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I just read that article before coming here. It’s pretty clear the husband is being stubborn regarding his ill timed “investment” idea. The horse probably isn’t helping much, but I almost guarantee that if they sold the rental properties they’d be quite comfortable.
What I didn;t understand was why it required a “closer look” at their finances. If you list their largest assets and expenses these would be at the top of the list. A cursory look would find this issue. What a joke.
That why I think that foreclosures and bankruptcy are not necessarily bad for the economy. That’s our system’s way of reallocating assets/resources to better owners/managers.
By holding on to those looser properties that family is not contributing to growing the economy. They are just paying debt and “scraping by.” If they sold at a lost, they could reallocate their yearly earnings to consumption and more productive investments.
I think anybody would have a problem if they went from $250,000 to $150,000 in income and hadn’t planned it.
Unfortunately, any money board discussions are full of these lame brains.
Here’s what they should do…
1> He should get a bleeping job again.
2> either rent the investment houses or sell them.
3> if you’re still debating the need for a private phone number because of the $3 charge, GET RID OF THE HORSE!
I have to admit to being somewhat stunned myself….
nsr, love your advice, LOL!
Doesn’t the rental property give them tons of depreciation tax write-offs (per the other thread), enough to make them practically rich?
LOL !! Hilarious ! These greedy bas**rds are going to get skinned, this is a really sad story HAhahahaaaa….. He's a reincarnation of Gilligan