can to avoid it. I'm not comfortable being dependent on others.

Make sure you consider all of the pros and cons. I would make a serious list. If you are married (and plan to stay that way), a spouse may be able to stay clean while you sustain some damage here.
 

hakrjak

Bronze Contributor
Read Fastlane!
User Power
Value/Post Ratio
7%
Sep 15, 2007
1,887
127
Colorado Springs
Sounds like you're looking for a shortcut, and there really aren't any. Just pay on the highest interest rate debt the most, and make the minimum's on all the rest until it's paid off, and then repeat until they're all paid off.

Cheers,

- Hakrjak
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

andviv

Gold Contributor
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
40%
Jul 27, 2007
5,361
2,143
Washington DC
Last edited:

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
445%
Jul 23, 2007
38,083
169,532
Utah
Wealth is created on the INCOME side, not the EXPENSE side. I'd focus on the INCOME side as that will offer a faster potential to pay down the debt.

When I was in startup mode, I had plenty of debts - credit cards, personal loans, and student loans. My focus was to build a business and build an income to accelerate the debt payoff. My sole goal at the start was to keep my debts stagnate, if not declining. Even if month to month, my debt only declined by $100, I looked at that as improvement.

My focus wasn't debt, it was income.

Then suddenly as my business grew, the debt payoff started to accelerate as I made more $$$.

At some point, I paid off everything I owed in one swift stroke; credit cards, student loans, everything paid off simply because my INCOME accelerated far beyond the debts I accumulated prior.

Wouldn't it be nice to write one big check out for $20K and be done with it? That's how I approached it ...

1 - STOP THE DEBT from growing.
2 - Decrease the debt month-to-month, even in small amounts.
3 - Move balances around to get better rates.
4 - Focus on INCOME INCOME INCOME

Good luck.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top